2011 Mississippi Social Studies Framework Economics

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1 A Correlation of Prentice Hall To the

2 A Correlation of Prentice Hall Prentice Hall CONTENT STRANDS: Domestic Affairs; Global Affairs; Civil Rights/Human Rights; ; Culture COMPETENCIES AND OBJECTIVES Domestic Affairs 1. Understand that the nation s overall economy is characterized by the interaction of spending and production decisions. a. Analyze the causes and effects of choices made by various sectors in the economy (e.g., households, businesses, and governments, etc.) in the production and distribution of resources. (DOK 3) SE/TE: Scarcity and the Factors of Production, 3 7; Opportunity Cost, 8 12; Production Possibilities Curves, 13-17; Three Key Economic Questions, 23-25; The Free Market, 29 34; Providing Public Goods, 62 67; Understanding Demand, 85 90; Shifts in the Demand Curve, 91 96; Elasticity of Demand, ; Understanding Supply, ; Costs of Production, ; Changes in Supply, ; Combining Supply and Demand, ; Changes in Equilibrium, ; The Role of Prices, ; Labor, 216; Labor Market Trends, ; Labor and Wages, ; Federal Spending, ; State and Local Taxes and Spending, ; Fiscal Policy, 390; Understanding Fiscal Policy, ; Fiscal Policy Options, ; Budget Deficits and the National Debt, ; also see: How the Economy Works, 4, 26, 64, 100, 118, 144, 182, 240, 266, 286, 318, 336, 378, 412, 438, 450, 484; Economic Simulations, 17, 38, 53, 95, 120, 142, 181, 192, 240, 251, 294, 317, 345, 382, 396, 430, 464, 491; Natural Resources, 77, 330, 447, 448, 489 b. Predict how changes in a nation s overall level of income, employment, and prices determine changes in the economy s level of output or real Gross Domestic Product or GDP. (DOK 3) c. Demonstrate how money makes it easier to trade, borrow, save, invest, and compare the value of goods and services. (DOK 3) SE/TE: Gross Domestic Product, ; Business Cycles, ; Chapter Assessment, 323; Unemployment, ; Inflation, ; Chapter Assessment, 358 SE/TE: The Three Uses of Money, ; The Six Characteristics of Money, ; Sources of Money s Value,

3 A Correlation of Prentice Hall d. Interpret how the Federal government spending policy and the Federal Reserve System s monetary policy influence the overall level of employment, output, and prices in the U.S. economy. (DOK 3) Prentice Hall SE/TE: Fiscal Policy, 390; Understanding Fiscal Policy, ; Fiscal Policy Options, ; Budget Deficits and the National Debt, ; Document-Based Assessment, 417; The Federal Reserve and Monetary Policy, 418; The Federal Reserve System, ; Federal Reserve Functions, ; Monetary Policy, Global Affairs 2. Understand that there is an increasing economic interdependence among nations in the global economy. a. Cite evidence and explain how both production and consumption increase when regions and nations specialize in what they can produce at the lowest cost, and then trade with others. (DOK 3) SE/TE: Specialization, 30, 117, 120, , ; International Trade, 446; Absolute and Comparative Advantage, ; Trade Barriers and Agreements, ; Measuring Trade, ; Chapter Assessment, 472 b. Explain how foreign exchange rates represent the market price of one nation s currency in terms of another nation s currency. (DOK 2) c. Use measures of economic development to draw conclusions about the lives and futures of people and societies in the various world regions and countries. (DOK 3) SE/TE: Exchange rates, , , 474, 504 SE/TE: Development and Globalization, 480; Levels of Development, ; Issues in Development, ; Economies in Transition, ; Challenges of Globalization, Civil Rights/Human Rights 3. Understand how different economic systems affect civil and human rights. a. Analyze the current trends and historical SE/TE: Economic Challenges: record of poverty in the American economy, Unemployment, ; Poverty, 349 noting the disproportionate effects of 357 poverty in minority communities and with women. (DOK 3) b. Compare and contrast poverty as it exists in other industrialized nations and in the developing economies around the world. (DOK 2) SE/TE: Economic Challenges: Unemployment, ; Poverty, ; Characteristics of Less Developed Countries, 486; Issues in Development, ; Challenges in Africa and Latin America,

