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Instructional Focus Document
Economics with Emphasis on the Free Enterprise System and Its Benefits
TITLE : Unit 03: Entrepreneurship and Economic Growth SUGGESTED DURATION : 10 days

Unit Overview

Introduction

This unit bundles student expectations that address entrepreneurship and its connection to economic growth. This unit is primarily a study of entrepreneurship. A cornerstone of economic growth in the U.S. free enterprise system is the creation of businesses. It is important for students to examine how entrepreneurship promotes innovation and economic development in order to understand the operation of the U.S. economy. 

Prior to this Unit

Prior to this unit, students learned about the influence of supply and demand, market structures and trade in the context of examining how markets operate.

During this Unit

During this unit, students study about aspects of business ownership, including types of businesses and business regulations. Additionally students learn about 

key components of economic growth and how to interpret economic measurements to evaluate economic growth.

After this Unit

In the next unit students study about how public policies affect the economy in the United States.


In a free enterprise system the individual has choices as a producer and consumer.

  • What motivates the economic choices of the individual?
Unit Understandings
and Questions
Overarching Concepts
and Unit Concepts
Performance Assessment(s)

The U.S. economy is characterized by a variety of business models.

  • What is characteristic of sole proprietorships, partnerships, and corporations?
  • What are the advantages and disadvantages of proprietorships, partnerships, and corporations?
  • What responsibilities and rights do business owners have in a free enterprise system?
  • How do corporations raise money?

Economic Patterns

  • Factors of Production
Assessment information provided within the TEKS Resource System are examples that may, or may not, be used by your child’s teacher. In accordance with section 26.006 (2) of the Texas Education Code, "A parent is entitled to review each test administered to the parent’s child after the test is administered." For more information regarding assessments administered to your child, please visit with your child’s teacher.

Business owners have the right to own, use and dispose of property, yet also have the responsibility to follow government regulations.

  • What are the costs and benefits of owning property and/or a business?  
  • How do financial institutions facilitate business operations?
  • What types of governmental restrictions are made on the use of business and property?
  • What ordinance and regulations apply to the establishment and operation of sole proprietorships, partnerships, and corporations?
Assessment information provided within the TEKS Resource System are examples that may, or may not, be used by your child’s teacher. In accordance with section 26.006 (2) of the Texas Education Code, "A parent is entitled to review each test administered to the parent’s child after the test is administered." For more information regarding assessments administered to your child, please visit with your child’s teacher.

Economic growth is fostered by innovation, productivity, and technology and is measured by key indicators.

  • How do innovation, productivity and technology interact to affect economic growth?
  • What key economic indicators are examined to determine economic growth?
  • What is characteristic about key economic indicators during contractionary and expansionary periods in the business cycle?

Economic Patterns

  • Factors of Production
  • Resources
Assessment information provided within the TEKS Resource System are examples that may, or may not, be used by your child’s teacher. In accordance with section 26.006 (2) of the Texas Education Code, "A parent is entitled to review each test administered to the parent’s child after the test is administered." For more information regarding assessments administered to your child, please visit with your child’s teacher.

MISCONCEPTIONS / UNDERDEVELOPED CONCEPTS

  • Students may think that the existence of bias in a source negates it as relevant or informative.  Students should understand that all sources contain bias and that historical inquiry requires the examination of historical context or frame of reference to account for that bias.

Unit Vocabulary

entrepreneurship – the willingness and innovation needed to risk starting a business
sole proprietorship – a business owned and managed by a single individual
partnership – a business owned and managed by two or more individuals as co-owners
corporation – a business owned by shareholders and managed by directors and executives
business cycle – a repetitive pattern of growth and decline in economic activity
inflation – a general increase in the price of goods and services
Gross Domestic Product – the market value of all goods and services produced in a country during a specific time period
unemployment – condition in which those seeking jobs are unable to find jobs
productivity – a measure of the efficiency of the production of goods and services

Related Vocabulary

  • economic indicators
  • ordinances
  • innovation
  • expansionary period
  • contractionary period
  • housing starts
  • retail sales
  • deregulation
  • stocks/bonds
Unit Assessment Items System Resources

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Unit Assessment Items that have been published by your district may be accessed through Search All Components in the District Resources tab. Assessment items may also be found using the Assessment Center if your district has granted access to that tool.

