Prentice Hall Economics: Principles in Action 2005 Correlated to: New York State Social Studies Standards, Economics (Grades 10-12)

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1 New York State Social Studies Standards, Economics (Grades 10-12) Standard 4 Economics: Students will use a variety of intellectual skills to demonstrate their understanding of how the united States and other societies develop economic systems and associated institutions to allocate scarce resources, how major decision-making units function in the U.S. and other national economies, and how an economy solves the scarcity problem through market and nonmarket mechanisms. Key Idea 1: The study of economics requires an understanding of major economic concepts and systems, the principles of economic decision making, and the interdependence of economies and economic systems throughout the world. analyze the effectiveness of varying ways societies, nations, and regions of the world attempt to satisfy their basic needs and wants by utilizing scarce resources SE/TE: Chapter 1: What is Economics?, 2-21; Chapter 2: Economic Systems, 22-49; Chapter 3: American Free Enterprise, 50-73; Chapter 5: Supply, ; In the News: 135; Global Connections: 118 Transparency System 1

2 define and apply basic economic concepts such as scarcity, supply/demand, opportunity costs, production, resources, money and banking, economic growth, markets, costs, competition, and world economic systems SE/TE: Chapter 1: What is Economics?, 2-21; Chapter 2: Economic Systems, 22-49; Chapter 3: American Free Enterprise, 50-73; Chapter 4: Demand, 78-99; Chapter 5: Supply, ; Chapter 6: Prices, ; Chapter 7: Market Structures, ; Chapter 8: Business Organizations, ; Chapter 9: Labor, ; Chapter 10: Money and Banking, ; Chapter 11: Financial Markets, ; Chapter 12: Gross Domestic Product and Growth, ; Chapter 13: Economic Challenges, ; Chapter 14: Taxes and Government Spending, ; Chapter 15: Fiscal Policy, ; Chapter 16: The Federal Reserve and Monetary Policy, ; Chapter 17: International Trade, ; Chapter 18: Economic Development and Transition, Transparency System 2

3 understand the nature of scarcity and how nations of the world make choices which involve economic and social costs and benefits describe the ideals, principles, structure, practices, accomplishments, and problems related to the United States economic system SE/TE: Chapter 1: What is Economics?, 2-21; Chapter 2: Economic Systems, 22-49; Chapter 3: American Free Enterprise, 50-73; Chapter 5: Supply, ; In the News: 135; Global Connections: 118 Transparency System SE/TE: Chapter 3: American Free Enterprise, 50-73; Chapter 14: Taxes and Government Spending, ; Chapter 15: Fiscal Policy, ; Chapter 16: The Federal Reserve and Monetary Policy, ; Real-Life Case Study: 19, 71, 121, 177, 205, 235, 265, 293, 381, 409, 435, 465; In the News: 5, 16, 53, 69, 87, 102, 135, 170, 175, 188, 192, 222, 252, 260, 275, 286, 314, 324, 336, 347, 362, 373, 401, 426, 433, 456, 463, 481; Debating Current Issues: 74, 180, 268, 354, 412, 498 Case Studies in Free Enterprise; Program Overview with Pacing Guide; Learning Styles Lesson Plans; Lesson Plans; Unit Books; Economic Simulations; Debating Current Issues; Source Articles; Chapter Tests with ExamView Test Bank CD-ROM; Guide to the Essentials; Guided Reading and Review Workbooks; Transparency Resource Package; Section Reading Support Transparency System 3

4 compare and contrast the United States economic system with other national economic systems, focusing on the three fundamental economic questions SE/TE: Chapter 1: What is Economics?, 2-21; Chapter 2: Economic Systems, 22-49; Chapter 3: American Free Enterprise, 50-73; Chapter 14: Taxes and Government Spending, ; Chapter 15: Fiscal Policy, ; Chapter 16: The Federal Reserve and Monetary Policy, ; Chapter 17: International Trade, ; Chapter 18: Economic Development and Transition, ; In the News: 5, 16, 37, 53, 69, 87, 102, 135, 170, 175, 188, 192, 222, 252, 260, 275, 286, 314, 324, 336, 347, 362, 373, 401, 426, 433, 456, 463, 481, 494; Debating Current Issues: 74, 180, 238, 268, 354, 412, 498; Global Connections: 9, 41, 54, 91, 118, 143, 152, 203, 225, 246, 282, 314, 335, 368, 392, 429, 452, 475 Case Studies in Free Enterprise; Program Overview with Pacing Guide; Learning Styles Lesson Plans; Lesson Plans; Unit Books; Economic Simulations; Debating Current Issues; Source Articles; Chapter Tests with ExamView Test Bank CD-ROM; Guide to the Essentials; Guided Reading and Review Workbooks; Transparency Resource Package; Section Reading Support Transparency System 4