4 A Correlation of Prentice Hall c. Analyze the role of a market economy in establishing and preserving political and personal liberty (e.g., through the works of Adam Smith). (DOK 3) Prentice Hall SE/TE: Economic Goals and Societal Values, 25 27; The Free Market, 29 34; American Free Enterprise, 48; Benefits of Free Enterprise, Understand that resources are limited and therefore choices must be made. a. Explain why individuals and societies can SE/TE: Scarcity and the Factors of not have all the goods and services that Production, 3 7; Opportunity Cost, 8 12; they want and as a result, they make Chapter Assessment, 20; Three Key choices that involve costs and benefits. Economic Questions, (DOK 2) b. Describe how effective decision-making requires comparing the additional costs of alternatives with the additional benefits of alternatives. (DOK 2) c. Describe how people respond to positive and negative incentives in predictable ways. (DOK 2) d. Explain how voluntary exchange occurs only when all participating parties expect to gain. (DOK 2) SE/TE: Opportunity Cost, 8 12 SE/TE: Incentives, 23, 32, 33, 149, 183, 374 SE/TE: Voluntary exchange, 50, 51; Absolute and Comparative Advantage, Understand that markets exist when buyers and sellers interact and engage in exchange. a. Analyze, using supply and demand SE/TE: Production Possibilities Curves, 13 curves, the relationship of the concept of 19; Understanding Demand, 85 90; Shifts incentives law of supply, and the in the Demand Curve, 91 96; Elasticity of relationship of the concept of incentives and Demand, ; Understanding Supply, substitutes law of demand. (DOK 3) ; Costs of Production, ; Changes in Supply, ; Combining Supply and Demand, ; Changes in Equilibrium, ; The Role of Prices, b. Investigate and explain how markets determine prices and thereby allocate goods and services and describe how market prices send signals and provide incentives to buyers and sellers. (DOK 2) SE/TE: Reaching Equilibrium, ; Changes in Market Equilibrium, ; The Role of Prices,

5 A Correlation of Prentice Hall c. Analyze the role of government (defining property rights, providing public goods and services, regulating in cases of market failure and promoting market competition) in helping to provide for a just distribution of economic resources and opportunities among citizens in a market economy. (DOK 3) Prentice Hall SE/TE: Benefits of Free Enterprise, 49 55; Promoting Growth and Stability, 56 61; Providing Public Goods, 62 67; Providing a Safety Net, 68 72; Regulation and Deregulation, ; Taxes and Government Spending, 362; Federal Spending, Culture 6. Understand the personal economic consequences of spending and investment decisions made by individuals, businesses, and governments. a. Demonstrate how American culture promotes entrepreneurship. (DOK 3) SE/TE: Entrepreneurs, 4 7, 162, , 192; also see: Innovators, 15, 30, 53, 95, 114, 146, 167, 211, 237, 260, 298, 328, 340, 376, 406, 436, 452, 499; Sole Proprietorship, b. Demonstrate why it is important to take responsibility for personal financial decisions. (DOK 3) c. Analyze the effects of advertising, marketing, and American popular culture on people s economic choices (consumerism, charitable giving, entertainment spending, etc.). (DOK 3) SE/TE: Credit Cards, 268, 317; Personal Finance Handbook: Budgeting, PF4 PF5; Checking, PF6 PF9; Investments, PF10 PF15; Savings and Retirement, PF16 PF21; Credit and Debt, PF22 PF27; Risk Management, PF28 PF31; Consumer Smarts, PF32 PF39; After High School, PF40 PF43; Taxes and Income, PF44 PF47; Personal Finance Glossary, PF48 SE/TE: Consumer sovereignty, 34, 36; Free enterprise and consumers, 51; Advertising, 54, 95 96, 176, 201; Fads,

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