Strand Individual, Business, and Governmet Choices
Standard 1.4 Market Economy Grade Level HS22.214.171.124.126.96.36.199.41.4.5GLCE/HSCEPublic Policy and the Market – Analyze the impact of a change in public policy (such as an increase in the minimum wage, a new tax policy, or a change in interest rates) on consumers, producers, workers, savers, and investors.Government and Consumers Analyze the role of government in protecting consumers and enforcing contracts, (including property rights), and explain how this role influences the incentives (or disincentives) for people to produce and exchange goods and services.Government Revenue and Services Analyze the ways in which local and state governments generate revenue (e.g., income, sales, and property taxes) and use that revenue for public services(e.g., parks and highways).Functions of Government Explain the various functions of government in a market economy including the provision of public goods and services, the creation of currency, the establishment of property rights, the enforcement of contracts, correcting for externalities and market failures, the redistribution of income and wealth, regulation of labor (e.g., minimum wage, child labor, working conditions), and the promotion of economic growth and security.Economic Incentives and Government -Identify and explain how monetary and non-monetary incentives affect government officials and voters and explain how government policies affect the behavior of various people including consumers, savers, investors, workers, and producersKey conceptsEssential understandings(Procedural or Conceptual)Vocabulary-public policy, consumers, producers, workers, savers, investors, government, contracts, produce, goods, services, local government, state government, public service, market economy, currency, property rights, contracts, externalities, market failures, monetary incentives, non-monetary incentives, income, wealth, labor Aligned AssessmentsStudents will know1. The impact of public policy on market behavior2. The role of government in protecting consumers and the effects this has on consumer behavior3. How government generates revenue and how the revenue is used4. The functions of government in a market economy5. How economic incentives can effect government officials in elections, and how public policy incentives effectsindividual economic behavior Students will be able to1. Identify and assess the impact of minimum wage, tax policies, and interest rates have on the market2. Explain the role of government in protecting consumers, and how these protections act as incentives ordisincentives on consumer behavior3. Identify the various forms of revenue generation, and the services provided by local and state government4. Identify the role of government in the promotion of economic growth and security5. Explain the role incentives have on governmental action, and how governmental incentives impact consumereconomic behavior Student-friendly Language Target Assesment1. I can identify and assess the impact of minimum wage, tax policies and interest rates have on the market. (knowledge: short answer)*The State has just passed a bill raising the minimum wage. As a business owner of a small gift shop in a tourist town, how will this affect you, your employees, and your customers.**What would the affect on the auto industry be of raising the tax on steel. Include the impact on a single auto company, the auto industry, and people buying vehicles.***If the USA government wants to encourage home buying which of the following plans of action would it likely take?a. Raise Interest Ratesb. Lower Interest Ratesc. Send out a $300 economic stimulus checkd. Leave Interest Rates alone2. I can explain the role of government in protecting consumers, and how these protections act as incentives or disincentives on consumer behavior*Billy loves taco supremes. Last month, while in Mexico, Billy ate a taco supreme that was laden with bad tomatoes causing Billy to get sick. What steps and agencies exist within the U.S. Governement to ensure that Billy still wants to eat taco supremes in America.**The government would like to slow down the purchasing of gas guzzling SUV"s. List three methods it might use.3. I can identify the various forms of governmental revenue generation, and the services provided by local and state government with that revenue. (knowledge: multiple choice)*Which of the following is NOT a way local and state government"s can raise revenue?a. income taxb. municipal bondsc. sales taxd. selling national forest land**Which of the following is NOT a way state and local taxes are used?a. filling in pot holes on main streetb. state police officer"s salaryc. research for a new cruise missiled. building a community baseball field4. I can identify the role of government in the promotion of economic growth and security (knowledge: multiple choice)*Which of the following is a step the government has used to ensure you always have access to your entire savings account?a. 24 hour ATMb. Electronic Bankingc. PIN Numbersd. Federal Reserve Act5. I can explain the role incentives have on governmental action, and how governmental incentives impact consumer economic behavior*See assessment two.
Last Modified on February 14, 2018