WorldView Software. Economics. South Carolina Correlation Document
|
|
- Mildred Davis
- 7 years ago
- Views:
Transcription
1 WorldView Software Economics South Carolina Correlation Document 76 North Broadway, Suite 2002, Hicksville, NY
2 South Carolina Social Studies Economics WorldView Software Correlation Document Strand Standard ECON-1: The student will demonstrate an understanding of how scarcity and choice impact the decisions of families, businesses, communities, and nations. Economics is the science of choice. The study of economics equips a student with the knowledge to evaluate the benefits versus the costs of goods and services. To make informed decisions about benefits versus costs, the student will utilize the knowledge and skills set forth in the following indicators: ECON-1.1 Explain that the practice of economic decision making is an evaluation process that measures additional benefits versus additional costs. Chapter 1: - Overview: Economics: The Science of Scarcity - Tutorials: > Production Possibilities Model: Constant Opportunity Cost > Production Possibilities Model: Increasing Opportunity Cost - Essay: Economic Decisions Chapters have factual, conceptual, chronological, and map/graph questions, each with a mini-lesson answer. Chapters also have associated with them maps, graphs, images, primary source documents, case studies, glossaries, a chronology, Notable People biographies, projects, tutorials, and guided essaywriting activities (see the Curriculum Guide and Teacher's Guide). Use the "Search" feature to look up keywords. ECON-1.2 Explain why the productive resources of land, labor, and capital are limited. Explain why the productive resources of land are limited. Chapter 1: - Overview: Economics: The Science of Scarcity - Map: Agriculture and Manufacturing - Essay: Scarcity - Master Glossary: land To access Chapters, click on the Chapters icon on the bottom of the screen. To access Resources, click the Resources icon, select Resource type, click on the title. For essays, after you click on the title, click on the green "Write Essay" on the bottom right of the window.
3 Explain why the productive resources of labor are limited. Chapter 1: - Overview: Economics: The Science of Scarcity Theme: Elements of a Market: - Overview: Section "Human Capital" To access Themes, click on the Themes icon on the bottom of the screen. Click on the Theme title, then click on the Resource you want to view. - Graph/Chart: Unemployment Rate - Essay: Labor - Essay: Scarcity - Master Glossary: labor Explain why the productive resources of capital are limited. Chapter 1: - Overview: Economics: The Science of Scarcity Theme: Elements of a Market: - Overview: Sections: > "Human Capital" > "Human Capital Influences Wages and Salaries" To access Resources, click on Resources icon, resource type, then proceed to the following: Case Studies: After you click on the title, click the green "Begin Case Study" button. - Case Study: Bankruptcy and Foreclosure - Projects: > Decision-Making > Savings and Loan Crisis - Essay: Scarcity - Master Glossary: capital Projects: After you click on the title, click the green "Start Project" button. Essays: After you click on the title, click on the green "Write Essay" button. Master Glossary: Click Resources icon, "Glossaries," "Master Glossary" then green "Browse Glossary" button.
4 ECON-1.3 Apply the concept that people respond to positive and negative incentives to past and current economic decisions. Apply the concept that people respond to positive incentives to past economic decisions. Chapter 11: - Overview: The Individual Consumer Theme: History of Economics: - Overview - Section "Politics and Economics are Linked" - Project: Technological Changes All Resources related to Themes can be accessed within the Theme or through the Resources icon. Theme: Elements of a Market: - Overview - Sections: > "Externalities" > "Democracies Sometimes Have Bad Economic Policies" - Essay: Economic Decisions - Essay: Entrepreneurial Ventures - Project: Financing Entrepreneurship Apply the concept that people respond to negative incentives to past economic decisions. Chapter 11: - Overview: The Individual Consumer Theme: History of Economics: - Overview - Sections: > "The Communist Manifesto" > "Modern Socialism and Communism" Apply the concept that people respond to positive incentives to current economic decisions. Chapter 8: - Overview: Entrepreneurship and Economic Growth - Project: Financing Entrepreneurship All Resources related to Chapters can be accessed within the Chapter or through the Resources icon. Chapter 11: Overview: The Individual Consumer - Essay: Economic Decisions - Project: Technological Changes
5 Apply the concept that people respond to negative incentives to current economic decisions. Chapter 11: - Overview: The Individual Consumer Theme: Elements of a Market: - Overview - Sections: > "Externalities" > "Democracies Sometimes Have Bad Economic Policies" Social Studies Literacy Skills for the Twenty-First Century Analyze how a scarcity of productive resources affects economic choices. - Project: Decision-Making - Internet Project: Economic Systems and Scarcity - Essay: Prices and Markets Explain the opportunity cost involved in the allocation of scarce productive resources. Examine the relationship of the present to the past and use a knowledge of the past to make informed decisions in the present and to extrapolate into the future. Chapter 1: - Overview: Economics: The Science of Scarcity - Section "Opportunity Cost" - Glossary: opportunity cost - Tutorials: > Production Possibilities Model: Constant Opportunity Cost > Production Possibilities Model: Increasing Opportunity Cost Chronology Overviews Case Studies Internet Projects Chapter Glossary, Chronology, and Notable People can be accessed from within each chapter. Chronology, Overviews, Case Studies, and Internet Projects are all accessible by clicking the Resources icon.
