sign in sign up
<<
Home , Factor market, Scarcity

WorldView Software

Economics

Alabama Correlation Document

76 North Broadway, Suite 2002, Hicksville, NY 11801 516-681-1773 [email protected] Alabama Twelfth Grade WorldView Software Economics: An Interactive Approach

Standard Objectives Location Comments 1. Explain why productive Chapter 1: Economics: The Science of Scarcity Each chapter has factual, are limited and exists when unlimited wants exceed limited - Overview conceptual, chronological, and why individuals, productive resources - Tutorial: Circular Flow Model map/graph questions, each with businesses, and - Glossary: "scarcity"; "natural resources a mini-lesson answer. Chapters governments have to make (land)"; "human resources (labor)"; "capital also have associated with them choices in order to meet ), labor (an example of a human resources (capital)"; "entrepreneur"; maps, graphs, images, primary needs and wants. resource), capital (an example of a physical or "resources of (resources)"; source documents, a human resource), and entrepreneurship to be the "" chronology, glossaries, Notable People biographies, projects, Chapter 3: Markets and International case studies, tutorials, and - Overview guided essay-writing activities (see the Curriculum Guide & alternative to relinquish when individuals, Teacher's Guide). Use the businesses, and governments confront scarcity by Resources: "Search" feature to look up making choices - Internet Project: Economic Systems and Scarcity keywords. - Master Glossary: "entrepreneurship" To access Chapters, and chapter-related resources, click the Chapters icon.

To access Resources only, click the Resources icon Standard Objectives Location Comments 2. Explain how rational Resources: To access Resources only decision making entails how rational decision making involves trade-offs - Tutorial: Production Possibilities Model: (ex: Tutorials and Projects), comparing additional costs between two options Constant Opportunity Cost click on Resources icon, then: of alternatives to additional - Tutorial: Production Possibilities Model: benefits. Increasing Opportunity Cost - Tutorials. Click on comparison between marginal benefits and - Project: Decision-Making the title you want to view marginal costs of an action then click the "Start Chapter 1: Economics: The Science of Tutorial" button. Scarcity - Overview: Sections - "Marginal Analysis"; - Projects. Click on "Marginal Benefit and " the title you want to view - Glossary: "trade-offs"; "marginal benefit then click the "Start ()"; "marginal cost" Project" button.

To access Chapter-Related Resources, click the Chapters icon. Click on Overview, Chronology, Glossary, and Notable People to access those Resources. To access Tutorials, Documents, Art, Graphs/Charts, Maps, Case Studies, Essays, Projects, and Internet Projects, hover over the Resource type and click the title name you want to view.

3. Describe different Chapter 2: Economic Systems economic systems used to economic systems - Overview allocate scarce and - Document: Wealth of Nations services. - Document: Communist Manifesto answer the three basic economic questions of - Art: Command/ Continuum what to produce, how to produce, and for whom to - Essay: Economic Systems produce - Internet Project: Economic Systems and Scarcity - Glossary: "command "; "market private ownership, motive, consumer economy"; "" sovereignty, , and government regulation Standard Objectives Location Comments 4. Describe the role of Chapter 9: The Government in a Mostly Market To access Resources only government in a market deregulation policies affect consumers and Economy (ex: Master Glossary), click on economy, including producers - Overview Resources icon, then: promoting and securing - Document: Schechter Poultry Corp. v. competition, protecting United States - Glossaries, Master private rights, - Essay: Government Regulation Glossary, then click the promoting equity, providing "Browse Glossary" button. public , Resource: Master Glossary resolving and - Master Glossary: "deregulation" definitions can only other market failures, and be accessed from the stabilizing growth in the Resources Menu. economy.

5. Explain that a country’s Chapter 2: Economic Systems standard of living depends outputs, or goods and services, produced from - Overview upon its ability to produce inputs, or factors of production - Glossary: "productivity" goods and services. Chapter 8: Entrepreneurship and Economic equipment, education, new technology, training, Growth and health improve and living - Overview standards Resources: - Master Glossary: "resources of production (resources)"; "goods"; ""; Standard Objectives Location Comments 6. Describe how Chapter 3: Markets and International Trade All Chapter-Related specialization and voluntary product market; the factor market; the real flow of - Overview Resources can be accessed exchange between buyers goods and services between and among - Tutorial: Schedules through the Resources Menu by and sellers lead to mutually businesses, , and government; and the - Tutorial: Supply and Demand Curves clicking the Resources icon. beneficial outcomes. flow of Chapter 4: Supply, Demand, and Competition All Chapter Glossary terms - Overview can also be found in the Master exchange - Essay: and Markets Glossary. - Glossary: "specialization"; "market clearing"; "market "; "market supply"; "market To access Resources only supply and demand demand" (ex: Internet Projects), click on Resources icon, then: Resources: - Internet Project: Supply, Demand, and Price determining market clearing price - Internet Projects. Click on - Project: Costs and Benefits of Private the title you want to view Property then click the "Start - Master Glossary: "demand, law of"; "supply, demand determine equilibrium price and quantity Project" button. law of"; ""; "surplus"; "" how price movements eliminate and surpluses

