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Economics

Georgia Correlation Document

76 North Broadway, Suite 2002, Hicksville, NY 11801 516-681-1773 [email protected] Georgia 2016 Standard Breakout Location Standards Fundamental SSEF1 Explain why limited a. Define scarcity as a basic Chapter 1: Economics: The Science of Scarcity Economic Concepts productive and condition that exists when unlimited - Overview Section: "Scarcity" unlimited wants result in wants exceed limited productive - Glossary: scarcity (scarce) scarcity, opportunity costs, resources. - Essay: Scarcity and tradeoffs for individuals, businesses, and governments.

b. Define and give examples of Chapter 1: Economics: The Science of Scarcity productive resources (i.e. factors of - Overview Sections: ): natural resources (i.e. "Resources of Production" land), human resources (i.e. labor "Natural Resources (Land)" and human capital), physical "Human Resources (Labor)" capital and entrepreneurship. "Capital Resources" "Additional Possible Resources of Production" "Human Capital" "Entrepreneurs" - Essay: Human Resources - Glossary: c. Explain the motivations that Chapter 8: Entrepreneurship and influence entrepreneurs to take - Overview Sections: risks (e.g., , job creation, "Characteristics of an Entrepreneur" innovation, and improving society). "Entrepreneurship: A Source of " d. Define as the Chapter 1: Economics: The Science of Scarcity next best alternative given up when - Overview Sections: individuals, businesses, and "Opportunity Cost" governments confront scarcity by "Examples of Opportunity Cost" making choices. "Economic Rules Apply to Everyone" - Glossary: opportunity cost - Essay: Opportunity Cost SSEF2 Give examples of how a. Define and Chapter 1: Economics: The Science of Scarcity rational decision making marginal benefit. - Overview Sections: entails comparing the "Marginal Analysis" marginal benefits and the "Marginal Benefit and Marginal Cost" marginal costs of an action. - Glossary: marginal analysis - Glossary: marginal cost

b. Explain that rational decisions Chapter 1: Economics: The Science of Scarcity occur when the marginal benefits - Overview Sections: of an action equal or exceed the "Marginal Analysis" marginal costs. "Marginal Benefit and Marginal Cost" c. Explain that people, businesses, Resources: and governments respond to - Case Study: Basic Characteristics and Benefits positive and negative incentives in of the U.S. predictable ways. - Case Study: U.S. Economic Policies: Costs and Benefits SSEF3 Explain how a. Explain how and why individuals Chapter 2: Economic Systems specialization and voluntary and businesses specialize, - Overview Section: "Comparative Advantage exchange influence buyers including division of labor. and Specialization" and sellers. - Glossary: division of labor

b. Explain that both parties gain as Chapter 3: Supply, Demand, and a result of voluntary, non-fraudulent - Overview Section: "Benefit () Maximization" exchange. - Glossary: benefit (utility) maximization SSEF4 Compare and contrast a. Compare traditional, command, Chapter 2: Economic Systems different economic systems , and mixed economic - Overview Sections: and explain how they answer systems with regard to private "Economic Systems" the three basic economic ownership, profit motive, consumer "Traditional " questions of what to produce, sovereignty, competition, and "Market Economies" how to produce, and for whom government regulation. "" to "Command Economies" produce. "Comparing Market/Command Economic Systems" "Strengths and Weaknesses of Market Economies" "Strengths" "Weaknesses" "Strengths and Weaknesses of Command Economies" "Strengths" "Weaknesses" b. Analyze how each type of Chapter 2: Economic Systems system answers the three - Overview Sections: economic questions and meets the "The Three Basic Questions of Economics" broad social and economic goals of "What to Produce?" freedom, security, equity, growth, "How to Produce?" efficiency, stability, full "For Whom to Produce" employment, and sustainability. "Comparing Market and Command Economies" "Strengths and Weaknesses of Market Economies" "Strengths" "Weaknesses" "Strengths and Weaknesses of Command Economies" "Strengths" "Weaknesses" "Allocation of Scarce Resources" " of and Services" - Case Study: U.S. Economic Policies: Costs and Benefits c. Compare and contrast strategies Chapter 1: Economics: The Science of Scarcity for allocating scarce resources, - Overview Sections: such as by price, majority rule, "Scarcity and Economic " contests, force, sharing, lottery, "Opportunity Cost" authority, first-come-first-served, Chapter 2: Economic Systems and personal characteristics. - Overview Sections: "Allocation of Scarce Resources" (and subsections) Resources: - Essay: Economic Decisions SSEF5 Describe the roles of a. Explain why government Chapter 2: Economic Systems government in the United provides public goods and - Overview Sections: States economy. services, redistributes income, "Most Economies Are Mixed Economies" protects rights, and "What Is a ?" resolves market failures. "Why Do Mixed Economies Exist?" "The United States Is Mostly a "

