What Impact Does Scarcity Have on the Production, Distribution, and Consumption of Goods and Services?

Home , Goods, Scarcity, Substitution effect

Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Topic: Foundations of Economics Days: 10 Subject(s): Grade(s):

Key Learning: The exchange of goods and services provides choices through which people can fill their basic needs and wants.

Unit Essential Question(s): What impact does scarcity have on the production, distribution, and consumption of goods and services?

Concept: Concept: Concept: Scarcity Factors of Production Opportunity Cost

6.2.12.A, 6.5.12.D, 6.5.12.F 6.3.12.E 6.3.12.E, 6.3.12.B

Lesson Essential Question(s): Lesson Essential Question(s): Lesson Essential Question(s): What is the problem of scarcity? (A) What are the four factors of production? (A) How does opportunity cost affect my life? (A) (A) What role do you play in the circular flow of economic activity? (ET) What choices do I make in my individual spending habits and what are the opportunity costs? (ET)

Vocabulary: Vocabulary: Vocabulary: scarcity, economics, need, want, land, labor, capital, entrepreneurship, factor trade-offs, opportunity cost, production markets, product markets, economic growth possibility frontier, economic models, cost benefit analysis

Concept: Concept: Concept: Economic Systems Economic and Social Goals Free Enterprise

6.1.12.A, 6.2.12.A 6.2.12.I, 6.2.12.A, 6.2.12.B, 6.1.12.A, 6.4.12.B 6.2.12.I

Lesson Essential Question(s): Lesson Essential Question(s): Lesson Essential Question(s): Which ecoomic system offers you the most What is the most and least important of the To what extent are the five characteristics of satisfaction? (A) economic and social goals? (A) free enterprise capitalism found in the U.S.? (A)

Vocabulary: Vocabulary: Vocabulary: economic system, traditional economy, minimum wage, Social Security, inflation, voluntary exchange, free enterprise, private command economy, market economy, fixed income property rights, profit, profit motive, market capitalism, mixed economy, competition, consumer sovereignty, mixed socialism, communism free enterprise economy

Page 1 of 2 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Topic: Foundations of Economics Days: 10 Subject(s): Grade(s):

Additional Information:

Attached Document(s):

Page 2 of 2 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Vocab Report for Topic: Foundations of Economics Days: 10 Subject(s): Grade(s):

Concept:

Scarcity

scarcity - economics - need - want - -

Concept: Factors of Production land - labor - capital - entrepreneurship - factor markets - product markets - economic growth -

Concept: Opportunity Cost trade-offs - opportunity cost - production possibility frontier - economic models - cost benefit analysis -

Concept: Economic Systems economic system - traditional economy - command economy - market economy - market capitalism - mixed economy - socialism - communism -

Concept: Economic and Social Goals minimum wage - Social Security - inflation - fixed income -

Page 1 of 2 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Vocab Report for Topic: Foundations of Economics Days: 10 Subject(s): Grade(s):

Concept: Free Enterprise voluntary exchange - free enterprise - private property rights - profit - profit motive - competition - consumer sovereignty - mixed free enterprise economy -

Page 2 of 2 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Topic: Global Economics Days: 10 Subject(s): Grade(s):

Key Learning: The new global economy is characterized with an increased emphasis on free enterprise, trade and economic integration.

Unit Essential Question(s): Should the U.S. continue on its path toward supporting global standards of free trade and increased economic integration.

