WorldView Software Economics South Carolina Correlation Document 76 North Broadway, Suite 2002, Hicksville, NY 11801 516-681-1773 history@worldviewsoftware.com
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.
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.
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
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.
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
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
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
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
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.
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.
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
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
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
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
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
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
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"
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"
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
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
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