6 Standard ECON-2: The student will demonstrate an understanding of how markets facilitate exchange and how market regulation costs both consumers and producers. Markets arise in order to allow people and institutions to trade items of value for something else of value. Markets are efficient when they are unrestricted. The prices in a market send signals and provide incentives to buyers and sellers. To understand how markets function, the student will utilize the knowledge and skills set forth in the following indicators: ECON-2.1 Illustrate how markets are created when voluntary exchanges occur between buyers and sellers. Illustrate how markets are created when voluntary exchanges occur between buyers and sellers. - Graphs/Charts: > American-English Colonial Trade > U.S. Imports and Exports - Map: Colonial Trade Routes ECON-2.2 Explain how efficient markets allocate goods, services, and the factors of production in a market-based economy. Explain how efficient markets allocate goods in a marketbased economy. Chapter 2: - Overview: Economic Systems - Section "Allocation of Scarce Resources" - Graphs/Charts: > U.S. Imports and Exports > U.S. Petroleum Imports > U.S. Trade with Mexico - Master Glossary: goods
7 Explain how efficient markets allocate services in a marketbased economy. Chapter 7: - Overview: Business and Labor - Section "Labor: A Resource of Production" Explain how efficient markets allocate the factors of production in a market-based economy. - Master Glossary: service Chapter 2: - Overview: Economic Systems - Section "The Three Basic Questions of Economics" Chapter 4: - Overview: Supply, Demand, and Competition ECON-2.3 Illustrate how competition among sellers lowers costs and prices. Illustrate how competition among sellers lowers costs and prices. - Master Glossary: factors of production - Tutorials: > Supply and Demand Curves > Supply and Demand Schedules Chapter 4: - Overview: Supply, Demand, and Competition - Project: Supply, Demand, and Price
8 ECON-2.4 Illustrate how an economically efficient market allocates goods and services to the buyers who are willing to pay for them. Illustrate how an economically efficient market allocates goods and services to the buyers who are willing to pay for them. - Tutorials: > Supply and Demand Curves > Supply and Demand Schedules Chapter 4: - Overview: Supply, Demand, and Competition - Graph/Chart: U.S. Imports and Exports - Tutorial: Global Financial Crisis - Internet Project: Supply, Demand, and Price ECON-2.5 Explain how business cycles, market conditions, government policies, and inequalities affect the living standards of individuals and other economic entities. Explain how business cycles affect the living standards of individuals and other economic entities. Chapter 2: - Overview: Economic Systems Chapter 10: - Overview: Business Cycles and Government Policies - Case Study: Contracting the Money Supply - Master Glossary: business cycle
9 Explain how market conditions affect the living standards of individuals and other economic entities. Chapter 2: - Overview: Economic Systems Chapter 9: - Overview: Government in a Mostly Market Economy Chapter 10: - Overview: Business Cycles and Government Policies - Case Study: Contracting the Money Supply - Master Glossary: market Explain how government policies affect the living standards of individuals and other economic entities. Chapter 9: - Overview: Government in a Mostly Market Economy Chapter 10: - Overview: Business Cycles and Government Policies - Case Study: Contracting the Money Supply - Case Study: Insurance - Case Study: Free Trade
10 Explain how inequalities affect the living standards of individuals and other economic entities. Chapter 8: - Overview: Entrepreneurship and Economic Growth - Section "Uneven Economic Growth" Chapter 10: - Overview: Business Cycles and Government Policies - Case Study: Contracting the Money Supply ECON-2.6 Explain how market power enables some market structures to affect their situations to varying degrees and to use this market power to increase prices and reduce output. Social Studies Literacy Skills for the Twenty-First Century Examine the costs and the benefits of economic choices made by a particular society and explain how those choices affect overall economic well-being. - Essay: Economic Systems Chapter 9: - Overview: Government in a Mostly Market Economy - Section "Market Power" - Glossary term: market power - Essay: Economic Decisions - Graph/Chart: Trends in Occupational Competition - Project: Decision-Making - Tutorials: > Production Possibilities Model: Constant Opportunity Cost > Production Possibilities Model: Increasing Opportunity Cost Glossary term "market power" can be accessed through the Chapter Glossary or the Master Glossary. To access Master Glossary, click Resources icon, "Glossaries," "Master Glossary" then click the green "Browse Glossary" button.
11 Compare the ways that different economic systems answer the fundamental questions of what goods and services should be produced, how they should be produced, and who will consume them. Standard ECON-3: The student will demonstrate an understanding of how government policies, business cycles, inflation, deflation, savings rates, and employment affect all economic entities. Macroeconomics ECON-3.1 Explain that examines the aggregate institutions in a market behavior of the economy help economy: price levels, individuals and groups business cycles, accomplish their goals. Federal Reserve policies, and inflation and deflation, as well as the ways that changes in these aggregate levels affect individual economic entities. To understand economic behavior, the student will utilize the knowledge and skills set forth in the following indicators: Explain that institutions in a market economy help individuals accomplish their goals. Chapter 1: - Overview: Economics: The Science of Scarcity Chapter 2: - Overview: Economic Systems - Document: Communist Manifesto - Document: Wealth of Nations Chapter 4: - Overview: Supply, Demand, and Competition Chapter 6: - Overview: Financial Intermediaries Chapter 8: - Overview: Entrepreneurship and Economic Growth - Essay: Economic Growth - Project: Financing Entrepreneurship Chapter 11: - Overview: The Individual Consumer - Map: College Education - Master Glossary: market economy Chapter 8 Resources (Essay and Project) can also be accessed by clicking the Resources icon, resourcetype and title.