Concept: Concept: Concept: Absolute and Comparative Barriers to International Trade Foreign Exchange and Trade Advantage 6.2.12.H Deficits

6.4.12.C, 6.2.12.L 6.4.12.A, 6.4.12.F

Lesson Essential Question(s): Lesson Essential Question(s): Lesson Essential Question(s): Why is comparative advantage the basis for What is the argument between free trade Why has the value of the dollar been iternational trade? (A) and trade barriers? (A) decreasing? (A)

Vocabulary: Vocabulary: Vocabulary: exports, imports, absolute advantage, PPF, tariff, quota, protective tariff, revenue tariff, foreign exchange, foreign exchange rate, comparative advantage, opportunity cost protectionists, free traders, infant industries fixed exchange rates, flexible exchange argument, most favored nation clause, rates, floating exchange rates, trade deficits, balance of payments, WTO, NAFTA trade surplus, trade-weighted value of the dollar

Concept: Concept: Concept: Economic Development Achieving Economic The Transition to Capitalism 6.4.12.F Development 6.1.12.B 6.4.12.F

Lesson Essential Question(s): Lesson Essential Question(s): Lesson Essential Question(s): What obstacles do developing nations face What avenues are open to help developing What recommendations would you have to that make economic growth difficult? (A) countries? (A) help communist countries move toward a more free enterprise system? (A)

Vocabulary: Vocabulary: Vocabulary: developing country, primitive equilibrium, micro loan, IMF, World Bank, soft loan, capitalism, privatization, vouchers, Five- takeoff, crude birthrate, life expectancy, zero expropriation, free-trade area, customs Year Plan, Gosplan, collectivization, population growth, external debt, default, union, European Unon, euro, ASEAN, cartel perestroika, Great Leap Forward, solidarity, capital flight black market, capital-intensive, keiretsu, population density

Page 1 of 2 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Topic: Global Economics Days: 10 Subject(s): Grade(s):

Concept: Concept: Concept: Globalization: Characteristics Global Problems and Applying the Economic Way of and Trends Economic Incentives Thinking

6.2.12.L, 6.5.12.E 6.4.12.G, 6.5.12.E 6.3.12.D, 6.4.12.A, 6.4.12.C, 6.5.12.E

Lesson Essential Question(s): Lesson Essential Question(s): Lesson Essential Question(s): Does globalization hurt or help the U.S. What are the negative effects of What changes would you make to our economy? (A) globalization on the environment? (A) current economic system and what economic goal would it support? (A)

Vocabulary: Vocabulary: Vocabulary: globalization, multinational, outsourcing, scarcity, subsistence, renewable resource, cost-benefit analysis, opportunity costs, GATT, division of labor, comparative hydropower, biomass, gasohol, modified free enterprise economy advantage, European Coal and Steel nonrenewable resource, glut, pollution, acid Community, Free Trade Area of the rain, pollution permit Americas

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Attached Document(s):

Page 2 of 2 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Vocab Report for Topic: Global Economics Days: 10 Subject(s): Grade(s):

Concept:

Absolute and Comparative Advantage

exports - imports - absolute advantage - PPF - comparative advantage - opportunity cost -

Concept: Barriers to International Trade tariff - quota - protective tariff - revenue tariff - protectionists - free traders - infant industries argument - most favored nation clause - balance of payments - WTO - NAFTA -

Concept: Foreign Exchange and Trade Deficits foreign exchange - foreign exchange rate - fixed exchange rates - flexible exchange rates - floating exchange rates - trade deficits - trade surplus - trade-weighted value of the dollar -

Concept: Economic Development developing country - primitive equilibrium - takeoff - crude birthrate - life expectancy - zero population growth - external debt - default - capital flight -

Page 1 of 3 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Vocab Report for Topic: Global Economics Days: 10 Subject(s): Grade(s):

Concept: Achieving Economic Development micro loan - IMF - World Bank - soft loan - expropriation - free-trade area - customs union -

European Unon - euro - ASEAN - cartel -

Concept: The Transition to Capitalism capitalism - privatization - vouchers - Five-Year Plan - Gosplan - collectivization - perestroika - Great Leap Forward - solidarity - black market - capital-intensive - keiretsu - population density -

Concept: Globalization: Characteristics and Trends globalization - multinational - outsourcing - GATT - division of labor - comparative advantage - European Coal and Steel Community - Free Trade Area of the Americas -

Concept:

Global Problems and Economic Incentives

scarcity - subsistence - renewable resource -

Page 2 of 3 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Vocab Report for Topic: Global Economics Days: 10 Subject(s): Grade(s):

hydropower - biomass - gasohol - nonrenewable resource - glut - pollution - acid rain - pollution permit -

Concept: Applying the Economic Way of Thinking cost-benefit analysis - opportunity costs - modified free enterprise economy -

Page 3 of 3 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Topic: Investment Days: 10 Subject(s): Grade(s):

Key Learning: Wealth can grow with the benefits of time and compounding.