System Resources may be accessed through Search All Components in the District Resources Tab.


TAUGHT DIRECTLY TEKS

TEKS intended to be explicitly taught in this unit.

TEKS/SE Legend:

  • Knowledge and Skills Statements (TEKS) identified by TEA are in italicized, bolded, black text.
  • Student Expectations (TEKS) identified by TEA are in bolded, black text.
  • Portions of the Student Expectations (TEKS) that are not included in this unit but are taught in previous or future units are indicated by a strike-through.

Specificity Legend:

  • Supporting information / clarifications (specificity) written by TEKS Resource System are in blue text.
  • A Partial Specificity label indicates that a portion of the specificity not aligned to this unit has been removed.
TEKS# SE# TEKS SPECIFICITY
NewE.6 Economics. The student understands the right to own, use, and dispose of private property. The student is expected to:
NewE.6A Analyze the costs and benefits of the purchase, use, or disposal of personal and business property.

Analyze

THE COST AND BENEFITS OF THE PURCHASE, USE, OR DISPOSAL OF PERSONAL AND BUSINESS PROPERTY

Including, but not limited to:

  • Costs of the purchase, use or disposal of property
    • Opportunity cost of what was not purchased
    • Associated costs with upkeep of property
    • Possible loss of value of property and loss at time of sale
  • Benefits of the purchase, use or disposal of property
    • Ability to customize the property to preferences and needs
    • Potential profit at sale
    • Can use property as a collateral asset to obtain loans
NewE.6B Identify and evaluate examples of restrictions that the government places on the use of business and individual property.

Identify, Evaluate

EXAMPLES OF GOVERNMENT RESTRICTIONS ON USE OF BUSINESS AND INDIVIDUAL PROPERTY

Including, but not limited to:

  • Zoning laws, ordinances regulating noise, building safety and sanitation, preservation of historic buildings
  • Evaluate using a local or current example
NewE.9 Economics. The student understands key economic measurements. The student is expected to:
NewE.9A Interpret economic data, including unemployment rate, gross domestic product, gross domestic product per capita as a measure of national wealth, and rate of inflation.

Interpret

ECONOMIC DATA

Including, but not limited to:

  • Unemployment rate – the number of people over 16 who do not have a job and are actively seeking employment
  • Gross domestic product – the dollar value of all final goods produced within the U.S. borders during one year
  • Gross domestic product per capita – the dollar value of all final goods produced within a nation’s borders during one year, divided by the population
  • National wealth – the total value of wealth possessed by a nation’s citizens at a set point of time. This includes all wealth and all goods produced from any economic activity
  • Inflation – a rise in the general level of prices in an economy
NewE.9B Analyze business cycles using key economic indicators.

Analyze

BUSINESS CYCLES AND KEY ECONOMIC INDICATORS

Including, but not limited to:

  • Business cycle – an observable pattern in the fluctuations of economic activity experienced over time, as indicated by output, employment, and prices. Generally the fluctuations range from expansion to recession. 
    • Expansionary periods of the business cycle are distinguished by low inflation, low unemployment, increased industrial production and increased sales.
    • Recessionary periods of the business cycle are distinguished by high inflation, high unemployment, decreased industrial production and decreased sales.
  • Economic indicators
    • Inflation – an increase in the general level of prices over a period of time
    • Unemployment – the number of people who are without a job and actively seeking employment
    • Retail sales – the total amount of sales for retail goods over a specified period of time
    • GDP – the dollar value of all final goods produced within a nation’s borders during one year
    • Housing starts – the number of new houses being constructed
NewE.10 Economics. The student understands key components of economic growth. The student is expected to:
NewE.10A Analyze how productivity relates to growth.

Analyze

HOW PRODUCTIVITY RELATES TO GROWTH

Including, but not limited to:

  • Productivity – refers to an economic measure that shows changes in output per worker hour from one year to the next. Productivity reflects the amount of capital and labor used to produce revenues and inventories. High productivity results in economic growth with high employment and low inflation, while slower productivity indicates slower growth, high unemployment and high inflation.
NewE.10B Analyze how technology relates to growth.