12 Explain that institutions in a market economy help groups accomplish their goals. Chapter 6: - Overview: Financial Intermediaries Chapter 7: - Overview: Business and Labor - Graph/Chart: Business Ownership - Document: Changeover to Euro - Project: Budget Process - Master Glossary: market economy ECON-3.2 Illustrate how money and the consequent banking system facilitate trade, historically and currently. Illustrate how money and the consequent banking system facilitate trade historically. Chapter 5: - Overview: Money and Banking - Document: National Bank Act - Document: Specie Circular Chapter 6: - Overview: Financial Intermediaries - Case Study: Free Trade Illustrate how money and the consequent banking system facilitate trade currently. Chapter 5: - Overview: Money and Banking Chapter 6: - Overview: Financial Intermediaries - Case Study: Free Trade
13 ECON-3.3 Explain how real interest rates adjust savings with borrowing, thus affecting the allocation of scarce resources between present and future users. Chapter 6: - Overview: Financial Intermediaries Chapter 8: - Overview: Entrepreneurship and Economic Growth Chapter 10: - Overview: Business Cycles and Government Policies - Case Study: Contracting the Money Supply ECON-3.4 Use a circular flow diagram to explain how changes in economic activity affect households and businesses. Use a circular flow diagram to explain how changes in economic activity affect households. - Tutorial: Circular Flow Model - Master Glossary: household ECON-3.5 Explain how the federal government regulates the American economy in order to provide economic security, full employment, and economic equity. Use a circular flow diagram to explain how changes in economic activity affect businesses. Explain how the federal government regulates the American economy in order to provide economic security. - Tutorial: Circular Flow Model Chapter 9: - Overview: Government in a Mostly Market Economy - Essay: Government Regulation - Internet Project: Government Regulation Chapter 10: - Overview: Business Cycles and Government Policies
14 Explain how the federal government regulates the American economy in order to provide full employment. Chapter 8: - Overview: Entrepreneurship and Economic Growth Chapter 10: - Overview: Business Cycles and Government Policies Explain how the federal government regulates the American economy in order to provide economic equity. - Internet Project: Jobs and Pay Chapter 9: - Overview: Government in a Mostly Market Economy Chapter 10: - Overview: Business Cycles and Government Policies - Case Study: Contracting the Money Supply ECON-3.6 Explain how economic indicators are used to evaluate changes in economic activity. Chapter 10: - Overview: Business Cycles and Government Policies - Graph/Chart: Unemployment Rate - Graphs/Charts: > Stock Market Averages > U.S. Imports and Exports - Essay: Economic Growth
15 ECON-3.7 Illustrate the Illustrate the relationships among relationships among business cycles and business cycles and unemployment, growth, unemployment, price levels, wage rates, growth, price levels, and investment. wage rates, and investment. Chapter 10: - Overview: Business Cycles and Government Policies - Case Study: Contracting the Money Supply - Essay: Consumer Price Index - Graphs/Charts: > Unemployment Rate > Unemployment Comparisons > Federal Legislation Affecting Business - Tutorial: Global Financial Crisis - Glossary: business cycle Glossary term "business cycle" can be accessed through the Chapter Glossary or the Master Glossary. To access Master Glossary, click Resources icon, "Glossaries," "Master Glossary" then click the green "Browse Glossary" button. - Essay: Economic Growth ECON-3.8 Explain how the Federal Reserve regulates the amount of cash that banks can acquire and retain and therefore helps to provide a foundation for economic stability. ECON-3.9 Exemplify how government, in a market economy, provides for services that private markets fail to provide and thus the costs of government policies often exceed benefits. Chapter 5: - Overview: Money and Banking - Documents: > National Bank Act > Federal Reserve Act - Graph/Chart: U.S. Federal Government Budget Chapter 6: Overview: Financial Intermediaries Chapter 9: - Overview: The Government in a Mostly Market Economy - Art: W.P.A. Poster - Map: Tennessee Valley Authority - Essay: Government Regulation - Project: Environmental Impact Statements - Project: Technological Changes - Internet Project: Government Regulation
16 Social Studies Literacy Skills for the Twenty-First Century Explain how the Explain how the United United States States government government provides provides public services public services, redistributes income, regulates economic activity, and promotes economic growth. Explain how the United States government redistributes income Chapter 9: - Overview: The Government in a Mostly Market Economy - Map: Tennessee Valley Authority - Internet Project: Budget Process Chapter 9: - Overview: The Government in a Mostly Market Economy - Graph/Chart: U.S. Federal Government Budget - Internet Project: Budget Process Explain how the United States government regulates economic activity Explain how the United States government promotes economic growth. Chapter 9: - Overview: The Government in a Mostly Market Economy - Graph/Chart: Federal Legislation Affecting Business - Internet Project: Budget Process Chapter 9: - Overview: The Government in a Mostly Market Economy - Case Studies: > Contracting the Money Supply > Free Trade - Essay: Economic Growth - Internet Project: Budget Process
17 Analyze the role of the government in promoting entrepreneurial activity. Chapter 8: - Overview: Entrepreneurship and Economic Growth Chapter 10: - Overview: Business Cycles and Government Policies Master Glossary: - entrepreneur - entrepreneurship Assess the relative importance of multiple causes on outcomes. Tutorials Standard ECON-4: The student will demonstrate an understanding of how trade among nations affects markets, employment, economic growth, and other activity in the domestic economy. The economy of the United States is but one system operating within an increasingly global arena. All institutions and individuals in the United States are impacted in varying degrees by global commerce. To understand the implications of the global economy, the student will utilize the knowledge and skills set forth in the following indicators: ECON-4.1 Summarize how differing factor endowments such as geography, the development of technology, and the abundance of labor affect the goods and services in which a nation specializes. Chapter 2: - Overview: Economic Systems - Tutorials: > Production Possibilities Model: Constant Opportunity Cost > Production Possibilities Model: Increasing Opportunity Cost - Tutorials: > Supply and Demand Schedules > Supply and Demand Curves
18 ECON-4.2 Explain how the United States specializes in the production of those goods and services in which it has a comparative advantage. ECON-4.3 Explain how the rise of a global marketplace contributes to the well-being of all societies but the benefits derived from globalization are unequal. Chapter 2: - Overview: Economic Systems - Graphs/Charts: > U.S. Trade with Mexico > U.S. Imports and Exports Theme: Globalization - Overview - Tutorial: Circular Flow Model - Case Study: Free Trade - Glossary: globalization ECON-4.4 Explain how a global marketplace influences domestic labor markets, wage rates, unemployment levels, and disparities in earning potentials. ECON-4.4 Explain how a global marketplace influences domestic labor markets - Tutorials: > Supply and Demand Schedules > Supply and Demand Curves Chapter 4: - Overview: Supply, Demand, and Competition: Section "Free Trade: Its Cost and Benefits"