Chapter 9: The Government in a Mostly Market Economy - Overview Sections: "Public " "Why Does the Government Provide Some Goods and Services?" "Government Actions That Influence the Economy" "Reasonable Distribution of Income" "Influence on the Economy"

b. Explain the effects on Chapter 5: and Banking consumers and producers caused - Overview Sections: by government regulation and "Regulation, then Deregulation in the 20th Century" deregulation. "Greater Regulation and Supervision in the 1930s" "Deregulation" - Glossary: deregulation

Chapter 9: The Government in a Mostly Market Economy - Overview Section: "Laws to Regulate Competition and Market Power" - Essay: Government Regulation - Internet Project: Government Regulation

SSEF6 Explain how a. Define productivity as the Chapter 2: Economic Systems productivity, economic relationship of inputs to outputs - Overview Section: "Productivity and Labor growth, and future standards Productivity" of living are influenced by - Glossary: productivity in factories, machinery, new technology, and the health, education, and training of people. b. Explain how investment in Chapter 8: Entrepreneurship and Economic Growth equipment and technology can lead - Overview Section: "Modern America" to economic growth. - Essay: Economic Growth c. Explain how in Chapter 7: Business and Labor human capital (e.g., education, job - Overview Section: "Human Capital Influences training, and healthcare) can lead and Salaries" to a higher standard of living. Chapter 8: Entrepreneurship and Economic Growth - Overview Section: "Encourage Education and Training"

Chapter 9: The Government in a Mostly Market Economy - Overview Section: "Public Goods and Services"

Chapter 11: The Individual Consumer - Overview Sections: "The Importance of Developing Your Human Capital" "Deciding How to Develop Your Human Capital" - Internet Project: Jobs and Pay

d. Analyze, by means of a Resources: production possibilities curve: - - Tutorial: Production Possibilities Model: Constant offs, opportunity cost, growth, and Opportunity Cost efficiency. - Tutorial: Production Possibilities Model: Increasing Opportunity Cost Microeconomic SSEMI1 Describe how a. Illustrate a circular flow diagram Resources: Concepts and businesses that includes the product market, - Tutorial: Circular Flow Model are interdependent and the (factor) market, interact through households, and firms. flows of goods, services, resources, and money. b.Explain the real flow of goods, Chapter 1: Economics: The Science of Scarcity services, resources, and money - Overview Section: "Circular Flow Model of Economic between and among households Participants" and firms. - Tutorial: Circular Flow Model SSEMI2 Explain how the law a. Define the law of supply and the Chapter 3: Supply, Demand, and Competition of demand, the law of supply, law of demand. - Overview Sections: and work to determine "Demand" (see subsections) production and distribution in "Supply" (see subsections) a market economy. - Tutorial: Schedules

b. Distinguish between supply and Chapter 3: Supply, Demand, and Competition quantity supplied, and demand and - Overview Sections: quantity demanded "Demand" (see subsections) "Supply" (see subsections) - Tutorial: Supply and Demand Schedules c. Describe the role of buyers and Chapter 4: Markets and International Trade sellers in determining market - Overview Section: "The Market Price Is the clearing price (i.e. equilibrium). Equilibrium Price" - Glossary: market price

Resources: - Tutorial: Supply and Demand Schedules d. Illustrate on a graph how supply Chapter 3: Supply, Demand, and Competition and demand determine equilibrium - Overview Sections: price and quantity. "Illustrating Demand" "Demand Schedule" "" - Tutorial: Supply and Demand Schedules - Tutorial: Supply and Demand Curves