Analyze

HOW TECHNOLOGY RELATES TO GROWTH

Including, but not limited to:

  • Improvements in technology generally affect productivity, which affects growth.
NewE.15 Personal financial literacy. The student understands types of business ownership. The student is expected to:
NewE.15A Explain the characteristics of sole proprietorships, partnerships, and corporations.

Explain

CHARACTERISTICS OF SOLE PROPRIETORSHIPS, PARTNERSHIPS, CORPORATIONS

Including, but not limited to:

  • Sole proprietorship – enjoys the rights to all profits and bears the responsibility for all debts and liability
  • Partnership – in the most common type of partnership, a general partnership, the owners have unlimited liability for all debts and obligations of the firm. Partners share financial and legal responsibilities for the business, and the business legally ceases to exist if one of the partners leaves the firm.
  • Corporation – a corporation has many of the legal rights of an individual, including the right to enter into contracts and the right to sue or be sued. Corporations are subject to more regulations, but have a broader set of means for raising money than sole proprietorships or partnerships do, such as selling stock and issuing bonds. Those seeking to form a corporation seek permission from the state. The business can continue even if the ownership changes.
NewE.15B Analyze the advantages and disadvantages of sole proprietorships, partnerships, and corporations.

Analyze

ADVANTAGES AND DISADVATAGES OF SOLE PROPRIETORSHIPS, PARTNERSHIPS, CORPORATIONS

Including, but not limited to:

 

 

NewE.16 Personal financial literacy. The student understands the role of financial markets/institutions in saving, borrowing, and capital formation. The student is expected to:
NewE.16A Explain the functions of financial institutions and how they affect households and businesses.

Explain

FUNCTIONS OF FINANCIAL INSTITUTIONS AND HOW THEY AFFECT HOUSEHOLDS AND BUSINESSES

Including, but not limited to:

  • Financial institutions act as intermediaries between savers and borrowers. They offer a convenient and safe way for people to store money, and with depositors’ funds, they provide commercial loans, personal loans, mortgages, and issue credit cards.
  • Enable households and businesses to earn a return on their savings, while providing necessary funds for businesses to use for capital investment
  • Provide loans, so families and businesses can purchase what they need
NewE.21 Social studies skills. The student applies critical-thinking skills to organize and use information acquired through established research methodologies from a variety of valid sources, including technology. The student is expected to:
NewE.21A Analyze economic information by sequencing, categorizing, identifying cause-and-effect relationships, comparing, contrasting, finding the main idea, summarizing, making generalizations and predictions, and drawing inferences and conclusions.

Analyze

INFORMATION

Including, but not limited to:

  • Sequencing refers to the practice of arranging items in a specific order. Most commonly in social studies this is done with events either sequenced by absolute chronology or exact date of by relative chronology or placing events in chronological order without necessarily identifying exact dates
  • Categorizing refers to the practice of placing items in particular groups.
  • Identifying cause-and-effect relationships is a common skill applied in historical analysis to examine change over time.
  • Comparing and contrasting refers to examination of similarities and differences.
  • Finding the main idea is a literacy skill applied to the examination most often of textual and visual sources.
  • Summarizing is a literacy skill utilized to condense information to a concise version.
  • Making generalizations and predictions is facilitated by the examination of patterns. Generalizations are general statements that should be based on the evidence presented by patterns and predictions can be made based on that pattern.
  • Drawing inferences and conclusions results from examining evidence and articulating interpretations of that evidence.
NewE.21B Create economic models, including production-possibilities curves, circular-flow charts, and supply-and-demand graphs, to analyze economic concepts or issues.

Create

ECONOMIC MODELS TO ANALYZE ECONOMIC CONCEPTS OR ISSUES

Including, but not limited to:

  • Production-possibilities curves
  • Circular-flow charts
  • Supply-and-demand graphs
NewE.21C Explain a point of view on an economic issue.

Explain

POINT OF VIEW

  • Point of view refers to the perspective, claim, or attitude an individual expresses
NewE.22 Social studies skills. The student communicates in written, oral, and visual forms. The student is expected to:
NewE.22A Use social studies terminology correctly.