19 ECON-4.4 Explain how a global marketplace influences wage rates Chapter 4: - Overview: Supply, Demand, and Competition: Section "Free Trade: Its Cost and Benefits" - Graph/Chart: Unemployment Rate ECON-4.4 Explain how a global marketplace influences unemployment levels Chapter 4: - Overview: Supply, Demand, and Competition: Section "Free Trade: Its Cost and Benefits" - Graph/Chart: Unemployment Rate ECON-4.4 Explain how a global marketplace influences disparities in earning potentials. - Tutorials: > Supply and Demand Schedules > Supply and Demand Curves Chapter 4: - Overview: Supply, Demand, and Competition: Section "Free Trade: Its Cost and Benefits"
20 Social Studies Literacy Skills for the Twenty-First Century Explain how political, social, and economic institutions are similar or different across time and/or throughout the world. Chapter 2: - Overview: Economic Systems - Art: Command/Market Continuum - Essay: Economic Systems Chapter 9: - Overview: The Government in a Mostly Market Economy - Section "Comparing the United States to Other Nations" - Project: Technological Changes - Essay: Economic Growth - Graphs/Charts: > Trends in Occupational Composition > Stock Market Averages Compare the ways that different economic systems answer the fundamental questions of what goods and services should be produced, how they should be produced, and who will consume them. Explain how an interdependent, specialized, and voluntary worldwide trade network affects a nation s standard of living and economic growth. Chapter 1: - Overview: Economics: The Science of Scarcity Chapter 2: - Overview: Economic Systems - Documents: > Communist Manifesto > Document: Wealth of Nations - Internet Project: Economic Systems and Scarcity - Glossary: economic system - Documents: > Changeover to Euro > Universal Declaration of Human Rights - Graphs/Charts: > Profiles: European Union and U.S. > Achieving Your Goals - Map: European Union and NATO
21 Standard ECON-5: The student will demonstrate an understanding of how personal financial decisions affect an individual s present and future economic status. Individuals are impacted by the financial choices they make and the careers they choose. Wise and informed personal financial decisions can benefit individuals in both the immediate and the distant future. To understand the impact of personal financial decisions, the student will utilize the knowledge and skills set forth in the following indicators: ECON-5.1 Explain how individuals make personal economic decisions and how current spending and acquisition of debt can impact future income. Chapter 11: The Individual Consumer - Overview - Graph/Chart: Personal Savings vs. Disposable Income - Map: College Education - Project: Decision Making ECON-5.2 Explain that income for most people is determined by the market value of the productive resources they sell. - Case Studies: > Interpreting Financial Documents > Money Management - Graph/Chart: Personal Savings vs. Disposable Income - Project: Decision Making ECON-5.3 Explain how wage rates for most workers depend upon the market value of what the workers produce for the marketplace. Social Studies Literacy Skills for the Twenty-First Century Explain the use of a budget in making personal economic decisions and planning for the future. Chapter 7: - Overview: Business and Labor - Graph/Chart: Trends in Occupational Composition - Essay: Labor - Internet Project: Jobs and Pay - Internet Project: Budget Process - Case Study: Money Management - Project: Decision Making - Graph/Chart: Achieving Your Goals
22 Illustrate the fact that some choices provide greater benefits than others. - Project: Decision-Making - Essays (non-guided): > Borrowing Money > Types of Saving Instruments All non-guided essays are supplied with directions only and are designed to challenge the stronger student. Explain how investment in human capital such as health, education, and training leads to economic growth. Chapter 1: - Overview: Economics: The Science of Scarcity - Section: "Human Capital" Chapter 7: - Overview: Business and Labor: Sections under and including: "Labor: A Resource of Production" Chapter 8: - Overview: Entrepreneurship and Economic Growth
FBLA: ECONOMICS. Competency: Basic Economic Concepts and Principles
Competency: Basic Economic Concepts and Principles 1. Define money (characteristics, role, and forms) and trace how money and resources flow through the American economic system. 2. Utilize decision-making
More informationWells Fargo Hands on Banking & CEE National Content Standards Alignment
Standard 1: Scarcity Productive resources are limited. Therefore, people can not have all the goods and services they want; as a result, they must choose some things and give up others. Section 1 Savings
More informationCHAPTER 2: THE MARKET SYSTEM AND THE CIRCULAR FLOW
CHAPTER 2: THE MARKET SYSTEM AND THE CIRCULAR FLOW Introduction The problem of scarcity forces societies to make choices about what to produce, how to produce those goods, and who will receive the goods
More informationEconomic Systems and Decision Making
Class: Date: Economic Systems and Decision Making Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. A great variety of goods and services is
More informationEconomics. Social Studies Curriculum Framework. Revised 2006 Amended June 2009
Economics Social Studies Curriculum Framework Revised 2006 Course Title: Economics Course/Unit Credit: 0.5 Course Number: 4743000 Teacher Licensure: Please refer to the Course Code Management System (https://adedata.arkansas.gov/ccms/)
More informationAcademic Standards for Economics
Academic Standards for June 1, 2009 FINAL Secondary Standards Pennsylvania Department of Education These standards are offered as a voluntary resource for Pennsylvania s schools and await action by the
More informationNorth Carolina Essential Standards Third grade Social Studies
North Carolina s Third grade Social Studies In third grade, students draw upon knowledge learned in previous grades to develop more sophisticated understandings of how communities may be linked to form
More informationBusiness Subject Matter Requirements. Part I: Content Domains for Subject Matter Understanding and Skill in Business
Business Subject Matter Requirements Part I: Content Domains for Subject Matter Understanding and Skill in Business Domain 1. Business Management Candidates demonstrate an understanding of the purpose
More informationPRINCIPLES OF BUSINESS. Essential Curriculum Course Overview. Total Hours: 125 BUSINESS IN THE GLOBAL ECONOMIC ENVIRONMENT
PRINCIPLES OF BUSINESS Essential Curriculum Course Overview Total Hours: 125 UNIT 1: BUSINESS IN THE GLOBAL ECONOMIC ENVIRONMENT Hours: 19 01 - Economic Decisions and Systems (4 hours) The student will
More informationCHAPTER 5: MEASURING GDP AND ECONOMIC GROWTH
CHAPTER 5: MEASURING GDP AND ECONOMIC GROWTH Learning Goals for this Chapter: To know what we mean by GDP and to use the circular flow model to explain why GDP equals aggregate expenditure and aggregate
More informationAS Economics. Introductory Macroeconomics. Sixth Form pre-reading
AS Economics Introductory Macroeconomics Sixth Form pre-reading National income National income (Y) = money value of goods and services produced in an economy over a period of time, usually one year. National