5 explain how economic decision making has become global as a result of an interdependent world economy understand the roles in the economic system of consumers, producers, workers, investors, and voters SE/TE: Chapter 17: International Trade, ; Chapter 18: Economic Development and Transition, ; Global Connections: 9, 41, 54, 91, 118, 143, 152, 203, 225, 246, 282, 314, 335, 368, 392, 429, 452, 475 Case Studies in Free Enterprise; Program Overview with Pacing Guide; Learning Styles Lesson Plans; Lesson Plans; Unit Books; Economic Simulations; Debating Current Issues; Source Articles; Chapter Tests with ExamView Test Bank CD-ROM; Guide to the Essentials; Guided Reading and Review Workbooks; Transparency Resource Package; Section Reading Support Transparency System SE/TE: Chapter 4: Demand, 78-99; Chapter 5: Supply, ; Chapter 6: Prices, ; Chapter 7: Market Structures, ; Chapter 14: Taxes and Government Spending, ; Chapter 15: Fiscal Policy, ; Chapter 16: The Federal Reserve and Monetary Policy, ; In the News: 5, 16, 37, 53, 69, 87, 102, 135, 170, 175, 188, 192, 222, 252, 260, 275, 286, 314, 324, 336, 347, 362, 373, 401, 426, 433, 456, 463, 481, 494; Real-Life Case Study: 19, 39, 71, 97, 121, 145, 177, 205, 235, 265, 293, 325, 351, 381, 409, 435, 465, 495 Transparency System 5

6 Key Idea 2: Economics requires the development and application of the skills needed to make informed and wellreasoned economic decisions in daily and national life. identify, locate, and evaluate economic SE/TE: Chapter Assessment: 20-21, 46-47, 72-73, 98- information from standard reference works, 99, , , , , newspapers, periodicals, computer databases, , , , , 352- monographs, textbooks, government 353, , , , , publications, and other primary and secondary sources Transparency System; Math Practice use economic information by identifying similarities and differences in trends; inferring relationships between various elements of an economy: organizing and arranging information in charts, tables, and graphs; extrapolating and making conclusions about economic questions, issues, and problems SE/TE: Graphs, Charts and Tables: 5, 10, 11, 12, 14, 15, 16, 17, 18, 19, 21, 24, 25, 30, 42, 43, 52, 55, 58, 61, 64, 65, 68, 70, 75, 79, 80, 81, 82, 83, 84, 86, 92, 95, 96, 99, 101, 103, 104, 105, 109, 110, 111, 112, 113, 117, 126, 127, 129, 131, 134, 135, 136, 153, 154, 157, 158, 160, 161, 162, 167, 169, 170, 174, 177, 181, 186, 191, 198, 199, 205, 212, 213, 214, 215, 217, 218, 220, 221, 222, 223, 224, 229, 232, 233, 235, 237, 239, 244, 245, 247, 249, 254, 259, 260, 261, 262, 265, 267, 269, 273, 274, 278, 279, 280, 287, 289, 302, 303, 304, 306, 307, 308, 309, 311, 312, 313, 315, 318, 319, 320, 321, 322, 325, 327, 334, 335, 337, 338, 339, 340, 341, 342, 345, 346, 348, 353, 355, 360, 361, 363, 365, 367, 371, 376, 379, 388, 389, 390, 391, 394, 396, 398, 399, 400, 404, 406, 407, 409, 411, 413, 416, 417, 421, 423, 426, 427, 428, 431, 432, 434, 442, 443, 444, 445, 446, 450, 455, 459, 460, 461, 463, 464, 465, 472, 473, 476, 479, 482, 484, 487, 490, 495, 497, 499, 503, 504, 505, 506, 507, 509, 510, 511, 513, 515, 517, 518, 521, 523, 529, 530, ; Chapter Assessment: 20-21, 46-47, 72-73, 98-99, , , , , , , , , , , , , ,

7 (Continued) use economic information by identifying similarities and differences in trends; inferring relationships between various elements of an economy: organizing and arranging information in charts, tables, and graphs; extrapolating and making conclusions about economic questions, issues, and problems apply a problem-solving model to identify economic problems or issues, generate hypotheses, test hypotheses, investigate and analyze selected data, consider alternative solutions or positions, and make decisions about the best solution or position (Continued) Transparency System; Math Practice SE/TE: Economics Simulation: 48, 148, 208, 296, 328, 384, 468; Chapter Assessment: 20-21, 46-47, 72-73, 98-99, , , , , , , , , , , , , , Transparency System; Math Practice; Personal Finance Kit 7

8 present economic information and conclusions in different formats, including graphic representations, computer models, research reports, and oral presentations SE/TE: Chapter Assessment: 20-21, 46-47, 72-73, 98-99, , , , , , , , , , , , , , ; Economics Simulation: 48, 148, 208, 296, 328, 384, 468 Transparency System; Math Practice 8

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