Economic Concept Discussion Slides

1. Economics:
Standards and
Resources
Brittany Sampson &
Deborah Kozdras
http://stavros.coedu.usf.edu/

3. Economic Concepts

4. http://www.econedlink.org

5. Paul Soloman Graphing Videos

6. Monetary vs. Fiscal Policy

7. SS.912.E.2.1: Identify and explain
broad economic goals.
• Remarks/Examples:
Examples are freedom, efficiency, equity,
security, growth, price stability, full
employment.
• The textbook has examples but the kids have
difficulty on their own. Give them examples of
each one from the real world and discuss.
• Rank and explain. Get into groups of 3-4 and
they have to eliminate a goal and explain why.

8. SS.912.E.2.12: Construct a circular flow diagram for an open-market economy
including elements of households, firms, government, financial institutions,
product and factor markets, and international trade.
Problem: Kids think the “market” is always a place.

9. SS.912.E.3.1: Demonstrate the impact
of inflation on world economies.
• Remarks/Examples:
Examples are oil prices, 1973 oil crisis, Great
Depression, World War II.
• Problem: They do not understand the effects
or consequences for inflation.

10. SS.912.E.3.4: Assess the economic impact of negative and
positive externalities on the international environment.
• Remarks/Examples:
Examples of negative are pollution, global
warming.
Examples of positive are pure water, better air
quality.
• What is an externality or consequence? What
is the consequence of brushing or not
brushing your teeth?

11. SS.912.E.2.10: Describe the organization and functions
of the Federal Reserve System.

12. SS.912.E.1.11: Explain how the Federal Reserve uses
the tools of monetary policy (discount rate, reserve
requirement, open market operations) to promote
price stability, full employment, and economic growth.
• Practice with your kids.
• Chart with the kids on how to make the
economy grow and shrink.
• Expansionary and contractionary policy. Loose
and tight monetary policy. (Vocabulary)
• Chart and they practice. Give problems.
• Define full employment.

13. SS.912.E.1.10: Explain the use of fiscal policy (taxation,
spending) to promote price stability, full employment,
and economic growth.
• GDP
• Graph

14. SS.912.E.2.2: Use a decision-making model to analyze a public policy
issue affecting the student's community that incorporates defining a
problem, analyzing the potential consequences, and considering the
alternatives.

15. SS.912.E.2.4: Diagram and explain the problems that
occur when government institutes wage and price
controls, and explain the rationale for these controls.
• Remarks/Examples:
Examples are shortage, surplus, other
inefficiencies.
• You should teach this in your supply and
demand unit.
– Price ceilings and price floors
– Shortage and surplus and what happens.
– Subsidized housing.
– Minimum wage.

16. SS.912.E.2.7: Identify the impact of
inflation on society.
• Hands on simulation about when the price
level changes, the value of the dollar changes.
• Draw a picture of a loaf of bread.
– What was one dollar for one loaf of bread?
– Now it is three dollars for a loaf of bread.
– What does that one dollar now buy?
– Cut off part of the bread.
– Need to visualize. It is a purchasing power
problem.

17. SS.912.E.2.8: Differentiate between direct and indirect
taxes, and describe the progressivity of taxes
(progressive, proportional, regressive).
• Remarks/Examples:
Examples are income, sales, social security.
• David has a video tinyurl site. Tax video
modeled after schoolhouse rocks.
https://www.youtube.com/watch?v=6Q3NPg
HZzDo
• Taxation Nation We The Economy
https://wetheeconomy.com/films/taxation-
nation/

18. SS.912.E.2.9: Analyze how changes in federal spending
and taxation affect budget deficits and surpluses and
the national debt.
• Deficit vs debt

19. Production Possibility Curves
• https://www.youtube.com/watch?v=O6XL__2
CDPU ACDC

20. Absolute and Comparative Advantage
• http://www.econedlink.org/lessons/projector.
php?lid=104&type=educator LeBron James for
comparative advantage
• http://www.econedlink.org/teacher-
lesson/794
• Do example problem.

21. New Financial Literacy Standards

24. http://stavros.coedu.usf.edu/