More information2 0 0 0 E D I T I O N CLEP O F F I C I A L S T U D Y G U I D E. The College Board. College Level Examination Program
2 0 0 0 E D I T I O N CLEP O F F I C I A L S T U D Y G U I D E College Level Examination Program The College Board Principles of Macroeconomics Description of the Examination The Subject Examination in
More informationMEASURING A NATION S INCOME
10 MEASURING A NATION S INCOME WHAT S NEW IN THE FIFTH EDITION: There is more clarification on the GDP deflator. The Case Study on Who Wins at the Olympics? is now an FYI box. LEARNING OBJECTIVES: By the
More informationThe Circular Flow of Income and Expenditure
The Circular Flow of Income and Expenditure Imports HOUSEHOLDS Savings Taxation Govt Exp OTHER ECONOMIES GOVERNMENT FINANCIAL INSTITUTIONS Factor Incomes Taxation Govt Exp Consumer Exp Exports FIRMS Capital
More informationCHAPTER 7: AGGREGATE DEMAND AND AGGREGATE SUPPLY
CHAPTER 7: AGGREGATE DEMAND AND AGGREGATE SUPPLY Learning goals of this chapter: What forces bring persistent and rapid expansion of real GDP? What causes inflation? Why do we have business cycles? How
More informationPRINCIPLES OF ECONOMICS. Tomáš Hanák hanak.t@fce.vutbr.cz
PRINCIPLES OF ECONOMICS Tomáš Hanák hanak.t@fce.vutbr.cz Course Curriculum Economics basic terms and relations Financial markets Principles of macroeconomic theory Macroeconomic policy Products and services
More informationLesson 10 - The Circular Flow of Economic Activity
Lesson 0 - The Circular Flow of Economic Activity INTRODUCTION Economics The circular flow of economic activity is a simplified macroeconomic model of the basic economic relationships in a market economy.
More information1. Scarcity and the Factors of Production How does scarcity force people to make economic choices?
1 Chapter 1: What is Economics? 1. Scarcity and Factors of Production 2. Opportunity Cost 3. Production Possibilities Curves 1. Scarcity and the Factors of Production How does scarcity force people to
More informationESOP Advantage. Employee Stock Ownership Plan
ESOP Advantage Employee Stock Ownership Plan E The Smart Way to Structure Your Business The most important business move you ll ever make - could be your next one. If you are an entrepreneur launching
More informationChapter 12: Gross Domestic Product and Growth Section 1
Chapter 12: Gross Domestic Product and Growth Section 1 Key Terms national income accounting: a system economists use to collect and organize macroeconomic statistics on production, income, investment,
More informationChapter 24. What will you learn in this chapter? Valuing an economy. Measuring the Wealth of Nations
Chapter 24 Measuring the Wealth of Nations 2014 by McGraw-Hill Education 1 What will you learn in this chapter? How to calculate gross domestic product (GDP). Why each component of GDP is important. What
More informationLearner Guide. Cambridge IGCSE Economics
Learner Guide Cambridge IGCSE Economics 0455 Cambridge International Examinations retains the copyright on all its publications. Registered Centres are permitted to copy material from this booklet for
More informationThe Economic Problem: Scarcity and Choice. What is Production?
The Economic Problem: Scarcity and Choice #1 What is Production? Production is the process by which resources are transformed into useful forms. Resources, or inputs, refer to anything provided by nature
More informationWorldView Software. Civics. Alabama Correlation Document
WorldView Software Civics Alabama Correlation Document 76 North Broadway, Suite 2002, Hicksville, NY 11801 516-681-1773 history@worldviewsoftware.com Alabama Seventh Grade Civics WorldView Software Civics:
More informationProcedure: Adapted by the Maryland Council on Economic Education 1
Inflation Activity Lesson Description Students frequently ask the questions, If people don t have enough money, why doesn t the government just print more and give everyone enough to buy what they need?
More information2007 Thomson South-Western
Thinking Like an Economist Every field of study has its own terminology Mathematics integrals axioms vector spaces Psychology ego id cognitive dissonance Law promissory estoppel torts venues Economics
More informationChapter 13. Aggregate Demand and Aggregate Supply Analysis
Chapter 13. Aggregate Demand and Aggregate Supply Analysis Instructor: JINKOOK LEE Department of Economics / Texas A&M University ECON 203 502 Principles of Macroeconomics In the short run, real GDP and
More informationWASSCE / WAEC ECONOMICS SYLLABUS
WASSCE / WAEC ECONOMICS SYLLABUS WWW.LARNEDU.COM Visit www.larnedu.com for WASSCE / WAEC syllabus on different subjects and more great stuff to help you ace the WASSCE in flying colours. PREAMBLE This
More informationDepartment of Finance and Economics
s in Quantitative Methods (QMST) 2 Business Statistics. (-0) A basic introductory course covering descriptive and inferential statistical techniques for business and economic decision making. Topics include
More informationChapter 01. The Financial Planning Process. Chapter 1 Learning Objectives. Personal Finance Basics and the Time Value of Money
Chapter 01 Personal Finance Basics and the Time Value of Money McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. 1-1 Chapter 1 Learning Objectives 1. Analyze the
More informationEconomics. Worksheet 11.1. Circular Flow Simulation
Worksheet 11.1 Circular Flow Simulation Please note this is a class activity. Why not suggest it to your teacher? Objective: To understand how productive resources, goods and services and money flow from
More informationOmaha Public Schools
Omaha Public Schools Course Title: Economics and Financial Literacy Course Description: This is a one-semester course that examines the key concepts of economics by developing financial literacy. Students
More informationMacroeconomia Capitolo 7. Seguire l andamento della macroeconomia. What you will learn in this chapter:
Macroeconomia Capitolo 7 Seguire l andamento della macroeconomia PowerPoint Slides by Can Erbil 2006 Worth Publishers, all rights reserved What you will learn in this chapter: How economists use aggregate
More informationChap 11 & 12. Measuring the Cost of Living THE CONSUMER PRICE INDEX
Chap 11 & 12 Chap 10: Measuring a Nation s Income: GDP, Nominal GDP, Real GDP, and GDP Deflator Next topic: Chap 11: Measuring the Cost of Living: CPI GDP from an whole economy point of view CPI from a
More informationECONOMICS KEYNES VS. HAYEK QUIZ. Name: Hour:
ECONOMICS KEYNES VS. HAYEK QUIZ Name: Hour: 1. The field of microeconomics studies A. The behavior of large regional, national and international corporations or governments and dealing with their performance,
More informationK-12 Entrepreneurship Standards
competitiveness. The focus will be on business innovation, change and issues related to the United States, which has achieved its highest economic performance during the last 10 years by fostering and
More informationEconomics 101 Multiple Choice Questions for Final Examination Miller
Economics 101 Multiple Choice Questions for Final Examination Miller PLEASE DO NOT WRITE ON THIS EXAMINATION FORM. 1. Which of the following statements is correct? a. Real GDP is the total market value
More informationThe Effective Use of Remittances in Promoting Economic Development. by Gloria Moreno-Fontes Chammartin mfontes@ilo.org
The Effective Use of Remittances in Promoting Economic Development by Gloria Moreno-Fontes Chammartin mfontes@ilo.org Positive Effect on the Economies and Development Prospects of Countries of Origin 1.