Unit Essential Question(s): What is the best approach to long range investment.

Concept: Concept: Stocks, Mutual Funds, Broker & Bonds Short Term Investments 6.5.12.g 6.2.12.D, 6.5.12.g, 6.4.12.D

Lesson Essential Question(s): Lesson Essential Question(s): What is the pros and cons of each of the investment options? (A) What short term investment vehicle is the best for me? (A)

Vocabulary: Vocabulary: interest, risk, ticker symbol, stocks, mutual funds, bonds, stock savings account, money market fund, certificate of deposit broker

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Attached Document(s):

Page 1 of 1 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Vocab Report for Topic: Investment Days: 10 Subject(s): Grade(s):

Concept:

Stocks, Mutual Funds, Broker & Bonds

interest - risk - ticker symbol - stocks - mutual funds - bonds - stock broker -

Concept: Short Term Investments savings account - money market fund - certificate of deposit -

Page 1 of 1 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Topic: Government Revenue and Spending Days: 10 Subject(s): Grade(s):

Key Learning: The process of taxation and spending helps guide our economic system.

Unit Essential Question(s): What elements of taxation and/or spending would you change and what effect would it have on our economy?

Concept: Concept: Concept: The Economics of taxation. Federal, State, and Local Current Tax Issues and Revenue Systems Reforms

6.3.12.E, 6.3.12.C, 6.2.12.G 6.3.12.E 6.3.12.F, 6.2.12.G, 6.2.12.J

Lesson Essential Question(s): Lesson Essential Question(s): Lesson Essential Question(s): What type of taxe would you prefer to have Where does the federal government receive What change would you make to our current for our country? (A) its revenue from? (A) tax policy? (A)

Vocabulary: Vocabulary: Vocabulary: sin tax, incidence of a tax, tax loophole, IRS, payrol withholding system, indexing, payroll withholding statement, accelerated individual income tax, sales tax, tax return, FICA, payroll tax, corporate income tax, depreciation, investment tax credit, benefit principle of taxation, ability to pay excise tax, estate tax, gift tax, customs duty, alternative minimum tax, capital gains, flat principle, proportional tax, average tax rate, user fee, intergovernmental revenue, tax, value-added tax Medicare, progressive tax rate, marginal tax property tax, tax assessor, natural rate, regressive tax monopoly

Concept: Concept: Concept: The Economics of government Federal, State, and Local Deficits, Surpluses, and the Spending Government Expenditures National Debt

6.2.12.H, 6.2.12.I, 6.3.12.E 6.3.12.F, 6.2.12.H 6.2.12.I, 6.3.12.F

Lesson Essential Question(s): Lesson Essential Question(s): Lesson Essential Question(s): In what ways has spending by the public What changes would you make to the U.S. How dangerous is the current National Debt sector changed in the last fifty years? (A) budget? (A) of the U.S.? (A)

Vocabulary: Vocabulary: Vocabulary: pork, public sector, private sector, transfer federal budget, fiscal year, appropriations deficit spending, national debt, balanced payment, grant-in-aid, subsidy, distribution bill, budget deficit, budget surplus, budget, trust fund, per capita, crowding-out- of income mandatory spending, discretionary effect, pay-as-you-go provision, line-item spending, Medicare, Mdicaid, balanced veto, spending cap, entitlement budget amendment, intergovernmental expenditures

Page 1 of 2 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Topic: Government Revenue and Spending Days: 10 Subject(s): Grade(s):

