Principles and Practices

Transcription

1 Principles of Economics California ECONOMICS Principles and Practices STANDARDS Principles of Economics 12.1 Students understand common economic terms and concepts and economic reasoning. 1. Examine the causal relationship between scarcity and the need for choices. 2. Explain opportunity cost and marginal benefit and marginal cost. 6-7, 19-22, Global Economics & You Visual Summary 27 AS 24; C 10; DI 6, 45, 442; HCP 9, 16, 23, , , , , Assessment & Activities 29 Visual Summary 27 AS 20; C 25; DI 21, 22; HCP 23, 136; RS 522; WS 20

2 3. Identify the difference between monetary and nonmonetary incentives and how changes in incentives cause changes in behavior. 4. Evaluate the role of private property as an incentive in conserving and improving scarce resources, including renewable and nonrenewable natural resources. 5. Analyze the role of a market economy in establishing and preserving political and personal liberty (e.g., through the works of Adam Smith) , 72-77, 122, 230, , Business Week 11 Companies in the News 72 Profiles in Economics 54, 462, 524 AS 76, 104, 126, 478; CT 524; DI 74; RS 50; WS , , 44, 48-52, 169 Profiles in Economics 18 C 53; CT 51; DI 38, 44; HCP 49; WS Students analyze the elements of America's market economy in a global setting. 1. Understand the relationship of the concept of incentives to the law of supply and the relationship of the concept of incentives and substitutes to the law of demand. 2. Discuss the effects of changes in supply and/ or demand on the relative scarcity, price, and quantity of particular products. 98, , , , , Case Study 126 Companies in the News 117 AS 104; DI 98; HCP 94, , , , Companies in the News 127 The Global Economy & You Products in the News 143 ACL 155; AS 122; CT 121; DI 152; WS 152 Principles of Economics 2 Economics: Principles and Practices

3 3. Explain the roles of property rights, competition, and profit in a market economy. 4. Explain how prices reflect the relative scarcity of goods and services and perform the allocative function in a market economy. 5. Understand the process by which competition among buyers and sellers determines a market price. 6. Describe the effect of price controls on buyers and sellers. 7. Analyze how domestic and international competition in a market economy affects goods and services produced and the quality, quantity, and price of those products. 38, 48-51, 72-77, 136, Business Week 11, 138 Companies in the News 72 Profiles in Economics 54, 71 AS 76; HCP 49, 171, 182, 188, 191; RS 50; WS , 146, , 515 Products in the News 143 AS 8; DI 144, , , The Global Economy 114, 144 DI 152, , 46, , Debates in Economics Issues in the News 156 AS 31, 157; DI 158; WS 31, 157 Business Week 96, 138, 184, 418, 508 Case Study 26, 110, 126, 434, 446, 478, 519 Companies in the News 97, 132 The Global Economy & You 35, 100, 136, 144, , Products in the News 91 AS 96, 110; CT 227 Principles of Economics 3 Economics: Principles and Practices

4 8. Explain the role of profit as the incentive to entrepreneurs in a market economy. 9, 50-51, Business Week 11, 138 Profiles in Economics 54, 71, 178, 237, 462 AS 178; HCP Describe the functions of the financial markets , Business Week 312 Case Study 304 Companies in the News 305 The Global Economy & You 308 AS 304, 306, 307; DI 308, 309; HCP Discuss the economic principles that guide the location of agricultural production and industry and the spatial distribution of transportation and retail facilities. Case Study 147 Companies in the News 132 The Global Economy & You 136 AIC 123; AS 336; DYK Students analyze the influence of the federal government on the American economy. 1. Understand how the role of government in a market economy often includes providing for national defense, addressing environmental concerns, defining and enforcing property rights, attempting to make markets more competitive, and protecting consumers' rights. 2. Identify the factors that may cause the costs of government actions to outweigh the benefits , , 357, , Business Week 312 Debates in Economics Products in the News 185 AS 24, 226, 517; C 53, 189; DI 38, 180; HCP 171, 182, 188; RS 187; WS 31, 52, (definition), 46, (definition) AS 24 Principles of Economics 4 Economics: Principles and Practices