Chapter 4: Markets and International Trade - Overview Sections: "Illustrating Supply" "Supply Schedule" "Supply Curve" e. Identify the determinants Chapter 4: Markets and International Trade (shifters) of supply (e.g., changes - Overview Sections: in costs of productive resources, "Changes in Supply" government regulations, number of "A Change in the Cost of Resources" sellers, producer expectations, "A Change in Technology" technology, and education) and "A Change in the Prices of Other Goods or Services" illustrate the effects on a supply "A Change in Producer Expectations" and demand graph. "A Change in the Number of Suppliers" f. Identify the determinants Chapter 3: Supply, Demand, and Competition (shifters) of demand (e.g., changes - Overview Sections: in related goods, income, "Changes in Demand" consumer expectations, "A Change in Consumer Preferences" preferences/tastes, and number of "A Change in the Number of People in the Market" consumers) and illustrate the "A Change in People's Income Level" effects on a supply and demand "A Change in the Price of Complementary Goods" graph. "A Change in Consumer Expectations" g. Explain and illustrate on a graph Chapter 4: Markets and International Trade how prices set too high (e.g., price - Overview Sections: floors) create surpluses, and prices " and Surpluses" set too low (e.g., price ceilings) "Effects of Shortages and Surpluses" create shortages. "How Price Ceilings and Floors Affect Supply and Demand" "Protect Consumers with Price Ceilings" "Protect Sellers with Price Floors" SSEMI3 Explain the a. Compare and contrast three Chapter 7: Business and Labor organization and role of forms of business - Overview Sections: business and analyze the four organization—sole proprietorship, "Legal Forms of Business Ownership" types of market structures in partnership, and corporation with "Sole Proprietorships" (see subsections) the U.S. economy. regards to number of owners, "Partnerships" liability, lifespan, decision making, "Corporations" (see subsections) and taxation. - Graph/Chart: Business Ownership - Essay: Establishing a Business b. Identify the basic characteristics Chapter 4: Markets and International Trade of , , - Overview Sections: "Market Structures" (see , and pure subsections) (perfect) competition with regards - Glossary: barriers to entry to number of sellers, barriers to - Glossary: monopoly entry, price control, - Glossary: oligopoly and product differentiation. - Glossary: monopolistic competition - Glossary: pure competition Macroeconomic SSEMA1 Illustrate the means a. Identify and describe the Chapter 10: Business Cycles and Government Policies Concepts by which economic activity is macroeconomic goals of steady - Overview Sections: measured. economic growth, stable prices, "Negative Effects of Business Cycles" and full employment. "Using Fiscal and Monetary Policies to Affect the " - Case Study: U.S. Economic Policies: Costs and Benefits b. Define Gross Domestic Product Chapter 8: Entrepreneurship and Economic Growth (GDP) as the sum of Consumer - Overview Section: "Gross National Product (GNP) Spending, Investment, Government and Gross Domestic Product (GDP)" Spending, and Exports (output - Map: Per Capita Gross Domestic Product expenditure model). - Glossary: Gross Domestic Product (GDP) - Glossary: Gross National Product (GNP) - Glossary: per capita GDP c. Define rate, Chapter 8: Entrepreneurship and Economic Growth Consumer Price (CPI), - Overview Sections: , real GDP, aggregate "Gross National Product (GNP) and Gross Domestic supply and and Product (GDP)" explain how each is used to "Cost of Living" evaluate the macroeconomic goals - Essay: Gross Domestic Product from SSEMA1a. Chapter 10: Business Cycles and Government Policies - Overview Section: "Measuring Inflation: CPI and the Inflation Rate" - Case Study: Contracting the - Case Study: Reagan Budget Deficits

