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Economics This course offers a thorough introduction to the study of economics, first at the individual and community level, then the national level, and finally the international level. We will begin by identifying basic economic concepts such as supply and demand. We will then investigate how these concepts impact daily decisions made by individuals as well as the price one pays for goods and services. We will also analyze various taxation policies and their effectiveness. Furthermore, we will discuss the factors behind economic instability and the institutions and policies put in place to achieve and maintain economic stability. Additionally we will compare the economic system used in the United States to those used in other nations around the world. Finally, we will discuss economic activity on a global scale focusing on international trade, developing countries, and global economic challenges. Course Information: Frequency & Duration: Averaging 42 minutes per day; 5 days per week; one semester Text: McGraw Hill Understanding Economics Social Studies: Economics 2016 - 2017 Content: Fundamentals of Economics Duration: Week 1 thru Week 2 (2 weeks) Essential In what ways do people cope with the problem of scarcity? Question: Skill: Assessment: Analyze how choices are made because of scarcity Predict the long-term consequences of decisions made because of scarcity Identify the origin of resources and analyze the impact on the production of goods and services Analyze how unlimited wants and limited resources affect decision making Evaluate the economic reasoning behind a choice Evaluate the effective allocation of resources for the production of goods and services Analyze the opportunity cost of decisions made by individuals, businesses, communities and nations Describe how productivity is measured and identify ways in which a person can improve is or her productivity Examine leading entrepreneurs in Pennsylvania and the United States in terms of the risks they took and the rewards they received Assess the impact of entrepreneurs on the economy Evaluate how changes in education, incentives, technology, and capital investment alter productivity Compare the role groups and individuals played in the social, political, cultural and economic developments of the U.S. Explain how specialization contributes to economic interdependence on a national and international level Given an example, students will analyze how choices are made because of scarcity Given an example, students will predict the long-term consequences of decisions made because of scarcity. Given an example, students will identify the origin of resources and analyze the impact on the production of goods and services Given an example, students will analyze how unlimited wants and limited resources affect decision making Given an example, students will evaluate the economic reasoning behind a choice Given an example, students will evaluate effective allocation of resources for the production of goods and services Given an example, students will analyze the opportunity cost of decisions made by individuals, businesses, communities and nations Given an example, students will describe how productivity is measured and identify ways in which a person can improve is or her productivity Given an example, students will examine leading entrepreneurs in Pennsylvania and the United States in terms of the risks they took and the rewards they received Given an example, students will assess the impact of entrepreneurs on the economy Given an example, students will evaluate how changes in education, incentives, technology, and capital investment alter productivity Given an example, students will compare the role groups and individuals played in the social, political, cultural and economic developments of the U.S. 1 Social Studies: Economics 2016 - 2017 Given an example, students will explain how specialization contributes to economic interdependence on a national and international level Textbook pages 3-34 Factors of Production worksheet Howard Schultz entrepreneur worksheet Resources: Production Possibilities Frontier worksheets Economic Collage Shark Tank episode (will vary) 6.1.9.A. (U.A; W.A.) Analyze how choices are made because of scarcity 6.1.C.A. (12.A) Predict the long-term consequences of decisions made because of scarcity. 6.1.9.B. Identify the origin of resources and analyze the impact on the production of goods and services. Analyze how unlimited wants and limited resources affect decision making. 6.1.C.B. Evaluate the economic reasoning behind a choice. 6.1.1.12.B. Evaluate the economic reasoning behind a choice. Evaluate effective allocation of resources for the production of goods and services 6.1.12.C., 6.1.U.C. (W.C) Analyze the opportunity cost of decisions made by individuals, businesses, communities, and nations. 6.5.9.B.Describe how productivity is measured and identify ways in which a person can Standards: improve his or her productivity 6.5.9.F. (6.5.U.F.) Examine leading entrepreneurs in( Pennsylvania) and the United States in terms of the risks they took and the rewards they received. 6.5.12.F Assess the impact of entrepreneurs on the economy 6.5.12.B Evaluate how changes in education, incentives, technology, and capital investment alter productivity 6.5.U.B.