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Economics
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6.1 Scarcity and Choice
Scarcity and Choice
Limited Resources
Opportunity Costs
Incentives and Choice
Explain how limited resources
and unlimited wants cause
Explain how limited resources scarcity during times of
and unlimited wants cause
historical events, such as wars,
scarcity.
disasters, etc.
Explain how limited resources
and unlimited wants cause
scarcity when the resources
are non-renewable.
Compare decisions made
Explain ways in which people Compare ways that people
because of limited resources
meet their basic needs and
meet their needs with how
Compare decisions made
and unlimited wants. Cite
wants. Demonstrate the use of they meet their wants.
because of limited resources examples of what might cause
human and capital resources in Describe how resources are
and unlimited wants. Describe resources of change in the
the production of a specific
combined to produce different how resources are combined production of goods and
good.
goods.
to produce different services. services
Explain how people's choices Define opportunity cost and
Define opportunity cost and
have different economic
describe the opportunity cost describe the opportunity cost Compare choices to determine
consequences.
of personal choice.
of personal choice.
the best action.
Explain how positive and
Compare the effect of
Demonstrate how availability Identify incentives that affect negative incentives affect
incentives on personal
of resources affects choices.
personal choices.
behavior.
decisions.
What are ways that different
Christian Perspective on cultures or countries care for
their poor.
Limited Resources
6.2 Markets and Economic Systems
Explain how limited resources
and unlimited wants cause
scarcity when there is a shift in
population.
Explain the role of Catholic
ministries in third world
countries.
Describe social classes and
how limited resources are
shared / not shared among
classes of people.
Devise a plan on how limited
resources can be more
equitably shared among all
people.
Describe the interaction of
consumers and producers of
goods and services in the
economy during America's
early history.
Describe the interaction of
consumers and producers of
goods and services in the
economy during the westward
movement.
Describe the interaction of
consumers and producers of
goods and services in the
economy.
Explain how market
competition takes place.
Identify positive and negative
effects of market competition.
Goods and Services
Describe how goods and
services are distributed.
Market Competition
Identify how pricing influences Explain why market
sellers and consumers.
competition takes place.
Economics
Advertising and Media
Price Determination
Economic Health
Private Economic
Institutions
Economic Systems
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Explain how advertising causes
people to change their
Explain how advertising
Explain how advertisers do
behavior in predictable ways. influences economic decisions. market research.
Analyze competitors
advertising by doing market
research.
Describe how prices influence
both buyers and sellers and
Explain the effects that
explain why prices may vary
changes in price have on
for similar products.
buyers.
Explain the effects that
Identify factors that cause
changes in price have on
changes in price.
sellers.
Compare the state of the
Describe the impact of
Explain the causes and effects Describe the causes of a
current economy with the
businesses opening and closing of expansion and contraction business' expansion and
economy in a different time or
on the economy.
of businesses.
contraction.
place.
Cite examples of how financial
Explain the connectedness
Explain the influence of private institutions and the
Compare and contrast types of between businesses for a
businesses on the local or state government assist private
private (non-gov't) businesses. product to be on the market. economy.
businesses.
Give examples of the various
economic systems found in
the Eastern Hemisphere.
Give examples of the various
economic systems (Traditional,
Market and Command) found
in the Western Hemisphere.
Examine how the three
economic systems address the
three basic questions: What to
produce, how, and for whom?
Explain how the measure of
a business or decision can
Give an example when the
be based on how it
Explain that the economy is to rights and dignity of all workers
was not respected.
Social Justice
enhances or threatens life. serve people.
6.3 Functions of Government
Goods and Services
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Describe the cost and benefits Examine government's role in
of government economic
providing public goods and
programs.
services.
Compare how various
economic systems address the
three basic questions: What to
produce, how, and for whom?
Describe how our solidarity
with all people due to God
being our creator should drive
our concern for issues around
the world.
Explain the impact of public
goods and services on the local Assess the value of public
community and state.
goods and services.
Economics
Government
Involvement in the
Economy
Taxation
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Describe the impact of
government involvement in
Describe factors that influence state and/or national
government's economic
economic activities during the
decision making.
early history of the U.S.
Explore ways in which tax
Explore ways in which tax
revenue is collected in
revenue is collected in the
countries in the Eastern
countries in the Western
Hemisphere.
Hemisphere.
Government's Role in
International Trade
6.4 Economic Interdependence
Explain the benefits of
international trade.
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Describe the impact of
government involvement in
state and/ or national
economic activities during the
19th century.
Identify how governments limit Explain how government
or promote international
actions may affect
trade.
international trade.
Specialization
Trade
Explain why nations trade.
Multinational and NonExplain how multinational
Governmental
Define a multinational
corporations contribute to
corporation and name several. economic interdependence.
Organizations
Factors Contributing to
Economic
Interdependence
Predict how changes to
government involvement at
the state and national levels
may affect the economy.
Compare and contrast the
Explain the cost and benefits of effects of different taxation
taxation.
policies.
Cite an example of a product
Explain why people specialize Discuss the advantages and
produced through division of
in the production of goods and disadvantages of specialization labor and detail the division of
services and divide labor.
and division of labor.
jobs.
Explain the growth in
international trade.
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Explain how specialization
contributes to economic
interdependence on a national
level.
Define the standard of living
Explain how an increase in
and then compare the
international trade is good for standard of living in different
developing countries.
times and places.
Explain how multinational
corporations contribute to
economic interdependence.
Explain the influence of
multinational corporations and
other non-government
organizations.
Explain how the level of
Define imports and exports.
Define imports and exports.
Explain how transportation,
transportation, communication
What factors contribute to the What factors contribute to the communication networks, and networks, and technology
import and export of certain
import and export of certain
technology increase the level affect economic
goods.
goods.
of economic interdependence. interdependence.
Economics
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6.5 Income, Profit, and Wealth
Factors Influencing
Wages
Compare the job market and
wages between countries in
the Eastern Hemisphere.
Labor Productivity
Explain what factors influence
what occupations are needed Explain the concept of labor
by a community.
productivity.
Types of Businesses
Profits and Losses
Distribution of Wealth
Costs and Benefits of
Saving
Interest Rates
Draft 03/06/15
Compare the job market and
wages between countries in
the Western Hemisphere.
Describe how people are
compensated for their
production of goods and
services.
Examine the compensation of
workers who produce different
goods and provide different
services.
Compare the characteristics of
Describe the characteristics of productive workers with less
productive workers.
productive workers.
Explain the role of the
entrepreneur in the early
history of the United States.
Explain the organizational
structure of different types of
businesses.
Compare the risk and benefits
for each type of business
structure.
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Describe how people
Describe how people
accumulate assets through
accumulated wealth in Ancient income, saving, and financial
Civilizations.
investments.
Create a balance sheet with
income and expenses and
indicate a profit or loss.
Compare the distribution of
wealth in the United States
between the 19th century and
present day.
Explain how profits and losses
serve as incentives when
making business decisions.
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Identify various ways people
can save. Describe the
difference between credit and
debit cards.
Identify the costs and benefits
of various types of savings.
Describe the true cost of an
item purchased on credit.
Identify the effect of higher
and lower interest rates.
Identify the effect of higher
and lower interest rates.
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Explain the differences
Identify the costs and benefits between interest rates for
of borrowing.
saving and borrowing.
Compare the distribution of
wealth between a Third World
country and the United States.