Resources: - Tutorial: Economic Philosophers - Master Glossary: Gross Domestic Product (GDP) - Master Glossary: economic growth - Master Glossary: unemployment rate - Master Glossary: inflation d. Give examples of who benefits Chapter 6: Financial Intermediaries and who loses from unanticipated - Overview Section: "Inflation Risk" inflation. Chapter 8: Entrepreneurship and Economic Growth - Overview Section: "Standard of Living" e. Identify structural, cyclical, and Chapter 10: Business Cycles and Government Policies frictional unemployment. - Overview Sections: "Types of Unemployment" "Frictional Unemployment" "Structural Unemployment" "Cyclical Unemployment" f. Define the stages of the business Chapter 10: Business Cycles and Government Policies cycle, including: peak, contraction, - Overview Sections: trough, recovery/expansion as well "Business Cycles" as and depression. "Phases of Business Cycles" "Peak Phase" "Contraction Phase" "Trough Phase" "Recovery Phase" "Business Cycle Interactions" "Tracking Business Cycles" "Negative Effects of Business Cycles" "Recession and Depression" - Tutorial: Business Cycles SSEMA2 Explain the role and a. Explain the roles/functions of Chapter 5: Money and Banking functions of the Federal money as a , - Overview Sections: Reserve System. , and unit of "The Three Functions of Money" (see subsections) account/standard of value. "The Six Characteristics of Money" (see subsections) "Types of Money" (see subsections)

b. Describe the organization of the Resources: Federal Reserve System (12 - Tutorial: History and Structure of the Federal Districts, Federal Open Market Reserve Committee (FOMC), and Board of Governors). c. Define . Chapter 10: Business Cycles and Government Policies - Overview Sections: "Monetary Policies" "Monetary Policy in the United States" d. Define the tools of monetary Chapter 10: Business Cycles and Government Policies policy including reserve - Overview Sections: requirement, discount rate, open "Buying and Selling Federal Securities" market operations, and on "Changing the Reserve Ratio" reserves. "Changing the Discount Rate" "Loose" Versus "Tight" Monetary Policies" "Loose Monetary Policies for a Recession" "Tight Monetary Policies for Inflation" e. Describe how the Federal Resources: Reserve uses the tools of monetary - Tutorial: Functions of the Federal Reserve policy to promote price stability, full employment, and economic growth.

SSEMA3 Explain how the a. Define . Chapter 10: Business Cycles and Government Policies government uses fiscal policy - Overview Sections: to promote price "Fiscal Policies" stability, full employment, and "Expansionary Fiscal Policies for a Recession" economic growth. "Contractionary Fiscal Policies for Inflation" - Glossary: fiscal policy b.Explain the effect on the Chapter 10: Business Cycles and Government Policies economy of the government’s - Overview Sections: taxing and spending decisions in "Using Fiscal and Monetary Policies to Affect the promoting price stability, full Business Cycle" employment, and economic growth. "Fiscal Policies" (see subsections) "Monetary Policies" (see subsections) c. Explain how government budget Resources: deficits or surpluses impact - Case Study: Reagan's Budget Deficits national debt. - Graph/Chart: United States Budget Deficit - Document: Hamilton's Report on a National Bank - Document: Financial Report of the U.S. Government International SSEIN1 Explain why a. Define and distinguish between Chapter 4: Markets and International Trade Economics individuals, businesses, and and - Overview Sections: governments trade goods and comparative advantage. "Specialization, Absolute Advantage, and Comparative services. Advantage" "Absolute Advantage and Comparative Advantage" "Specialization and Comparative Advantage" - Glossary: absolute advantage - Glossary: comparative advantage