More informationIII. INTERNATIONAL TRADE
III. INTERNATIONAL TRADE A. Gains from Trade -- a history of thought approach 1. The idea of mercantilism (15-175) argued that a country s well-being is directly tied to the accumulation of gold and silver.
More informationFocus Question: How do businesses finance their operations?
LES S ON 14: INT RODUCTION T O FINANCE Focus Question: How do businesses finance their operations? Objectives Students will be able to: Compare and contrast short-, intermediate-, and long-term financing.
More informationEcon 202 Final Exam. Table 3-1 Labor Hours Needed to Make 1 Pound of: Meat Potatoes Farmer 8 2 Rancher 4 5
Econ 202 Final Exam 1. If inflation expectations rise, the short-run Phillips curve shifts a. right, so that at any inflation rate unemployment is higher. b. left, so that at any inflation rate unemployment
More informationExam 1 Review. 3. A severe recession is called a(n): A) depression. B) deflation. C) exogenous event. D) market-clearing assumption.
Exam 1 Review 1. Macroeconomics does not try to answer the question of: A) why do some countries experience rapid growth. B) what is the rate of return on education. C) why do some countries have high
More informationMacroeconomics 2301 Potential questions and study guide for exam 2. Any 6 of these questions could be on your exam!
Macroeconomics 2301 Potential questions and study guide for exam 2 Any 6 of these questions could be on your exam! 1. GDP is a key concept in Macroeconomics. a. What is the definition of GDP? b. List and
More informationPreparation course MSc Business & Econonomics- Macroeconomics: Introduction & Concepts
Preparation course MSc Business & Econonomics- Macroeconomics: Introduction & Concepts Tom-Reiel Heggedal Economics Department 2014 TRH (Institute) Intro&Concepts 2014 1 / 20 General Information Me: Tom-Reiel
More informationHouseholds Wages, profit, interest, rent = $750. Factor markets. Wages, profit, interest, rent = $750
KrugmanMacro_SM_Ch07.qxp 11/9/05 4:47 PM Page 87 Tracking the Macroeconomy 1. Below is a simplified circular-flow diagram for the economy of Micronia. a. What is the value of GDP in Micronia? b. What is
More informationCONCEPT OF MACROECONOMICS
CONCEPT OF MACROECONOMICS Macroeconomics is the branch of economics that studies economic aggregates (grand totals):e.g. the overall level of prices, output and employment in the economy. If you want to
More informationBusiness and Information Technology Middle Level, September 2014, Page 1 of 7. Standards in Bold are essential for students to master.
Indiana Department of Education Academic Course Framework BUSINESS AND INFORMATION TECHNOLOGY - MIDDLE LEVEL Business and Information Technology - Middle Level course(s) provides concepts and applications
More informationANSWERS TO END-OF-CHAPTER QUESTIONS
ANSWERS TO END-OF-CHAPTER QUESTIONS 7-1 In what ways are national income statistics useful? National income accounting does for the economy as a whole what private accounting does for businesses. Firms
More informationOne Stop Shop For Educators Performance Task for Unit #6 Let s Make It Personal Enduring understanding: Interdependency: Incentives:
The following instructional plan is part of a GaDOE collection of Unit Frameworks, Performance Tasks, examples of Student Work, and Teacher Commentary for the Economics Course. Performance Task for Unit
More informationAnswer the next question(s) using the following data which show all available techniques for producing 20 units of a particular commodity:
Pre-Test Chapter 2 ed17 1. "Under central planning, some group has to decide how to get the necessary inputs produced in the right amounts and delivered to the right places at the right time. This is a
More informationCHAPTER 17. Financial Management
CHAPTER 17 Financial Management Chapter Summary: Key Concepts The Role of the Financial Manager Financial managers Risk-return trade-off Executives who develop and implement their firm s financial plan
More informationPersonal Financial Literacy 2014. Florida Department of Education Instructional Materials Correlation Finance Course 8850100
A Correlation of Personal Financial Literacy 2014 To the Florida Department of Education Instructional Materials Correlation Finance Course 8850100 CORRELATION FLORIDA DEPARTMENT OF EDUCATION INSTRUCTIONAL
More informationWith lectures 1-8 behind us, we now have the tools to support the discussion and implementation of economic policy.
The Digital Economist Lecture 9 -- Economic Policy With lectures 1-8 behind us, we now have the tools to support the discussion and implementation of economic policy. There is still great debate about
More informationProfessor Christina Romer. LECTURE 17 MACROECONOMIC VARIABLES AND ISSUES March 17, 2016
Economics 2 Spring 2016 Professor Christina Romer Professor David Romer LECTURE 17 MACROECONOMIC VARIABLES AND ISSUES March 17, 2016 I. MACROECONOMICS VERSUS MICROECONOMICS II. REAL GDP A. Definition B.