—Compare the role groups and individuals played in the social, political, cultural and economic development of the U.S. 6.4.9.A (U.A.; W.A.; C.A.) Explain how specialization contributes to economic interdependence on a national and international level Economics—study of how people try satisfy seemingly unlimited and competing needs and wants through the careful use of scarce resources; Entrepreneur—risk taking individuals who introduce new products or services in search of profits; one of the factors of production ; Factors of Production—productive resources needed to produce goods; the four factors are land, capital, labor and entrepreneurship; Good—tangible economic product that is useful, transferable to others, and used to satisfy wants and needs; Market—meeting place or arrangement through which buyers and sellers interact to determine price and quantity of an economic product; may be local, regional, national or global; Opportunity Cost—cost of the Vocabulary: next best alternative use of money, time or resources, when one choice is made rather than another; Productivity—measure of the amount of output produced in a specific time period with a given amount of resources; normally refers to labor, but can apply to all factors of production; Possibility Curve—diagram representing all possible combinations of goods and/or services an economy can produce when all productive resources are fully employed; Scarcity,--fundamental economic problem facing all societies resulting from a combination of scarce resources and people’s virtually unlimited needs and wants; Service—work or labor performed for someone Comments 2 Social Studies: Economics 2016 - 2017 3 Social Studies: Economics 2016 - 2017 Content: Economic Systems and Decision Making Duration: Week 3 thru Week 4 (2 weeks) How does an economic system help a society deal with the fundamental economic problem of Essential scarcity? Question: What are the benefits of a free enterprise economy? What are the major social and economic goals of the American free enterprise system? Skill: Assessment: Compare and contrast various economic systems Evaluate various economic systems Compare the role groups and individuals played in the social, political, cultural and economic developments of the U.S. Students will analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the US Explain how incentives cause people to change their behavior in predicable ways Explain how changes in incentives may affect the choices made by individuals, businesses, communities and nations Given an example, students will compare and contrast various economic system Given an example, students will evaluate various economic systems Given an example, students will compare the role groups and individuals played in the social, political, cultural and economic developments of the U.S. Given an example, students will students will analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the US Given an example, students will explain how incentives cause people to change their behavior in predicable ways Given an example, students will explain how changes in incentives may affect the choices made by individuals, businesses, communities and nations Textbook pages 35-98 (Ch. 2 & 3) Economy of Sharing worksheet Resources: Minimum Wage Around the World Graph Minimum Wage Case Study Shark Tank various episodes 6.2.9.G (U.G; W.G; C.G;) Compare and contrast various economic systems 6.2.12.G Evaluate various economic systems 6.5.U.B 6.4.U.C Compare the role groups and individuals played in the social, political, cultural, and economic development of the U.S. Standards: 6.3.U.D. (W.D.) Analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the US 6.1.9.D Explain how incentives cause people to change their behavior in predicable ways 6.1.12.D Explain how changes in incentives may affect the choices made by individuals, businesses, communities and nations 4 Social Studies: Economics 2016 - 2017 Capitalism--economic system in which private citizens own and use the factors of production in order to generate profits; Command Economy—economic system characterized by a central authority that makes most of the major economic decisions; Communism—economic and political system in which factors of production are collectively owned and directed by the state; a theoretically classless society in which everyone works for the common good; Competition—the struggle among sellers to attract consumers; Fixed Income—income that does not increase over time; Market Economy—economic system in which supply, demand Vocabulary: and the price system help people allocate resources and make the what, how and for whom to produce decisions; same as a free enterprise economy; Minimum Wage—lowest legal wage that can be paid to most workers; Modified Free Enterprise Economy—free enterprise market economy where people carry on their economic affair freely, but are subject to some government intervention and regulation; Traditional Economy—economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit or custom Comments 5 Social Studies: Economics 2016 - 2017 Content: Business Organization Duration: Week 5 thru Week 7 (2.5 weeks) Essential How are businesses formed and how do they grow? Question: How does a market economy support nonprofit organizations? Skill: Assessment: Explain the scope and influence of multinational corporations and other non-government organizations Evaluate the impact of multinational corporations and other non-government organizations Identify and explain the characteristics of sole proprietorship, partnership, and corporation. Analyze the