Download Civics and Economics – Goal 7 – The learner will investigate how

Civics and Economics – Goal 7 – Investigating how and why individuals and groups make economic choices
(microeconomics).
Objective 7.01: Describing the basic factors of production such as land, labor, capital, and entrepreneurial skills
and their impact on economic activities.
MAJOR CONCEPTS: Four Factors of Production
Basic Economic Questions
Efficient Use of Production
TERMS YOU WILL NEED TO KNOW:
Economics
Wants
Needs
Land
Renewable Natural Resources
Nonrenewable Natural Resources
Labor
Capital
Entrepreneurship
Productivity
Objective 7.02: Explaining how scarcity influences producers and consumers to make choices
MAJOR CONCEPTS:
Scarcity
Decision Making Process
TERMS YOU WILL NEED TO KNOW:
Limited Resources
Decision-making Model
Services
Goods
Wages
Salary
Consumer
Producer
Pricing
Objective 7.03: Compare examples of tradeoffs and opportunity costs of economic choices.
MAJOR CONCEPTS:
Wants vs. Needs
Tradeoffs
Opportunity Costs
TERMS YOU WILL NEED TO KNOW:
Immediate Gratification
Incentives
Fixed Costs
Variable Costs
Total Costs
Marginal Costs
Objective 7.04: Analyze the impact of specialization, division of labor, consumption, and production increases
on economic activities
MAJOR CONCEPTS:
Specialization
Division of Labor
TERMS YOU WILL NEED TO KNOW:
Assembly Line
Technologies
Robotics
Invention
Innovation
Mass Production
Factory
Agribusiness
Unskilled Workers
Automation
Consumption
Production
Business Organizations
Specialization
Human Capital
Productivity
White Collar
Blue Collar
Skilled Workers
Objective 7.05: Explaining the impacts of investments on human, capital, productive, and natural resources.
MAJOR CONCEPTS:
Productivity
Investment
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TERMS YOU WILL NEED TO KNOW:
Capital Goods
Consumer Goods
Consumer Price Index (CPI)
Producer Price Index (PPI)
Output vs. Input
Recycling
Education and Training
Objective 7.06: Comparing and contrasting how different economic systems address key economic factors.
MAJOR CONCEPTS:
What to Produce
How to Produce It
TERMS YOU WILL NEED TO KNOW:
Market Economy
Mixed Market Economy
Command Economy
For Whom to Produce It
Mixed Economy
Traditional Economy
Goal 8: Analyzing features of he economic system of the United States.
8.01: Comparing characteristics of command, market, and mixed economies.
8.02: Describing how the free enterprise system encourages private ownership of property and promotes
individual initiative.
MAJOR CONCEPTS:
Mixed Market Economy
Economic Goals of the Free Enterprise System
ESSENTIAL TERMS:
Private Property
Voluntary Exchange
Patents
Copyrights
Full Employment
Efficiency
Productivity
Specialization
Division of Labor
Security
Equity
Consumer Sovereignty
8.03: Explaining the circular flow of economic activities and haw interactions determine the prices of goods and
services.
MAJOR CONCEPTS:
Factor Market
Product Market
ESSENTIAL TERMS:
Circular Flow of Economic Activity
Economic Interdependence
Wages
Salary
8.04: Illustrating how supply and demand affects prices.
MAJOR CONCEPTS: Law of Demand
Equilibrium Price/Market Price
Law of Supply
Law of Supply AND Demand
Influences upon Supply and Demand
ESSENTIAL TERMS:
Demand Curve/Schedule
Supply Curve/Schedule
Personal Income
Disposable Income
Complimentary Goods
Substitute Good
8.05: Predicting how prices change when there is either a shortage or surplus.
MAJOR CONCEPTS: Influences on Prices
ESSENTIAL TERMS:
Surplus
Shortage
Consumer Tastes
Minimum Wage
Inflation
Deflation
Wage and Price Control
Interest Rates
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Trickle-Down Effect
Supply Side Economics
8.06: Explaining how changes in the level of competition can affect price and output levels.
MAJOR CONCEPTS:
Basic concepts of Capitalism/Free Market
ESSENTIAL TERMS:
Buyers and Sellers
Horizontal Merger
Monopoly
Vertical Merger
Oligopoly
Conglomerates
Competitive Market
Mergers
Multinational Conglomerates
8.07: Identifying and Describing the roles and functions of various economic institutions and business
organizations.
MAJOR CONCEPTS:
Types of Business
Organized Labor
ESSENTIAL TERMS:
Sole Proprietorship
Partnership
Corporation
Cooperative
Franchise
Limited Liability
Unlimited Liability
Limited Life
Unlimited Life
Small Business Administration (SBA)
Stock
Stock Market
Dividend
Bond
Craft Union
Industrial Union
Collective Bargaining
Mediation
Arbitration
Lockout
Strike
Social Security Act of 1935 (FDR)
National Labor Relations Act, 1935
Fair Labor Standards Act, 1938
Taft-Hartley Act, 1947
Anti-Trust Laws
Labor Union
8.08: Evaluating the investment decisions made by individuals, businesses, and the government.
MAJOR CONCEPTS: Fiscal Policy
Monetary Policy
Banking System
Types of Insurance
ESSENTIAL CONCEPTS:
Timed Deposit
Investment Spending
Demand Deposit
Capital Investment
Credit Cards
Life - Insurance
Debit Cards
Medical
Mutual Funds
Comprehensive
Commercial Bank
Liability
Savings & Loan Associations
Tight Money
Credit Unions
Easy Money
(FDIC)Federal Deposit Insurance
Commission
8.09: Describing the role of money in trading, borrowing, and investment.
MAJOR CONCEPTS:
Types of Money
Function of Money
ESSENTIAL TERMS:
Collateral
Money
Barter
Coins
Currency
Check
Legal Tender
Credit
Reserve Requirement
Medium of Exchange
Pension Funds
Mutual Funds
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