Additional Information:

Attached Document(s):

Page 2 of 2 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Vocab Report for Topic: Government Revenue and Spending Days: 10 Subject(s): Grade(s):

Concept:

The Economics of taxation.

sin tax - incidence of a tax - tax loophole - individual income tax - sales tax - tax return - benefit principle of taxation - ability to pay principle - proportional tax - average tax rate - Medicare - progressive tax rate - marginal tax rate - regressive tax -

Concept: Federal, State, and Local Revenue Systems IRS - payrol withholding system - indexing - FICA - payroll tax - corporate income tax - excise tax - estate tax - gift tax - customs duty - user fee - intergovernmental revenue - property tax - tax assessor - natural monopoly -

Concept: Current Tax Issues and Reforms payroll withholding statement - accelerated depreciation - investment tax credit - alternative minimum tax - capital gains - flat tax - value-added tax -

Page 1 of 2 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Vocab Report for Topic: Government Revenue and Spending Days: 10 Subject(s): Grade(s):

Concept: The Economics of government Spending pork - public sector - private sector - transfer payment - grant-in-aid - subsidy - distribution of income -

Concept: Federal, State, and Local Government Expenditures federal budget - fiscal year - appropriations bill - budget deficit - budget surplus - mandatory spending - discretionary spending - Medicare - Mdicaid - balanced budget amendment - intergovernmental expenditures -

Concept: Deficits, Surpluses, and the National Debt deficit spending - national debt - balanced budget - trust fund - per capita - crowding-out-effect - pay-as-you-go provision - line-item veto - spending cap - entitlement -

Page 2 of 2 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Topic: Macroeconomics Days: 10 Subject(s): Grade(s):

Key Learning: The health of our economy can be mearsured by GDP, inflation and unemployment.

Unit Essential Question(s): Based upon the key economic indicators, how healthy is the U.S. economy?

Concept: Concept: Concept: Real GDP Population Growth Poverty 6.1.12.C 6.1.12.C 6.1.12.C, 6.1.12.D

Lesson Essential Question(s): Lesson Essential Question(s): Lesson Essential Question(s): How do I measure economic performance? In what ways does the consumer sector How does our free enterprise sysetm deal (A) affect the economic performance of a with the resulting inequality in income nation? (A) distribution? (A)

Vocabulary: Vocabulary: Vocabulary: macroeconomics, GDP, intermediate census, urban population, rural population, poverty threshold, poverty guidelines, products, secondhand sales, nonmarket center of population, infrastructure, baby Lorenz curve, welfare, food stamps, transactions, underground economy, base boom, population pyramid, dependency Medicaid, Earned Income Tax Credit, year, real GDP, current GDP, per capita ration, demographers, fertilty rate, life enterprise zone, workforce, negative income GDP, GNP, NNP, NI, PI, DPI, household, expectancy, net immigration tax unrelated individual, family, output expenditure model, net exports of goods and services

Page 1 of 3 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Topic: Macroeconomics Days: 10 Subject(s): Grade(s):

Concept: Concept: Concept: Business Cycles Inflation Unemployment 6.1.12.D 6.1.12.C 6.1.12.C

Lesson Essential Question(s): Lesson Essential Question(s): Lesson Essential Question(s): At what point of the business cycle are we How does inflation hurt both individuals and What type of unemployment are you most currently in? (A) society? (A) susceptible to? (A)

Vocabulary: Vocabulary: Vocabulary: business cycles, business fluctiuation, inflation, deflation, price index, CPI, market civilian labor force, labor force, unemployed, recession, peak, trough, expansion, trend basket, base year, creepting inflation, unemployment rate, frictional line, depression, depression scrip, leading hyperinflation, stagflation, PPI, implicit GDP unemployment, structural unemployment, economic indicator, composite index of price deflator outsourcing, technological unemployment, leading economic indicators, econometric cyclical umemployment, seasonal model umemployment, GDP gap, misery index, discomfort index

