WorldView Software Economics Georgia Correlation Document 76 North Broadway, Suite 2002, Hicksville, NY 11801 516-681-1773 [email protected] Georgia 2016 Standard Breakout Location Standards Economics Fundamental SSEF1 Explain why limited a. Define scarcity as a basic Chapter 1: Economics: The Science of Scarcity Economic Concepts productive resources 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: production): 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: factors of production c. Explain the motivations that Chapter 8: Entrepreneurship and Economic Growth influence entrepreneurs to take - Overview Sections: risks (e.g., profit, job creation, "Characteristics of an Entrepreneur" innovation, and improving society). "Entrepreneurship: A Source of Competitive Advantage" d. Define opportunity cost 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 marginal cost 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. Economy 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 Competition a result of voluntary, non-fraudulent - Overview Section: "Benefit (Utility) Maximization" exchange. - Glossary: benefit (utility) maximization SSEF4 Compare and contrast a. Compare traditional, command, Chapter 2: Economic Systems different economic systems market, 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 Economies" questions of what to produce, sovereignty, competition, and "Market Economies" how to produce, and for whom government regulation. "Adam Smith" 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, price 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" "Distribution of Goods 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 Value" 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 property rights, and "What Is a Mixed Economy?" resolves market failures. "Why Do Mixed Economies Exist?" "The United States Is Mostly a Market Economy" Chapter 9: The Government in a Mostly Market Economy - Overview Sections: "Public Goods and Services" "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: Money 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 investment 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 investments in Chapter 7: Business and Labor human capital (e.g., education, job - Overview Section: "Human Capital Influences Wages 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: trade- - 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 households and businesses that includes the product market, - Tutorial: Circular Flow Model are interdependent and the resource (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 prices work to determine "Demand" (see subsections) production and distribution in "Supply" (see subsections) a market economy. - Tutorial: Supply and Demand 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" "Demand Curve" - 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