Economics Wisconsin

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Wisconsin Economic Standard
D.8.6

Unemployment and Inflation

Identify and explain various points of view concerning economic issues, such as taxation, unemployment, inflation, the national debt, and distribution of income

Economic Concepts
Taxes  ||  Unemployment  ||  Inflation  ||  National debt  ||  Distribution of income

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Links to Content Information

blue check Consumer Price Index -  Compare the value of a U.S. dollar on different dates and calculate the Consumer Price Index.
blue check The development and implementation of taxation - An explanation for teachers and a student activity for grades 6-8.
blue check Examples of various types and uses of taxes - An explanation for teachers and a student activity for grades 4-5.  Although this is based on Maryland, it can be modified for use in Wisconsin.
blue check The History of Economic Thought - This archive represents an attempt to gather all material for the study of the history of economics at one site. This includes both primary texts, studies of those texts and of their authors.
blue check Income Tax Alternatives - Links to numerous web sites discussing income tax alternatives.
blue check Monthly Consumer Price Indexes (CPI) from the Federal Reserve Bank of St. Louis.
blue check Tax Interactive: An on-line 'zine for understanding taxes - Information about taxes from the IRS.
blue check U.S. National Debt Clock - Up-to-date outstanding public debt figures.

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Links to Lesson Plans and other Suggested Teaching Strategies

blue arrow Can't You Make Them Behave, King George? - Grade 5. Students examine the uses and effects of taxation.
blue arrow A Case Study: The Unemployment Rate - Students will determine the key parts of unemployment announcements and the relevance of unemployment for workers, employers, and the Federal Reserve decision-makers.
blue arrow Cities of Today, Cities of Tomorrow! - Grades 5-11. An interactive program by the United Nations CyberSchoolBus. Gives an overview of urbanization—its history, its potential, its problems.  An interdisciplinary curriculum in a range of different subjects: History, Social Studies, Geography, Economics, Global Studies, Government and Civics, World Civilizations, Current Events and Environmental Studies.
blue arrow Look Who's Footing the Bill! - Grades 6-8 - Wonderful interactive lesson where students are asked to learn about budget debt and then take a stand by e-mailing the U. S. Congress. Well designed and most useful for middle school students. Sponsored and updated by Pacific Bell. 
blue arrow National Budget Simulation - This simple simulation gives a feel of the trade-offs which citizens and policy makers will need to make to balance the budget. There are three ways to play the game,  offering different levels of detail.  This site also includes links to information about the Federal Budget.
blue arrow The Richest Man in the World: Andrew Carnegie - Lesson based on the PBS film Andrew Carnegie. This immigrant went from rags to riches, a self-made man who became a captain of industry, the king of steel. He preached the obligation of the wealthy to return their money to the societies where they made it.
blue arrow What are the economic functions of government?  - Middle and High School level.  Class discussion and small group task identifying six economics functions of government and examples of these functions using current events. From Focus on Economics: Civics and Government,   ©National Council on Economic Education.
blue arrow Where Does the Money Come From? - Grades 6-8. Students will explain why taxes are collected at various levels of government (federal, state, and local) and predict they types of taxes they will have to pay in the future.

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List of Curricular Materials and Learning Activities

 

blue push pin Focus: Middle School Economics from Economics America (search catalogue), available from Economics Wisconsin.  Relevant lessons: 
  • Unit 2, Lesson 6:  Inflation - In this lesson, students participate in two auction rounds to learn about inflation. 
  • Unit 4, Lesson 10:  Where Does the Money Go? - Students look at the categories of federal spending, discuss them, and calculate the percentage of spending in each category. 
  • Unit 4, Lesson 11:  Where Does the Money Come From? - Students look at the categories of federal taxation, discuss them, and calculate the percentage of total taxes collected in each category.
  • Unit 4, Lesson 14:  No Free Lunch - In their roles as responsible citizens, students learn to consider both the costs and the benefits related to public policy issues.  This lesson uses budgets and a decision tree to structure student analysis of taxing and spending issues. 
blue push pin Virtual Economics: An Interactive Center for Economic Education, Version 2 - Each exhibit includes teaching tips, background information, a list of lessons, and video and audio clips that give additional information about the topic.  Available from Economics America (search catalogue). 
  • In section Fundamental Economics, see exhibit:  Social Goals
  • In section MacroEconomics, see exhibits: 
    • Inflation
    • Fiscal Policy
    • Unemployment
  • In section MicroEconomics, see exhibit: Roles of Government

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National Content Standard 19. (Scroll down the linked page for the grade 8 benchmarks) 

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Email an expert

     Professor Mark Schug - University of Wisconsin-Milwaukee 

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Developed by 
Lynn Kirby, Ph.D.
Larry Weiser, Ph.D.