More informationENTREPRENEURSHIP I Curriculum Content Frameworks
ENTREPRENEURSHIP I Curriculum Content Frameworks Please note: All assessment questions will be taken from the knowledge portion of these frameworks. Prepared by Joyce Martindale, El Dorado High School
More informationMacroeconomics Machine-graded Assessment Items Module: Fiscal Policy
Macroeconomics Machine-graded Assessment Items Module: Fiscal Policy Machine-graded assessment question pools are provided for your reference and are organized by learning outcome. It is your responsibility
More informationThe Data of Macroeconomics
CHAPTER 2 The Data of Macroeconomics Modified for ECON 2204 by Bob Murphy 2016 Worth Publishers, all rights reserved IN THIS CHAPTER, YOU WILL LEARN:... the meaning and measurement of the most important
More informationECON 443 Labor Market Analysis Final Exam (07/20/2005)
ECON 443 Labor Market Analysis Final Exam (07/20/2005) I. Multiple-Choice Questions (80%) 1. A compensating wage differential is A) an extra wage that will make all workers willing to accept undesirable
More informationSenior Phase Grade 7 Today Planning Pack ECONOMIC AND MANAGEMENT SCIENCES
M780636110229 Senior Phase Grade 7 Today Planning Pack ECONOMIC AND MANAGEMENT SCIENCES Contents: Work Schedule: Page Grade 7 2 Lesson Plans: Grade 7 8 Rubrics: Rubric 1 18 Rubric 2 19 Rubric 3 20 Work
More informationInquiry into Access of Small Business to Finance
Inquiry into Access of Small Business to Finance Reference http://www.aph.gov.au/senate/committee/economics_ctte/small_business_10/ index.htm The current structure of the financial system means that large
More informationPaid and Unpaid Labor in Developing Countries: an inequalities in time use approach
Paid and Unpaid Work inequalities 1 Paid and Unpaid Labor in Developing Countries: an inequalities in time use approach Paid and Unpaid Labor in Developing Countries: an inequalities in time use approach
More informationAP Macroeconomics 2008 Scoring Guidelines Form B
AP Macroeconomics 2008 Scoring Guidelines Form B The College Board: Connecting Students to College Success The College Board is a not-for-profit membership association whose mission is to connect students
More informationComprehensive Business Pathway Blueprint
I. Finance A. Personal Finance 1. Describe the fundamental principles of money needed to make financial exchanges (a) Differentiate between different forms of financial exchange (cash, credit, debit, electronic
More informationEstimating Market Potential. Estimating Market Potential. Elastic and Inelastic Demand Curves Determinants of Demand Elasticity. Estimation by analogy
Estimating Market Potential Estimation by analogy comparing data from similar countries problems: geography, culture, tradition and historical reasons Income elasticity of demand market s level of development
More informationEconomics Social Studies Georgia Performance Standards. Economics
Economics The economics course provides students with a basic foundation in the field of economics. The course has five sections: fundamental concepts, microeconomics, macroeconomics, international economics,
More informationTutor2u Economics Essay Plans Summer 2002
Macroeconomics Revision Essay Plan (2): Inflation and Unemployment and Economic Policy (a) Explain why it is considered important to control inflation (20 marks) (b) Discuss how a government s commitment
More informationTHE MARKET OF FACTORS OF PRODUCTION
THE MARKET OF FACTORS OF PRODUCTION The basis of the economy is the production of goods and services. Economics distinguishes between 3 factors of production which are used in the production of goods:
More information2. With an MPS of.4, the MPC will be: A) 1.0 minus.4. B).4 minus 1.0. C) the reciprocal of the MPS. D).4. Answer: A
1. If Carol's disposable income increases from $1,200 to $1,700 and her level of saving increases from minus $100 to a plus $100, her marginal propensity to: A) save is three-fifths. B) consume is one-half.
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Suvey of Macroeconomics, MBA 641 Fall 2006, Final Exam Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Modern macroeconomics emerged from
More information9.1 PERSONAL FINANCIAL LITERACY
STRAND A: 9.1.4.A.1 9.1.4.A.2 9.1.4.A.3 9.1.8.A.1 9.1.8.A.2 9.1.8.A.3 9.1.8.A.4 9.1.8.A.5 9.1.8.A.6 9.1.8.A.7 9.1.12.A.1 9.1.12.A.2 9.1.12.A.3 9.1.12.A.4 9.1.12.A.5 9.1.12.A.6 9.1.12.A.7 9.1.12.A.8 9.1.12.A.9
More informationEconomics Proposal for CORE 2014 due by February 1, 2013
Economics Proposal for CORE 2014 due by February 1, 2013 ------------------------------------------------------------------------------------------------------ Executive Summary: The Economics Curriculum
More informationPre-Test Chapter 10 ed17
Pre-Test Chapter 10 ed17 Multiple Choice Questions 1. Refer to the above diagrams. Assuming a constant price level, an increase in aggregate expenditures from AE 1 to AE 2 would: A. move the economy from
More informationField 010: Career and Technical Education Business and Information Technology Assessment Blueprint
Field 010: Career and Technical Education Business and Information Technology Assessment Blueprint Domain I Business Management and Ownership 0001 Business and Human Resources Management (Standard 1) 0002
More informationChapter 10 Fiscal Policy Macroeconomics In Context (Goodwin, et al.)
Chapter 10 Fiscal Policy Macroeconomics In Context (Goodwin, et al.) Chapter Overview This chapter introduces you to a formal analysis of fiscal policy, and puts it in context with real-world data and
More informationC. Resources - are factors of production that are used in the production of goods and services. Types of resources are:
I. CE.11a A. People make choices about how to use limited resources, decide the ownership of resources, and structure markets for the distribution of goods and services. B. Scarcity there is never enough
More informationGDP: Measuring Total Production and Income
Chapter 7 (19) GDP: Measuring Total Production and Income Chapter Summary While microeconomics is the study of how households and firms make choices, how they interact in markets, and how the government
More information7 AGGREGATE SUPPLY AND AGGREGATE DEMAND* Chapter. Key Concepts
Chapter 7 AGGREGATE SUPPLY AND AGGREGATE DEMAND* Key Concepts Aggregate Supply The aggregate production function shows that the quantity of real GDP (Y ) supplied depends on the quantity of labor (L ),
More informationTHE UNIVERSITY OF AUCKLAND
THE UNIVERSITY OF AUCKLAND FIRST SEMESTER, 2013 Campus: City ECONOMICS Business Economics (Time Allowed: THREE hours) NOTE: Answer ALL questions Total marks = 100 PRACTICE PAPER ONLY This is a practice
More informationTexas Correlations CEV Pathway: Money Matters
Pathways for Career Success Texas Correlations CEV Pathway: Meets 97% of TEKS standards for: Correlations For: Pathway New Course: Subject CTE (a) General Requirements. General requirements. This course
More informationAccount a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account.