5 3. Describe the aims of government fiscal policies (taxation, borrowing, spending) and their influence on production, employment, and price levels. 4. Understand the aims and tools of monetary policy and their influence on economic activity (e.g., the Federal Reserve) , Profiles in Economics 428 AS 420, 421, 425, 428; CT 420, 425; DI 426, 430; HCP 426; WS , 366, , , 431 Profiles in Economics 368 C 407; CT 403; DI 404, 405, 422, 426; HCP 426, 430; RS 427; SP Students analyze the elements of the U.S. labor market in a global setting. 1. Understand the operations of the labor market, including the circumstances surrounding the establishment of principal American labor unions, procedures that unions use to gain benefits for their members, the effects of unionization, the minimum wage, and unemployment insurance. 2. Describe the current economy and labor market, including the types of goods and services produced, the types of skills workers need, the effects of rapid technological change, and the impact of international competition , 207, 210, , Assessment & Activities Business Week 222 Debates in Economics The Global Economy & You 204 Profiles in Economics 206 Visual Summary 223 ALC 196; AS 212, 214, 216; C 213; DI 204, 208; RS 204, 211; WS 31, , Business Week 84, 96 Case Study 26, 214 The Global Economy & You 204 Issues in the News 215 Personal Finance Handbook R16 Visual Summary 223 AS 199, 210, 217, 370; C 221; CT 209; DI 208, 218; WS 198 Principles of Economics 5 Economics: Principles and Practices

6 3. Discuss wage differences among jobs and professions, using the laws of demand and supply and the concept of productivity. 4. Explain the effects of international mobility of capital and labor on the U.S. economy Careers 23, 52, 82, 106, 123, 153, 172, 211, 232, 270, 300, 344, 355, 393, 431, 449, 491, 517 Did You Know? 209 Personal Finance Handbook R16 AS 210; CT 209; DI , Case Study 78, 519 The Global Economy & You 35, , 373 Issues in the News 215 AS 226, 227; C 77; CT Students analyze the aggregate economic behavior of the U.S. economy. 1. Distinguish between nominal and real data , AS 362; DI 354, 364; HCP Define, calculate, and explain the significance of an unemployment rate, the number of new jobs created monthly, an inflation or deflation rate, and a rate of economic growth. 3. Distinguish between short-term and long-term interest rates and explain their relative significance. 16, 22, 45, , , The Global Economy & You 323 Issues in the News 353 AS 362; DI 354, 364; HCP 363; SP Figure Issues in the News 296 Reading Check 303 AS 297, 299; DI 297; HCP 302; RC 303 Principles of Economics 6 Economics: Principles and Practices

7 12.6 Students analyze issues of international trade and explain how the U.S. economy affects, and is affected by, economic forces beyond the United States's borders. 1. Identify the gains in consumption and production efficiency from trade, with emphasis on the main products and changing geographic patterns of twentieth-century trade among countries in the Western Hemisphere. 2. Compare the reasons for and the effects of trade restrictions during the Great Depression compared with present-day arguments among labor, business, and political leaders over the effects of free trade on the economic and social interests of various groups of Americans. 3. Understand the changing role of international political borders and territorial sovereignty in a global economy. 4. Explain foreign exchange, the manner in which exchange rates are determined, and the effects of the dollar's gaining (or losing) value relative to other currencies , Debates in Economics The Global Economy & You Issues in the News 441, 447 AS 351; CT 442; HCP Debates in Economics , AS 351, 449, 450; DI 350, 452; HCP , Business Week Visual Summary 463 AS 457; C 461; CT 459; DI 458; HCP 460; RS 457 Principles of Economics 7 Economics: Principles and Practices