Concept: Concept: Concept: The Evolution, Functions and The Development of Modern The Federal Reserve System Characteristics of Money banking and Monetary Policy 6.1.12.C 6.1.12.C 6.2.12.C

Lesson Essential Question(s): Lesson Essential Question(s): Lesson Essential Question(s): How has money evolved and what are its How does fractional reserve banking work to How is the Federal Reserve System functions? (A) regulate the money supply? (A) organized and how does it conduct monetary policy? (A)

Vocabulary: Vocabulary: Vocabulary: Federal Reserve System, Federal Reserve state bank, legal tender, national bank, member bank, monetary policy, interest Notes, barter economy, commodity money, national currency, gold certificate, silver rate, easy monetary policy, tight monetary flat money, specie, monetary unit, medium certificate, central bank, bank run, bank policy, open market operations, discount of exchange, measure of value, store of holiday, fractional reserve system, legal rate, prime rate, quantity theory of money, value, demand deposit accounts, M1 M2 reserves, reserve requirement, member currency, coins, bank holding companies, bank reserves, excess reserves Regulation Z

Concept: Concept: Concept: Macroeconomic Equilibrium Stabilization Policies Economics and Politics 6.1.12.C 6.3.12.F 6.3.12.F

Lesson Essential Question(s): Lesson Essential Question(s): Lesson Essential Question(s): (A) (A) (A)

Vocabulary: Vocabulary: Vocabulary:

Page 2 of 3 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Topic: Macroeconomics Days: 10 Subject(s): Grade(s):

Additional Information:

Attached Document(s):

Page 3 of 3 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Vocab Report for Topic: Macroeconomics Days: 10 Subject(s): Grade(s):

Concept:

Real GDP

macroeconomics - GDP - intermediate products - secondhand sales - nonmarket transactions - underground economy - base year - real GDP - current GDP - per capita GDP - GNP - NNP - NI - PI - DPI - household - unrelated individual - family - output expenditure model - net exports of goods and services -

Concept: Population Growth census - urban population - rural population - center of population - infrastructure - baby boom - population pyramid - dependency ration - demographers - fertilty rate - life expectancy - net immigration -

Page 1 of 4 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Vocab Report for Topic: Macroeconomics Days: 10 Subject(s): Grade(s):

Concept: Poverty poverty threshold - poverty guidelines - Lorenz curve - welfare - food stamps - Medicaid - Earned Income Tax Credit - enterprise zone - workforce - negative income tax -

Concept: Business Cycles business cycles - business fluctiuation - recession - peak - trough - expansion - trend line - depression - depression scrip - leading economic indicator - composite index of leading economic indicators - econometric model -

Concept: Inflation inflation - deflation - price index - CPI - market basket - base year - creepting inflation - hyperinflation - stagflation - PPI - implicit GDP price deflator -

Page 2 of 4 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Vocab Report for Topic: Macroeconomics Days: 10 Subject(s): Grade(s):

Concept: Unemployment civilian labor force - labor force - unemployed - unemployment rate - frictional unemployment - structural unemployment - outsourcing - technological unemployment - cyclical umemployment - seasonal umemployment - GDP gap - misery index - discomfort index -

Concept: The Evolution, Functions and Characteristics of Money Federal Reserve System - Federal Reserve Notes - barter economy - commodity money - flat money - specie - monetary unit - medium of exchange - measure of value - store of value - demand deposit accounts - M1 M2 -

Concept: The Development of Modern banking state bank - legal tender - national bank - national currency - gold certificate - silver certificate - central bank - bank run - bank holiday - fractional reserve system - legal reserves - reserve requirement - member bank reserves - excess reserves -

Page 3 of 4 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Vocab Report for Topic: Macroeconomics Days: 10 Subject(s): Grade(s):

Concept: The Federal Reserve System and Monetary Policy member bank - monetary policy - interest rate - easy monetary policy - tight monetary policy - open market operations - discount rate - prime rate - quantity theory of money - currency - coins - bank holding companies - Regulation Z -

Page 4 of 4 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Topic: Supply and Demand Days: 10 Subject(s): Grade(s):

Key Learning: The forces of supply and demand determine the quantity and price of goods and services sold in a market.