b. Explain that most trade takes Chapter 4: Markets and International Trade place because of comparative - Overview Section: "Free Trade: Its Costs and advantage in the production of a Benefits" good or . c. Define balance of trade, trade Resources: surplus, and trade deficit. - Graph/Chart: U.S. Balance of Trade - Master Glossary: - Master Glossary: trade deficit - Master Glossary: trade surplus SSEIN2 Explain why countries a. Define trade barriers as tariffs, Chapter 4: Markets and International Trade sometimes erect trade barriers quotas, embargoes, standards, and - Overview Section: "Tariffs, Subsidies, and Other and sometimes advocate free subsidies. Trade Restrictions" trade. - Glossary: tariff - Glossary: quota - Glossary: embargo - Glossary: subsidy b. Identify costs and benefits of Chapter 4: Markets and International Trade trade barriers to consumers and - Overview Sections: producers over time. "Costs and Benefits of Trade Restrictions" (see subsections) c. List specific examples of trading Resources: blocks such as the EU, NAFTA, - Graph/Chart: U.S. Imports and Exports and ASEAN. - Graph/Chart: U.S. Trade with Mexico - Master Glossary: European Union (EU) d. Evaluate arguments for and Chapter 4: Markets and International Trade against free trade. - Overview Section: "Free Trade: Its Costs and Benefits" SSEIN3 Explain how changes a. Define exchange rate as the Resources: in exchange rates can have an price of one nation’s in - Tutorial: Exchange Rates impact on the purchasing terms of another nation’s currency. power of groups in the United States and in other countries. b. Interpret changes in exchange Resources: rates, in regards to appreciation - Tutorial: Exchange Rates and depreciation of currency. c. Explain why some groups benefit Resources: and others lose when exchange - Tutorial: Exchange Rates rates change. Personal Finance SSEPF1 Apply rational a. Use a rational decision making Chapter 11: The Individual Consumer decision making to personal model to evaluate the costs and - Overview Sections: "The Decision-Making Process" spending and benefits of post-high school life (see subsections) choices. choices (i.e., college, technical - Graph/Chart: Achieving Your Goals school, military enlistment, - Internet Project: Jobs and Pay workforce participation, or other - Tutorial: Paying for College and Training option). b. Create a budget that includes a Chapter 11: The Individual Consumer or financial investment plan - Overview Sections: for a future goal. "Saving and Investing" "Savings" "Savings Accounts" "Certificates of Deposit" "Money Market Accounts" "Investments" - Case Study: Money Management - Graph/Chart: Achieving Your Goals - Essay: Types of Saving Instruments SSEPF2 The student will a. Compare services offered by Chapter 6: Financial Intermediaries explain that banks and other different financial institutions, - Overview Sections: financial institutions are including banks, credit unions, "Depository Financial Institutions" (see subsections) businesses that payday lenders, and title pawn "Non Depository Financial Institutions" channel funds from savers to lenders. (see subsections) investors. - Project: Loans and Other Forms of Financing - Glossary: credit union - Glossary: payday lender - Glossary: payday loan - Glossary: title pawn loan b. Explain reasons for the spread Chapter 6: Financial Intermediaries between interest charged and - Overview Sections: interest earned. "Commercial Banks" "Savings" c. Give examples of the direct Chapter 6: Financial Intermediaries relationship between risk and - Overview Sections: return "Financial Risk" "Return" d. Evaluate the risk and return of a Chapter 6: Financial Intermediaries variety of savings and investment - Overview Sections: options, including: savings "Financial Markets and Their Related Institutions" accounts, certificates of deposit, (see subsections) retirement accounts, stocks, bonds, "Financial Markets" (see subsections) and mutual "Financial Market-Related Institutions" funds. (see subsections) "Financial Risk, Return, and Diversification" (see subsections) - Glossary: retirement account - Glossary: stock - Glossary: bond - Glossary: mutual fund (or fund) SSEPF3 Explain how changes a. Define progressive, regressive, Chapter 9: The Government in a Mostly Market Economy in taxation can have an impact and proportional taxes. - Overview Sections: on an individual’s spending "Government Taxes" and saving choices. "Types of Taxes" "Sales Tax" "Income Taxes" - Glossary: progressive tax - Glossary: regressive tax

b. Explain how an increase in sales Chapter 9: The Government in a Mostly Market Economy tax affects different income groups. - Overview Sections: "Types of Taxes" "Sales Taxes"

c. Explain the impact of property Chapter 9: The Government in a Mostly Market Economy taxes on individuals and - Overview Sections: communities. "Real Estate Taxes" "Local Level (Town, County, City, and/or Village)" SSEPF4 Evaluate the costs Describe factors that affect credit Chapter 11: The Individual Consumer and benefits of using credit. worthiness and the ability to receive - Overview Sections: favorable interest rates including "Credit and Borrowing Money" character (credit score), collateral, "Credit Ratings" and capacity to pay. "Advantages and Disadvantages of Credit and Personal Debt" "Using Credit Responsibly" "Debit Cards" - Case Study: Money Management - Essay: Borrowing Money b. Compare interest rates on loans Resources: and credit cards from different - Tutorial: Paying for College and Training institutions. (Section: "Types of Aid") - Project: Loans and Other Forms of Financing c. Define annual percentage rate Resources: and explain the difference between - Tutorial: Global Financial Crisis simple and compound interest (Section: "Subprime Mortgages") rates, as well as fixed and variable - Master Glossary: compound interest interest rates. - Master Glossary: simple interest SSEPF5 Describe how a. List and describe various types Resources: insurance and other risk - of insurance such as automobile, - Case Study: Insurance management strategies health, life, disability, and property. protect against financial loss.