cause changes in a market supply and demand

market economy Standard Objectives Location Comments 7. Describe the organization Chapter 4: Supply, Demand, and Competition and role of business. sole proprietorships, partnerships, and - Overview corporations Chapter 7: Business and Labor - Overview including short-term versus long-run decisions, - Graph/Chart: Business Ownership for all firms - Glossary: "sole proprietorship"; "partnership"; "corporation"

competition, , , Resources: and - Project: Financing Entrepreneurship - Master Glossary: "profit"; "pure competition"; "pure competition"; "monopoly"; including retained earnings, stocks, and debt, and "monopolistic competition"; "oligopoly" the advantages and disadvantages of each

nonprice competition

including labor unions and nonprofit organizations, in market Standard Objectives Location Comments 8 . Explain the impact of the Chapter 7: Business and Labor To access Resources only labor market on the United force of the United States, including gender, race, - Overview (ex: Art, Maps, Documents), States’ economy. socioeconomic background, education, age, and - Essay: Labor click on Resources icon, then: regional specialization Chapter 3: Markets and International Trade - Art. Click on the title you - Overview want to view from either the affect pull-down menu at the top Resources: right corner of the window - Project: Technological Changes or click on the image. increase and nonwage benefits, including - Internet Project: Jobs and Pay skill, productivity, education, occupation, and - Map: College Education - Maps. Click on the title mobility - Art: Eugene V. Debs you want to view from - Document: Sherman Antitrust Act either the pull-down menu at the top right corner of the window or click on the impose costs on individuals and nations image.

- Documents. Click on the United States to the global economy regarding title you want to view then current technological innovations and industries. click the "Read Document" Examples: World Wide Web, peanut industry, button. telecommunications industry, aerospace industry

of contract negotiation by labor and management

9. Describe methods used Chapter 8: Entrepreneurship and Economic to measure overall employment, and prices are determined by Growth economic activity, including spending decisions of households, businesses, - Overview the Gross Domestic and government; exports in the short run; and Product (GDP), the production decisions of firms and technology in Chapter 10: Business Cycles and Government Consumer Price (CPI), the long run Policies , and - Overview . - Tutorial: Global Financial Crisis unemployment - Graph/Chart: Unemployment Comparisons - Graph/Chart: Unemployment Rate - Glossary: "structural unemployment"; how employment and inflation change during "cyclical unemployment"; "frictional those stages unemployment" Standard Objectives Location Comments 10. Explain the structure, Chapter 5: Money and Banking role, and functions of the Reserve System oversees the banking system and - Overview United States Federal regulates the quantity of money in the economy - Document: Federal Reserve Act Reserve System. - Map: Federal Reserve Districts

Resources: - Master Glossary: "" of monetary policy to promote price stability, full - Case Study: Contracting the employment, and economic growth

11. Explain how the Chapter 5: Money and Banking government uses fiscal government purchases - Overview policy to promote the - Graph/Chart: United States Budget Deficit economic goals of price stability, full employment, debt Chapter 10: Business Cycles and Government and economic growth. Policies - Overview - Case Study: Contracting the Money Supply - Case Study: Reagan Budget Deficits - Graph/Chart: Federal Legislation Affecting Business - Glossary: "" Standard Objectives Location Comments 12. Explain why individuals, Chapter 2: Economic Systems businesses, and advantage - Overview governments trade goods and services in the global Chapter 4: Supply, Demand, and Competition economy. between two individuals or two countries, are - Overview based on the principle of comparative advantage - Case Study: Free Trade - Graph/Chart: U.S. Trade with Mexico

Chapter 9: The Government in a Mostly Market Economy impact purchasing powers of individuals and - Overview businesses Resources: - Master Glossary: ""; standards, and subsidies as trade barriers "comparative advantage"; "exchange rate"; "tariff"; "quota"

trade barriers and sometimes advocate free trade