costs and benefits of organizing a business as a sole proprietorship, partnership, or corporation Analyze how risks influence business decision-making. Analyze the role of profits and losses in the allocation of resources in a market economy. Analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the U.S. ethnicity and race Explain the scope and influence of multinational corporations and other non-governmental organizations Students will analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the US Analyze the risks and returns of various investments Explain how incentives cause people to change their behavior in predicable ways Given an example, students will evaluate the impact of multinational corporations and other non-government organizations Given an example, students will identify and explain the characteristics of sole proprietorship, partnership, and corporation. Given an example, students will analyze the costs and benefits of organizing a business as a sole proprietorship, partnership, or corporation Given an example, students will analyze how risks influence business decision-making. Given an example, students will analyze the role of profits and losses in the allocation of resources in a market economy. Given an example, students will analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the U.S. ethnicity and race Given an example, students will explain the scope and influence of multinational corporations and other non-governmental organizations Given an example, students will analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the US Given an example, students will analyze the risks and returns of various investments Given an example, students will explain how incentives cause people to change their behavior in predicable ways Textbook pages 209-240 Small Business Worksheet Resources: Stock Market Project Megamerger Worksheet 6 Social Studies: Economics 2016 - 2017 Business Graphic Organizer Shark Tank Episodes (will vary) 6.4.C.C. (12.C) Evaluate the impact of multinational corporations and other non-government organizations. 6.5.9.C.Identify and explain the characteristics of sole proprietorship, partnership, and corporation. 6.5.12.C. Analyze the costs and benefits of organizing a business as a sole proprietorship, partnership, or corporation. 6.5.9.D. Analyze how risks influence business decision-making. 6.5.12.D. Analyze the role of profits and losses in the allocation of resources in a market economy Standards: 6.3.U.B (W.B.) Analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the U.S. ethnicity and race (working conditions, immigration, military conflict, economic stability) 6.4.9.C Explain the scope and influence of multinational corporations and other nongovernmental organizations 6.3.U.D. (W.D.) Analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the US 6.5.12.G Analyze the risks and returns of various investments 6.1.9.D Explain how incentives cause people to change their behavior in predicable way Charter—written government approval to establish a corporation; includes company name, address, purpose of business, number of shares of stock, and other features of the business; Collective Bargaining—process of negotiation between union and management representatives over pay, benefits, and job-related matters; Conglomerate—firm with four or more businesses making unrelated products, with no single business responsible for a majority of its sales; Cooperative—nonprofit association performing some kind of economic activity for the benefit of its members; Corporation—form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued; Labor Union—organization that works for its members’ interests concerning pay, working hours, Vocabulary: health coverage, fringe benefits, and other job related matters; Merger—combination of two or more business enterprises to form a single firm; Multinational—corporation producing and selling without regard to national boundaries and whose business activities are located in several different countries; Nonprofit Organization—economic institution that operates like a business but does not seek financial gain; Partnership—unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm; Sole Proprietorship—unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business in the United States; Stock—certificate of ownership in a corporation; Unlimited Liability—requirement that an owner is personally and fully responsible for all losses and debts of a business Comments 7 Social Studies: Economics 2016 - 2017 Content: Demand, Supply and Price Duration: Week 7 thru Week 10 (2.5 weeks) Essential What are the causes in change in demand? What are the basic differences between supply and demand? Question: What factors affect prices? Skill: Assessment: Explain the laws of supply and demand and how these affect the prices of goods and services. Explain how the laws of supply and demand impacted individuals and groups behavior over time. Predict how changes in supply and demand affect equilibrium price and quantity sold Explain how competition between buyers and sellers affects price Analyze the effect of changes in the level of competition in different markets Evaluate the impact of advertising and media on individual and group behavior throughout U.S. history Evaluate the impact of advertising and media on individual and group behavior throughout history Predict and evaluate how media affects markets Given an example, students will explain the laws of