Account a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account. Account fee the amount charged by a financial institution for the
More informationECON 3312 Macroeconomics Exam 3 Fall 2014. Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
ECON 3312 Macroeconomics Exam 3 Fall 2014 Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Everything else held constant, an increase in net
More information1 Multiple Choice - 50 Points
Econ 201 Final Winter 2008 SOLUTIONS 1 Multiple Choice - 50 Points (In this section each question is worth 1 point) 1. Suppose a waiter deposits his cash tips into his savings account. As a result of only
More informationa) Aggregate Demand (AD) and Aggregate Supply (AS) analysis
a) Aggregate Demand (AD) and Aggregate Supply (AS) analysis Determinants of AD: Aggregate demand is the total demand in the economy. It measures spending on goods and services by consumers, firms, the
More informationIt Is In Your Interest
STUDENT MODULE 7.2 BORROWING MONEY PAGE 1 Standard 7: The student will identify the procedures and analyze the responsibilities of borrowing money. It Is In Your Interest Jason did not understand how it
More informationSmall Business Entrepreneurship Lesson Objectives
Small Business Entrepreneurship Lesson Unit 1: OVERVIEW OF SMALL BUSINESS ENTREPRENEURSHIP What Is Entrepreneurship? Define and list examples of entrepreneurs. Explain the difference between a product-based
More informationThe Role of Government in the Economy
The Role of Government in the Economy The government provides the legal framework and services needed for the effective operation of a market economy. In the context of economic development, that mission
More informationStudent Loan Market Trends Is College Worth It. Presenter: Kelly Savoie, Director Business Development April 2016
Student Loan Market Trends Is College Worth It Presenter: Kelly Savoie, Director Business Development April 2016 Agenda This presentation is an overview of trends in the industry and the value of a college
More informationWHAT IS ECONOMICS. MODULE - 1 Understanding Economics OBJECTIVES 1.1 MEANING OF ECONOMICS. Notes
1 WHAT IS Economics as a subject has assumed great importance in the field of social science. In our day to day life we use a lot of economic concepts such as goods, market, demand, supply, price, inflation,
More informationChapter 7: Classical-Keynesian Controversy John Petroff
Chapter 7: Classical-Keynesian Controversy John Petroff The purpose of this topic is show two alternative views of the business cycle and the major problems of unemployment and inflation. The classical
More informationEconomics Unit 6 Let s Make It Personal
The following instructional plan is part of a GaDOE collection of Unit Frameworks, Performance Tasks, examples of Student Work, and Teacher Commentary for the Economics course. Economics Unit 6 Let s Make
More informationUnit 4: Measuring GDP and Prices
Unit 4: Measuring GDP and Prices ECO 120 Global Macroeconomics 1 1.1 Reading Reading Module 10 - pages 106-110 Module 11 1.2 Goals Goals Specific Goals: Understand how to measure a country s output. Learn
More informationSIUE Business Courses Descriptions
SIUE Business Courses Descriptions ACCT 200 ACCT 210 ACCT 301 ACCT 302 ACCT 303 ACCT 311 ACCT 312 Financial Accounting: Concepts of financial accounting and external reporting. Nature and measurement of
More informationCentral problem in economics: how to chose among competing alternatives given the limited resources of decision-makers
Scarcity and Choice Central problem in economics: how to chose among competing alternatives given the limited resources of decision-makers Examples: Decision-Maker CA state government Federal government
More informationMiami Dade College ECO 2013.003 Principles of Macroeconomics - Fall 2014 Practice Test #2
Miami Dade College ECO 2013.003 Principles of Macroeconomics - Fall 2014 Practice Test #2 1. Whose analysis serves as the foundation of modern macroeconomics? A) Milton Friedman B) John Maynard Keynes
More informationPurchase Price Allocations for Solar Energy Systems for Financial Reporting Purposes
Purchase Price Allocations for Solar Energy Systems for Financial Reporting Purposes July 2015 505 9th Street NW Suite 800 Washington DC 20004 202.862.0556 www.seia.org Solar Energy Industries Association
More informationThe level of price and inflation Real GDP: the values of goods and services measured using a constant set of prices
Chapter 2: Key Macroeconomics Variables ECON2 (Spring 20) 2 & 4.3.20 (Tutorial ) National income accounting Gross domestic product (GDP): The market value of all final goods and services produced within
More informationJA BizTown Vocabulary
JA BizTown Vocabulary Unit 1 Community and Economy Citizen A member of a town, city, country, state or country. Community A place where people live, work, trade and share. Trade Exchange of goods and services,
More informationCHAPTER 5 Review... Page 1
CHAPTER 5 Review... 1. The rate of inflation is the: A) median level of prices. B) average level of prices. C) percentage change in the level of prices. D) measure of the overall level of prices. 2. If
More informationDepartment of Finance and Economics
158 Department of Finance and Economics Phone: (512) 245-2547 Office: McCoy Hall 504 Fax: (512) 245-3089 Web: http://www.business.txstate.edu/dept/fin_eco/default.htm Degree Programs Offered BBA, major
More informationLesson 7 - The Aggregate Expenditure Model
Lesson 7 - The Aggregate Expenditure Model Acknowledgement: Ed Sexton and Kerry Webb were the primary authors of the material contained in this lesson. Section : The Aggregate Expenditures Model Aggregate
More information