Use

SOCIAL STUDIES TERMINOLOGY

NewE.22B Create written, oral, and visual presentations of economic information using effective communication skills, including proper citations and avoiding plagiarism.

Create

PRESENTATIONS OF ECONOMIC INFORMATION USING EFFECTIVE COMMUNICATION SKILLS

Including, but not limited to:

  • Written, oral, visual presentations
  • Effective Communication Skills
    • Correct grammar and punctuation
    • Accurate spelling
    • Clear diction and sentence structure
    • Proper citations to avoid plagiarism
DEVELOPING TEKS

TEKS that need continued practice, improvement, and refinement, but do not necessarily need to be explicitly taught in this unit.

TEKS/SE Legend:

  • Knowledge and Skills Statements (TEKS) identified by TEA are in italicized, bolded, black text.
  • Student Expectations (TEKS) identified by TEA are in bolded, black text.
  • Portions of the Student Expectations (TEKS) that are not included in this unit but are taught in previous or future units are indicated by a strike-through.

Specificity Legend:

  • Supporting information / clarifications (specificity) written by TEKS Resource System are in blue text.
TEKS# SE# TEKS SPECIFICITY
NewE.21 Social studies skills. The student applies critical-thinking skills to organize and use information acquired through established research methodologies from a variety of valid sources, including technology. The student is expected to:
NewE.21D Analyze and evaluate the validity of economic information from primary and secondary sources for bias, propaganda, point of view, and frame of reference.

Analyze, Evaluate

VALIDITY OF ECONOMIC INFORMATION FROM PRIMARY AND SECONDARY SOURCES

Including, but not limited to:

  • Bias refers to a favoritism towards one way of thinking. All individuals exhibit bias, of which they may or may not be consciously aware.
  • Propaganda refers to information that is intended to promote a particular position, claim, or point of view; may include misleading information
  • Point of view refers to the historical perspective, claim, or attitude an individual expresses in a document.
  • Frame of reference refers to a particular set of ideas/beliefs which influences an individual’s judgements; in historical analysis relates to the conditions the individual experienced that influences his/her points of view
NewE.21E Evaluate economic data using charts, tables, graphs, and maps.

Evaluate

ECONOMIC DATA

NewE.23 Social studies skills. The student uses problem-solving and decision-making skills, working independently and with others. The student is expected to:
NewE.23A Use problem-solving and decision-making processes to identify a problem, gather information, list and consider options, consider advantages and disadvantages, choose and implement a solution, and evaluate the effectiveness of the solution.

Use

PROBLEM-SOLVING AND DECISION-MAKING PROCESSES

Including, but not limited to:

  • Identify a problem
  • Gather information
  • List and consider options
  • Consider advantages and disadvantages
  • Choose and implement a solution
  • Evaluate the effectiveness of the solution
The English Language Proficiency Standards (ELPS), as required by 19 Texas Administrative Code, Chapter 74, Subchapter A, §74.4, outline English language proficiency level descriptors and student expectations for English language learners (ELLs). School districts are required to implement ELPS as an integral part of each subject in the required curriculum.

School districts shall provide instruction in the knowledge and skills of the foundation and enrichment curriculum in a manner that is linguistically accommodated commensurate with the student’s levels of English language proficiency to ensure that the student learns the knowledge and skills in the required curriculum.


School districts shall provide content-based instruction including the cross-curricular second language acquisition essential knowledge and skills in subsection (c) of the ELPS in a manner that is linguistically accommodated to help the student acquire English language proficiency.

http://ritter.tea.state.tx.us/rules/tac/chapter074/ch074a.html#74.4 


Choose appropriate ELPS to support instruction.