supply and demand and how these affect the prices of goods and services. Given an example, students will explain how the laws of supply and demand impacted individuals and groups behavior over time. Given an example, students will predict how changes in supply and demand affect equilibrium price and quantity sold Given an example, students will explain how competition between buyers and sellers affects price Given an example, students will analyze the effect of changes in the level of competition in different markets Given an example, students will evaluate the impact of advertising and media on individual and group behavior throughout U.S. history Given an example, students will evaluate the impact of advertising and media on individual and group behavior throughout history Given an example, students will predict and evaluate how media affects markets Textbook pages 99-178 Furby Worksheet Demand Curve Practice Worksheets Resources: Supply Curve Practice Worksheets Demand or Supply Practice Worksheets Advertainment Reading and Worksheet Jellybean Graphing Worksheet 8 Social Studies: Economics 2016 - 2017 6.2.U.D. (W.D.) Explain how the laws of supply and demand impacted individuals and groups behavior over time. 6.2.9.D. Explain the laws of supply and demand and how these affect the prices of goods and services. 6.2.12.D. Predict how changes in supply and demand affect equilibrium price and quantity sold. 6.2.9.B Explain how competition between buyers and sellers affects price Standards: 6.2.12.B Analyze the effect of changes in the level of competition in different markets 6.2.9.C Analyze how media affects economic decisions 6.2.U.C. Evaluate the impact of advertising and media on individual and group behavior throughout United States history 6.2.W.C Evaluate the impact of advertising and media on individual and group behavior throughout world history 6.2.12.C Predict and evaluate how media affects markets Change in Demand—different amounts of a product are demanded at every price, causing the demand curve to shirt to the left or to the right; Change in Quantity Demanded— movement along the demand curve showing that a different quantity is purchased in response to a change in price; Change in Quantity Supplied—change in the amount offered for sale in response to a price change; movement along the supply curve; Change in Supply— different amounts offered for sale at each and every possible price in the market; shift of the supply curve; Complements—products that increase the use of other products; Demand— combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment; Demand Curve—graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time; Equilibrium Price—price when quantity supplied equals quantity demanded; price that clears the market; Vocabulary: Law of Demand—rule stating that more will be demanded at lower prices and less at higher prices; Law of Supply—principle that more will be offered for sale at higher prices than lower prices; Marginal Utility—additional satisfaction or usefulness obtained from acquiring or consuming one more unit of a product; Price—the monetary value of a product; Shortage— situation where quantity supplied is less than quantity demanded at a given price; Subsidy— government payment to encourage or protect a certain economic activity; Substitutes— competing products that can be used in place of one another; Supply—amount of a product a producer or seller would be willing to offer for sale at all possible prices in a market at a given point in time; Supply Curve—a graph that shows the quantities supplied at each and every possible price in the market; Surplus—situation where quantity supplied is greater than quantity demanded at a given price Comments 9 Social Studies: Economics 2016 - 2017 Content: Evaluating the Economy Duration: Week 11 thru Week 14 (3 weeks) Essential What are the causes and consequences of instability in the economy? Question: How do we determine the economic and social well-being of the United States? Skill: Assessment: Analyze the characteristics of economic expansion, recession, and depression Analyze the impact of the business cycle on individual and group behavior over time Evaluate the health of an economy (local, regional, national, global) using economic indicators. Examine how and why the government acts to regulate and stabilize the state and national economy. Assess the government's role in regulating and stabilizing the state and national economy. Analyze the flow of goods and services in the national economy Analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the U.S. ethnicity and race Compare distribution of wealth across nations Define wealth and describe its distribution within and among the political divisions of the United States Explain the impact of higher or lower interest rates for savers, borrowers, consumers and producers Evaluate benefits and costs of changes in interest rates for individuals and society Compare and contrast the effect of the physical systems on people across the regions of the United States Given an example, students will analyze the characteristics of economic expansion, recession, and depression Given an example, students will analyze the impact of the business cycle on individual and group behavior over time. Given an example, students will evaluate the health of an economy (local, regional, national, global) using economic indicators Given an example, students will examine and assess how and why