Unit Essential Question(s): How is price determined and what is it's role in a free enterpise system?

Concept: Concept: Concept: Law of Demand Changes in Demand Elasticity of Demand 6.2.12.F 6.5.12.A 6.5.12.A

Lesson Essential Question(s): Lesson Essential Question(s): Lesson Essential Question(s): How do you determine demand for a In your life experience what causes and Why is gasoline an inelastic item? (A) product and what does it's curve look like? increase or decrease in demand? (A) (A)

Vocabulary: Vocabulary: Vocabulary: market economy, demand, microeconomics, change in quantity demanded, income elasticity, demand elasticity, elastic, demand schedule, demand curve, Law of effect, substitution effect, change in inelastic, unit elastic Demand, market demand curve, marginal demand, substitutes, complements utility, diminishing marginal utility

Concept: Concept: Concept: Supply Law of Supply Elasticity of Supply 6.5.12.B 6.5.12.B 6.5.12.B

Lesson Essential Question(s): Lesson Essential Question(s): Lesson Essential Question(s): How do you determine the direction of a What forces determine an increase or Why is it easier to increase or decrease the supply curve? (A) decrease in supply? (A) production of certain goods. (A)

Vocabulary: Vocabulary: Vocabulary: supply, Law of Supply, supply schedule, change in quantity supply, change in supply, supply elasticity, elastic supply, inelastic supply curve, market supply curve, quantity resources, productivity, taxes and subsidies, supply, unit elastic supply, production supplied, expectations, government regualations, consideration number of sellers, technology

Page 1 of 2 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Topic: Supply and Demand Days: 10 Subject(s): Grade(s):

Concept: Concept: Concept: Price as a Rationing Device Equilibrium Price Social Goals & Market 6.2.12.E, 6.2.12.F Efficiency

6.4.12.E 6.2.12.K, 6.3.12.A, 6.4.12.E

Lesson Essential Question(s): Lesson Essential Question(s): Lesson Essential Question(s): What is the best rationing device for our How do you determine quilibrium price? (A) Why would government interfere with the economic system? (A) markets determination of equilibrium? (A)

Vocabulary: Vocabulary: Vocabulary: price, rationing, ration coupon, rebate economic model, equilibrium price, surplus, price ceiling, minimum wage, price floor, shortage, change in demand/supply target price, nonrecourse loan, deficiency payment

Additional Information:

Attached Document(s):

Page 2 of 2 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Vocab Report for Topic: Supply and Demand Days: 10 Subject(s): Grade(s):

Concept:

Law of Demand

market economy - demand - microeconomics - demand schedule - demand curve - Law of Demand - market demand curve - marginal utility - diminishing marginal utility -

Concept: Changes in Demand change in quantity demanded - income effect - substitution effect - change in demand - substitutes - complements -

Concept: Elasticity of Demand elasticity - demand elasticity - elastic - inelastic - unit elastic -

Concept: Supply supply - Law of Supply - supply schedule - supply curve - market supply curve - quantity supplied - -

Page 1 of 2 Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET

Vocab Report for Topic: Supply and Demand Days: 10 Subject(s): Grade(s):

Concept: Law of Supply change in quantity supply - change in supply - resources - productivity - taxes and subsidies - expectations - government regualations - number of sellers - technology -

Concept: Elasticity of Supply supply elasticity - elastic supply - inelastic supply - unit elastic supply - production consideration -

Concept:

Price as a Rationing Device

price - rationing - ration coupon - rebate -

Concept: Equilibrium Price economic model - equilibrium price - surplus - shortage - change in demand/supply -

Concept: Social Goals & Market Efficiency price ceiling - minimum wage - price floor - target price - nonrecourse loan - deficiency payment -

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