ELPS# Subsection C: Cross-curricular second language acquisition essential knowledge and skills.
Click here to collapse or expand this section.
ELPS.c.1 The ELL uses language learning strategies to develop an awareness of his or her own learning processes in all content areas. In order for the ELL to meet grade-level learning expectations across the foundation and enrichment curriculum, all instruction delivered in English must be linguistically accommodated (communicated, sequenced, and scaffolded) commensurate with the student's level of English language proficiency. The student is expected to:
ELPS.c.1A use prior knowledge and experiences to understand meanings in English
ELPS.c.1B monitor oral and written language production and employ self-corrective techniques or other resources
ELPS.c.1C use strategic learning techniques such as concept mapping, drawing, memorizing, comparing, contrasting, and reviewing to acquire basic and grade-level vocabulary
ELPS.c.1D speak using learning strategies such as requesting assistance, employing non-verbal cues, and using synonyms and circumlocution (conveying ideas by defining or describing when exact English words are not known)
ELPS.c.1E internalize new basic and academic language by using and reusing it in meaningful ways in speaking and writing activities that build concept and language attainment
ELPS.c.1F use accessible language and learn new and essential language in the process
ELPS.c.1G demonstrate an increasing ability to distinguish between formal and informal English and an increasing knowledge of when to use each one commensurate with grade-level learning expectations
ELPS.c.1H develop and expand repertoire of learning strategies such as reasoning inductively or deductively, looking for patterns in language, and analyzing sayings and expressions commensurate with grade-level learning expectations.
ELPS.c.2 The ELL listens to a variety of speakers including teachers, peers, and electronic media to gain an increasing level of comprehension of newly acquired language in all content areas. ELLs may be at the beginning, intermediate, advanced, or advanced high stage of English language acquisition in listening. In order for the ELL to meet grade-level learning expectations across the foundation and enrichment curriculum, all instruction delivered in English must be linguistically accommodated (communicated, sequenced, and scaffolded) commensurate with the student's level of English language proficiency. The student is expected to:
ELPS.c.2A distinguish sounds and intonation patterns of English with increasing ease
ELPS.c.2B recognize elements of the English sound system in newly acquired vocabulary such as long and short vowels, silent letters, and consonant clusters
ELPS.c.2C learn new language structures, expressions, and basic and academic vocabulary heard during classroom instruction and interactions
ELPS.c.2D monitor understanding of spoken language during classroom instruction and interactions and seek clarification as needed
ELPS.c.2E use visual, contextual, and linguistic support to enhance and confirm understanding of increasingly complex and elaborated spoken language
ELPS.c.2F listen to and derive meaning from a variety of media such as audio tape, video, DVD, and CD ROM to build and reinforce concept and language attainment
ELPS.c.2G understand the general meaning, main points, and important details of spoken language ranging from situations in which topics, language, and contexts are familiar to unfamiliar
ELPS.c.2H understand implicit ideas and information in increasingly complex spoken language commensurate with grade-level learning expectations
ELPS.c.2I demonstrate listening comprehension of increasingly complex spoken English by following directions, retelling or summarizing spoken messages, responding to questions and requests, collaborating with peers, and taking notes commensurate with content and grade-level needs.
ELPS.c.3 The ELL speaks in a variety of modes for a variety of purposes with an awareness of different language registers (formal/informal) using vocabulary with increasing fluency and accuracy in language arts and all content areas. ELLs may be at the beginning, intermediate, advanced, or advanced high stage of English language acquisition in speaking. In order for the ELL to meet grade-level learning expectations across the foundation and enrichment curriculum, all instruction delivered in English must be linguistically accommodated (communicated, sequenced, and scaffolded) commensurate with the student's level of English language proficiency. The student is expected to:
ELPS.c.3A practice producing sounds of newly acquired vocabulary such as long and short vowels, silent letters, and consonant clusters to pronounce English words in a manner that is increasingly comprehensible
ELPS.c.3B expand and internalize initial English vocabulary by learning and using high-frequency English words necessary for identifying and describing people, places, and objects, by retelling simple stories and basic information represented or supported by pictures, and by learning and using routine language needed for classroom communication
ELPS.c.3C speak using a variety of grammatical structures, sentence lengths, sentence types, and connecting words with increasing accuracy and ease as more English is acquired
ELPS.c.3D speak using grade-level content area vocabulary in context to internalize new English words and build academic language proficiency
ELPS.c.3E share information in cooperative learning interactions