the government acts to regulate and stabilize the state and national economy Given an example, students will analyze the flow of goods and services in the national economy Given an example, students will analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the U.S. ethnicity and race Given an example, students will compare distribution of wealth across nations Given an example, students will define wealth and describe its distribution within and among the political divisions of the United States Given an example, students will explain the impact of higher or lower interest rates for savers, borrowers, consumers and producers Given an example, students will evaluate benefits and costs of changes in interest rates for individuals and society Given an example, students will compare and contrast the effect of the physical systems on people across the regions of the United States 10 Social Studies: Economics 2016 - 2017 Textbook pages 333-394 Globalization worksheet Resources: Market Basket Project Unemployment Worksheet 6.2.9.E & 6.2.C.E .Analyze the characteristics of economic expansion, recession, and depression 6.2.U.E.(W.E.) Analyze the impact of the business cycle on individual and group behavior over time. 6.2.12.E. Evaluate the health of an economy (local, regional, national, global) using economic indicators. 6.3.9.B. Examine how and why the government acts to regulate and stabilize the state and national economy 6.3.C.B. (12.B) Assess the government's role in regulating and stabilizing the state and national economy Standards: 6.2.9.A (U.A.; W.A.; C.A.) Analyze the flow of goods and services in the national economy 6.3.U.B (W.B.) 6.5.W.E (12.E) Compare distribution of wealth across nations 6.5.9.E (U.E.) Define wealth and describe its distribution within and among the political divisions of the United States 6.5.9.H Explain the impact of higher or lower interest rates for savers, borrowers, consumers and producers 6.5.12.H Evaluate benefits and costs of changes in interest rates for individuals and society 7.4.9.A Compare and contrast the effect of the physical systems on people across the regions of the United States Business Cycles—systematic changes in real GDP marked by alternating periods of expansion and contraction; Census—complete count of the population, including place of residence; Current GDP—gross domestic product measured in current prices, unadjusted for inflation; Depression—state of the economy with large numbers of unemployed, declining real incomes, overcapacity in manufacturing plants, and general economic hardship; Disposable Personal Income—personal income less individual income taxes; total income available to the consumer sector after income taxes; Expansion—period of uninterrupted growth of real GDP, industrial production, real income, and employment lasing for several years or more; Gross Domestic Product—monetary value of all final goods, services and structures produced within a country’s national borders during a one-year period; Gross Vocabulary: National Product—the market value of goods and services produced by labor and property supplied by U.S. residents; Inflation—sustained rise in the general level of prices of goods and services; Outsourcing—hiring outside firms to perform non-core operations to lower operating costs; Personal Income—total amount of income going to the consumer sector before individual income taxes are paid; Real GDP—gross domestic product after adjustments for inflation; Recession—decline in real GDP lasting two quarters or more; Unemployment Rate—ratio of unemployed individuals divided by total number of persons in the civilian labor force, expressed as a percentage; Wealth—sum of tangible economic goods that are scarce, useful, and transferable from one person to another; Welfare—government or private agency programs that provide general economic and social assistance to needy individuals Comments 11 Social Studies: Economics 2016 - 2017 Content: Labor, Wages and Taxation Duration: Week 14 thru 16 (2 weeks) Essential What factors lead to higher wages for a worker? Question: How does the government collect revenue, and on what is that revenue spent? Skill: Assessment: Analyze the process through which government provides public goods and services Evaluate the costs and benefits of government decisions to provide public goods and services Compare and contrast the taxation policies of the local, state and national governments Evaluate the social, political, and economic costs/benefits of potential changes to taxation Define wages and explain how wages are determined in terms of supply and demand Analyze the factors influencing wages Compare and contrast the various financial tools available to savers Analyze the risks and returns of various investments Explain the various types of taxes and their purposes Evaluate tax policies of various states and countries Explain the opportunity cost associated with government policies Analyze strategies used to resolve conflict in society and government Examine the causes of conflicts in society and evaluate the techniques to address those conflicts Given an example, students will analyze the process through which government provides public goods and services Given an example, students will evaluate the costs and benefits of government decisions to provide public goods and services Given an example, students will compare and contrast the taxation policies of the local, state and national governments Given