b. Explain the costs and benefits Resources: associated with different types of - Case Study: Insurance insurance; including deductibles, premiums, shared liability, and asset protection. SSEPF6 Describe how the a.Identify skills that are required to Chapter 11: The Individual Consumer earnings of workers are be successful in the workplace, - Overview Sections: determined in the including positive work ethics, "Developing Your Human Capital" marketplace. punctuality, time management, "The Importance of Developing Your Human Capital" teamwork, communication skills, "Deciding How to Develop Your Human Capital" and good character. "Factors to Consider When Planning a Career" (see subsections) b. Explore job and career options Chapter 11: The Individual Consumer and explain the significance of - Overview Sections: investment in education, training, "Developing Your Human Capital" and skill development as it relates "The Importance of Developing Your Human Capital" to future earnings. "Deciding How to Develop Your Human Capital" "Factors to Consider When Planning a Career" (see subsections) "Finding a Job" (see subsections) - Tutorial: Paying for College and Training - Internet Project: Jobs and Pay

Map and Globe Skills 1. use a compass rose to identify Resources: cardinal directions - Map: World Map 2. use intermediate directions Resources: - Map: World Map 3. use a letter/number grid system Resources: to determine location - Map: World Map 4. compare and contrast the Resources: categories of natural, cultural, and - Reference Maps political features found on maps - Graphical study questions - Tutorial: Data Visualizations: Maps 5. use graphic scales to determine Resources: distances on a map - Reference Maps - Graphical study questions

6. use map key/legend to acquire Resources: information from historical, - Reference Maps physical, political, resource, - Graphical study questions product, and economic maps - Tutorial: Data Visualizations: Maps 7. use a map to explain impact of Resources: geography on historical and current - Reference Maps events - Graphical study questions 8. draw conclusions and make Resources: generalizations based on - Reference Maps information from maps - Graphical study questions 9. use latitude and longitude to Resources: determine location - Reference Maps - Graphical study questions

10. compare maps of the same Resources: place at different points in time and - Reference Maps from different perspectives to - Graphical study questions determine changes, identify trends, - Additional Projects #1, #2 and generalize about human activities 11. compare maps with data sets Resources: (charts, tables, graphs) and /or - Reference Maps readings to draw conclusions and - Reference Graph/Charts make generalizations - Graphical study questions 12. use geographic technology and Resources: software to determine changes, - Projects identify trends, and generalize about human activities Information Processing Skills 1. compare similarities and Resources: differences - Projects 2. organize items chronologically Resources: - Chronology - Chronological study questions 3. identify issues and/or problems Resources: and - Project: Decision-Making alternative solutions - Project: Problem Solving 4. distinguish between fact and Resources: opinion - Project: Fact vs. Opinion 5. identify main idea, detail, Resources: sequence of events, and cause and - Essays effect in a social studies context - Tutorial: How to Write an Essay

6. identify and use primary and Resources: secondary sources - Documents 7. interpret timelines Resources: - Chronology - Chronological study questions - Project: Timeline 8. identify social studies reference Resources: resources to use for a specific - Internet Projects purpose 9. construct charts and tables Resources: - Projects 10. analyze artifacts Resources: - Art 11 draw conclusions and make Resources: generalizations - Essays - Tutorial: How to Write an Essay 12. analyze graphs and diagrams Resources: - Reference Graph/Charts - Graphical study questions 13. translate dates into centuries, Resources: eras, or ages - Chronology - Chronological study questions 14. formulate appropriate research Resources: questions - Projects - Internet Projects 15. determine adequacy and/or Resources: relevancy of - Tutorial: Internet Research Primer information 16. check for consistency of Resources: information - Tutorial: Internet Research Primer 17. interpret political cartoons Resources: - Art