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      CHS – Elysian Valley Branch Unit Contract
Student Name____________________________________________________

Unit 2 Overview: Microeconomics
This unit will examine major markets with respect to the degree of competition
within each type and how this affects buyers and sellers..

    California State History-Social Science content standard(s)
                           Principles of Economics
12.2 Students analyze the elements of America's market economy in a global setting.

   1. Understand the relationship of the concept of incentives to the law of supply and the
      relationship of the concept of incentives and substitutes to the law of demand.
   2. Discuss the effects of changes in supply and/ or demand on the relative scarcity, price,
      and quantity of particular products.
   3. Explain the roles of property rights, competition, and profit in a market economy.
   4. Explain how prices reflect the relative scarcity of goods and services and perform the
      allocative function in a market economy.
   5. Understand the process by which competition among buyers and sellers determines a
      market price.
   6. Describe the effect of price controls on buyers and sellers.
   7. Analyze how domestic and international competition in a market economy affects goods
      and services produced and the quality, quantity, and price of those products.
   8. Explain the role of profit as the incentive to entrepreneurs in a market economy.
   9. Describe the functions of the financial markets.
   10. Discuss the economic principles that guide the location of agricultural production and
       industry and the spatial distribution of transportation and retail facilities.

      Essential Question: How do we attempt to balance both
               needs and wants within our society?
  This question will be the basis for your oral defense at the end of the week..

Unit 2 chapters:
   4. Demand
   5. Supply
   6. Prices and Decision Making
   7. Market Structures

This contract is worth 5 points, with each layer qualifying you for a letter grade.
Chapter 7: Market Structures - This chapter will explain how prices
for products in a market economy are determined by the interaction of supply and

All work on Chapter 7 must be completed by Friday, April 9 to receive full credit.
Late work will automatically receive a reduction of one letter grade.

LAYER C - 3 points

__________ 1. Read and review the economics chapter material provided,
including Word Bank and Key Concepts from Chapter 7 of Glencoe Economics:
Principles and Practices and incorporate notes into a comprehensive Learning
(.5 point)

__________ 2. Attend and take notes on all discussions. These discussions will
include an overview of the following themes:

   a. Competition and Market Structure
   b. Market Failures
   c. The Role of Government

All discussions must be incorporated into completed Learning Logs (.5 point).

__________ 3. Complete chapter quiz on Friday, April 9 (2 points).

LAYER B – 1 point

__________ 1. Complete the “Note Taking Study Guide” forms provided for
Chapter 7 (1 point).

LAYER A – 1 point

__________ 1. Your “A” Level assignment is the following: You are to prepare
your Oral Defense for this unit (you will find the Essential Question on the first
page of the contract). To answer this question, you may use notes from previous
Learning Logs, quiz questions, Study Guides, etc. You may also use any
previous “A” level projects as part of your presentation. It is highly recommended
that you:

   1. Use a presentation format during your Oral Defense interview.
   2. Review and use the Grading Rubric (located below) as a guide to craft the
      Oral Defense presentation.

Mr. and Mrs. Vargas will assign interview times for this Thursday.
Note: this Oral Defense is mandatory; failure to complete the assignment will
jeopardize receiving credit for this Economics course (1 point).

   The Quiz Question, Study Guide, and the Student Self-Evaluation Form are
           available online at

                         Grading Rubric for Economics
                            Full, Partial or No Credit

Full Credit: all information provided is accurate; information presented reflects
thorough research; presentation lively and well organized

Partial Credit: most information provided is accurate; information presented
reflects adequate research; presentation flat, but satisfactorily organized

No Credit: significant inaccuracies in material turned in; research inadequate;
presentation flat and lacking in organization or no material turned in.

   Full Credit will provide you with the maximum number of points available.

           Partial Credit will earn you a portion of the available points.

  No Credit on any contract will jeopardize your letter grade and your ability to
                         earn credits for this subject.

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