an example, students will evaluate the social, political, and economic costs/benefits of potential changes to taxation Given an example, students will define wages and explain how wages are determined in terms of supply and demand Given an example, students will analyze the factors influencing wages Given an example, students will compare and contrast the various financial tools available to savers Given an example, students will analyze the risks and returns of various investments Given an examples, students will explain the various types of taxes and their purposes Given an example, students will evaluate tax policies of various states and countries Given an example, students will explain the opportunity cost associated with government policies Given an example, students will analyze strategies used to resolve conflict in society and government Given an example, students will examine the causes of conflicts in society and evaluate the techniques to address those conflicts 12 Social Studies: Economics 2016 - 2017 Resources: Textbook pages 241-266 & 397-430 6.3.9.A Analyze the process through which government provides public goods and services 6.3.C.A Evaluate the costs and benefits of government decisions to provide public goods and services 6.3.9.C. (U.C.) Compare and contrast the taxation policies of the local, state and national governments 6.3.C.C. (12.C) Evaluate the social, political, and economic costs/benefits of potential changes to taxation 6.5.9.A Define wages and explain how wages are determined in terms of supply and demand Standards: 6.5.12.A Analyze the factors influencing wages 6.5.9.G Compare and contrast the various financial tools available to savers 6.5.12.G 5.3.9.I (5.3.C.I) Explain the various types of taxes and their purposes 5.3.12.I 6.1.9.C (6.1.C.C.) Explain the opportunity cost associated with government policies 5.2.9.B (U.B.; W.B; C.B) Analyze strategies used to resolve conflict in society and government 5.2.12.B Examine the causes of conflicts in society and evaluate the techniques to address those conflicts Civilian Labor Force—noninstitutionalized part of the population, age 16 and over, either working or looking for a job; Collective Bargaining—process of negotiation between union and management representatives over pay, benefits and job-related matters; Distribution of Income—the way in which income is allocated among families, individuals, or other groups; Equilibrium Wage Rate—wage rate leaving neither a surplus nor a shortage of workers in the market; Flat Tax—proportional tax on individual income after a specified threshold has been reached; Individual Income Tax—tax levied on wages, salaries, and other income of individuals; Internal Revenue Service—branch of the U.S. Treasury Department that collects taxes; Market Theory of Wage Determination—explanation stating that the supply Vocabulary: and demand for a worker’s skills and services determine the wage or salary; Progressive Tax—tax where percentage of income paid in tax rises as level of income rises; Proportional Tax—tax in which percentage of income paid in tax is the same regardless of the level of income; Regressive Tax—tax where percentage of income paid in tax goes down as income rises; Right To Work Law—state law making it illegal to require a worker to join a union; Sales Tax—general state or city tax levied on a product at the time of sale; Sin Tax—a relatively high tax designed to raise revenue while reducing consumption of a socially undesirable product; Wage Rate—prevailing pay scale for work performed in an occupation in a given area or region Comments 13 Social Studies: Economics Content: Global Trade and Economic Development 2016 - 2017 Duration: Week 16 thru Week 18 (2 weeks) Essential How does trade benefit all participating parties? What are the challenges associated with globalization? Question: Why is the economic health of all nations important in a global economy? Skill: Assessment: Explain why governments limit or promote international trade Evaluate the role that governments play in international trade Evaluate the comparative advantage of nations in the production of goods and services Explain how trade contributes to economic interdependence Assess the growth and impact of international trade around the world Explain how the level of development of transportation, communication networks, and technology affect economic interdependence Analyze how changes in transportation, communication networks, and technology affect economic interdependence around the world in the century Identify the role of international organizations Evaluate the effectiveness of international organizations, both governmental and nongovernmental Analyze how conflict and cooperation among groups and organizations have impacted the control of limited resources in the United States Predict how incentives may affect the choices made by individuals, businesses, communities, and nations Evaluate the flow of goods and services in the international economy Explain and analyze the human characteristics of places and regions using the following criteria: economic activities, population, culture, settlement, political activities Analyze the effects of changes in the physical systems Analyze the global effects of changes in the physical systems Explain and illustrate how geographic tools are used to organize and interpret information about people, places and environments Use geographic tools to analyze information about the