ELPS.c.3F ask and give information ranging from using a very limited bank of high-frequency, high-need, concrete vocabulary, including key words and expressions needed for basic communication in academic and social contexts, to using abstract and content-based vocabulary during extended speaking assignments
ELPS.c.3G express opinions, ideas, and feelings ranging from communicating single words and short phrases to participating in extended discussions on a variety of social and grade-appropriate academic topics
ELPS.c.3H narrate, describe, and explain with increasing specificity and detail as more English is acquired
ELPS.c.3I adapt spoken language appropriately for formal and informal purposes
ELPS.c.3J respond orally to information presented in a wide variety of print, electronic, audio, and visual media to build and reinforce concept and language attainment.
ELPS.c.4 The ELL reads a variety of texts for a variety of purposes with an increasing level of comprehension in all content areas. ELLs may be at the beginning, intermediate, advanced, or advanced high stage of English language acquisition in reading. In order for the ELL to meet grade-level learning expectations across the foundation and enrichment curriculum, all instruction delivered in English must be linguistically accommodated (communicated, sequenced, and scaffolded) commensurate with the student's level of English language proficiency. For Kindergarten and Grade 1, certain of these student expectations apply to text read aloud for students not yet at the stage of decoding written text. The student is expected to:
ELPS.c.4A learn relationships between sounds and letters of the English language and decode (sound out) words using a combination of skills such as recognizing sound-letter relationships and identifying cognates, affixes, roots, and base words
ELPS.c.4B recognize directionality of English reading such as left to right and top to bottom
ELPS.c.4C develop basic sight vocabulary, derive meaning of environmental print, and comprehend English vocabulary and language structures used routinely in written classroom materials
ELPS.c.4D use prereading supports such as graphic organizers, illustrations, and pretaught topic-related vocabulary and other prereading activities to enhance comprehension of written text
ELPS.c.4E read linguistically accommodated content area material with a decreasing need for linguistic accommodations as more English is learned
ELPS.c.4F use visual and contextual support and support from peers and teachers to read grade-appropriate content area text, enhance and confirm understanding, and develop vocabulary, grasp of language structures, and background knowledge needed to comprehend increasingly challenging language
ELPS.c.4G demonstrate comprehension of increasingly complex English by participating in shared reading, retelling or summarizing material, responding to questions, and taking notes commensurate with content area and grade level needs
ELPS.c.4H read silently with increasing ease and comprehension for longer periods
ELPS.c.4I demonstrate English comprehension and expand reading skills by employing basic reading skills such as demonstrating understanding of supporting ideas and details in text and graphic sources, summarizing text, and distinguishing main ideas from details commensurate with content area needs
ELPS.c.4J demonstrate English comprehension and expand reading skills by employing inferential skills such as predicting, making connections between ideas, drawing inferences and conclusions from text and graphic sources, and finding supporting text evidence commensurate with content area needs
ELPS.c.4K demonstrate English comprehension and expand reading skills by employing analytical skills such as evaluating written information and performing critical analyses commensurate with content area and grade-level needs.
ELPS.c.5 The ELL writes in a variety of forms with increasing accuracy to effectively address a specific purpose and audience in all content areas. ELLs may be at the beginning, intermediate, advanced, or advanced high stage of English language acquisition in writing. In order for the ELL to meet grade-level learning expectations across foundation and enrichment curriculum, all instruction delivered in English must be linguistically accommodated (communicated, sequenced, and scaffolded) commensurate with the student's level of English language proficiency. For Kindergarten and Grade 1, certain of these student expectations do not apply until the student has reached the stage of generating original written text using a standard writing system. The student is expected to:
ELPS.c.5A learn relationships between sounds and letters of the English language to represent sounds when writing in English
ELPS.c.5B write using newly acquired basic vocabulary and content-based grade-level vocabulary
ELPS.c.5C spell familiar English words with increasing accuracy, and employ English spelling patterns and rules with increasing accuracy as more English is acquired
ELPS.c.5D edit writing for standard grammar and usage, including subject-verb agreement, pronoun agreement, and appropriate verb tenses commensurate with grade-level expectations as more English is acquired
ELPS.c.5E employ increasingly complex grammatical structures in content area writing commensurate with grade-level expectations, such as:
ELPS.c.5F write using a variety of grade-appropriate sentence lengths, patterns, and connecting words to combine phrases, clauses, and sentences in increasingly accurate ways as more English is acquired
ELPS.c.5G narrate, describe, and explain with increasing specificity and detail to fulfill content area writing needs as more English is acquired.
Last Updated 06/19/2019
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