interaction between people, places and environments Given an example, students will explain why governments limit or promote international trade Given an example, students will evaluate the role that governments play in international trade Given an example, students will evaluate the comparative advantage of nations in the production of goods and services Given an example, students will explain how trade contributes to economic interdependence Given an example, students will assess the growth and impact of international trade around the world Given an example, students will explain how the level of development of transportation, communication networks, and technology affect economic interdependence Given an example, students will analyze how changes in transportation, communication networks, and technology affect economic interdependence around the world in the century 14 Social Studies: Economics 2016 - 2017 Given an example, students will identify the role of international organizations Given an example, students will evaluate the effectiveness of international organizations, both governmental and non-governmental Given an example, students will analyze how conflict and cooperation among groups and organizations have impacted the control of limited resources in the United States Given an example, students will explain how changes in incentives may affect the choices made by individuals, businesses, communities and nations Given an example, students will evaluate the flow of goods and services in the international economy Given an example, students will explain and analyze the human characteristics of places and regions using the following criteria: economic activities, population, culture, settlement, political activities Given an example, students will analyze the effects of changes in the physical systems Given an example, students will analyze the global effects of changes in the physical systems Given an example, students will explain and illustrate how geographic tools are used to organize and interpret information about people, places and environments Given an example, students will use geographic tools to analyze information about the interaction between people, places and environments Textbook pages 489-550 Resources: International Trade Activity 6.3.9.D (6.3.C.D.) Explain why governments limit or promote international trade 6.3.12.D Evaluate the role that governments play in international trade 6.4.12.A Evaluate the comparative advantage of nations in the production of goods and services 6.4.9.B (W.B.) Explain how trade contributes to economic interdependence 6.4.12.B Assess the growth and impact of international trade around the world 6.4.9.C 6.4.9.D (U.D; W.D.) Explain how the level of development of transportation, communication networks, and technology affect economic interdependence 6.4.12.D Analyze how changes in transportation, communication networks, and technology affect economic interdependence around the world in the century 5.4.9.C (W.C.) Identify the role of international organizations Standards: 5.4.12.C Evaluate the effectiveness of international organizations, both governmental and nongovernmental 6.1.U.B (W.B.) Analyze how conflict and cooperation among groups and organizations have impacted the control of limited resources in the United States 6.1.12.D 6.2.W.A. (12.A.) Evaluate the flow of goods and services in the international economy 7.3.9.A Explain the human characteristics of places and regions using the following criteria: economic activities, population, culture, settlement, political activities 7.3.U.A (W.A; C.A; 12.A) Analyze the human characteristics of places and regions using the following criteria: economic activities, population, culture, settlement, political activities 7.4.U.A (W.A.) Analyze the effects of changes in the physical systems 7.4.12.A Analyze the global effects of changes in the physical systems 15 Social Studies: Economics 2016 - 2017 7.1.9.A Explain and illustrate how geographic tools are used to organize and interpret information about people, places and environments 7.1.U.A (W.A; C.A; 12.A) Use geographic tools to analyze information about the interaction between people, places and environments Absolute Advantage—country’s ability to produce a given product more efficiently than can another country; Comparative Advantage—country’s ability to produce a given product relatively more efficiently than another country; production at a lower opportunity cost; Developing Countries—nonindustrial nations marked by extremely low GNP, high poverty rates, and economic instability; Embargo—government order prohibiting the movements of goods to a country; Exports—the goods and services that a nation produces and then sells to other nations; Globalization—movement toward a more integrated and interdependent world Vocabulary: economy; Imports—the goods and services a nation buys from other nations; International Monetary Fund—international organization that offers advice, financial assistance, and currency support to all nations; Nonrenewable Resources—resources that cannot be replenished once they are used; Renewable Resources—natural resource that can be replenished for future use; Tariff—tax placed on an imported product ; World Trade Organization—international agency that administers trade agreements, settles trade disputes between governments, organizes trade negotiations, and provides technical assistance and training for developing countries Comments 16