what impact does scarcity have on the production, distribution, … · 2010-05-25 · tariff,...

What impact does scarcity have on the production,distribution, and consumption of goods and services?

Scarcity

6.3.12.E, 6.3.12.B

Factors of Production6.2.12.A, 6.5.12.D, 6.5.12.F

Opportunity Cost6.3.12.E

What is the problem of scarcity? (A)

(A)

What are the four factors of production? (A)

What role do you play in the circular flow ofeconomic activity? (ET)

How does opportunity cost affect my life?(A)

What choices do I make in my individualspending habits and what are theopportunity costs? (ET)

scarcity, economics, need, want, land, labor, capital, entrepreneurship, factormarkets, product markets, economic growth

trade-offs, opportunity cost, productionpossibility frontier, economic models, costbenefit analysis

Economic Systems6.1.12.A, 6.2.12.A

Economic and Social Goals6.2.12.I, 6.2.12.A, 6.2.12.B, 6.1.12.A, 6.4.12.B

Free Enterprise6.2.12.I

Which ecoomic system offers you the mostsatisfaction? (A)

What is the most and least important of theeconomic and social goals? (A)

To what extent are the five characteristics offree enterprise capitalism found in the U.S.?(A)

economic system, traditional economy,command economy, market economy,market capitalism, mixed economy,socialism, communism

minimum wage, Social Security, inflation,fixed income

voluntary exchange, free enterprise, privateproperty rights, profit, profit motive,competition, consumer sovereignty, mixedfree enterprise economy

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

Topic: Foundations of EconomicsSubject(s):

Days: 10Grade(s):

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

Unit Essential Question(s):

Concept: Concept: Concept:

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

Vocabulary: Vocabulary: Vocabulary:




Additional Information:

of 2


Topic: Foundations of EconomicsSubject(s):

Days: 10Grade(s):

Attached Document(s):

Concept:

Scarcity

scarcity - economics - need - want - -

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

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

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

Concept: Economic and Social Goalsminimum wage - Social Security - inflation - fixed income -

Page 1 of 2


Vocab Report for Topic: Foundations of EconomicsSubject(s):

Days: 10Grade(s):

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

Page 2 of 2


Vocab Report for Topic: Foundations of EconomicsSubject(s):

Days: 10Grade(s):

Should the U.S. continue on its path toward supportingglobal standards of free trade and increased economic

integration.

Absolute and ComparativeAdvantage

6.4.12.A, 6.4.12.F

Barriers to International Trade6.2.12.H

Foreign Exchange and TradeDeficits6.4.12.C, 6.2.12.L

Why is comparative advantage the basis foriternational trade? (A)

What is the argument between free tradeand trade barriers? (A)

Why has the value of the dollar beendecreasing? (A)

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

tariff, quota, protective tariff, revenue tariff,protectionists, free traders, infant industriesargument, most favored nation clause,balance of payments, WTO, NAFTA

foreign exchange, foreign exchange rate,fixed exchange rates, flexible exchangerates, floating exchange rates, trade deficits,trade surplus, trade-weighted value of thedollar

Economic Development6.4.12.F

Achieving EconomicDevelopment6.4.12.F

The Transition to Capitalism6.1.12.B

What obstacles do developing nations facethat make economic growth difficult? (A)

What avenues are open to help developingcountries? (A)

What recommendations would you have tohelp communist countries move toward amore free enterprise system? (A)

developing country, primitive equilibrium,takeoff, crude birthrate, life expectancy, zeropopulation growth, external debt, default,capital flight

micro loan, IMF, World Bank, soft loan,expropriation, free-trade area, customsunion, European Unon, euro, ASEAN, cartel

capitalism, privatization, vouchers, Five-Year Plan, Gosplan, collectivization,perestroika, Great Leap Forward, solidarity,black market, capital-intensive, keiretsu,population density

Page 1 of 2


Topic: Global EconomicsSubject(s):

Days: 10Grade(s):

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








Globalization: Characteristicsand Trends6.2.12.L, 6.5.12.E

Global Problems andEconomic Incentives

6.3.12.D, 6.4.12.A, 6.4.12.C, 6.5.12.E

Applying the Economic Way ofThinking6.4.12.G, 6.5.12.E

Does globalization hurt or help the U.S.economy? (A)

What are the negative effects ofglobalization on the environment? (A)

What changes would you make to ourcurrent economic system and whateconomic goal would it support? (A)

globalization, multinational, outsourcing,GATT, division of labor, comparativeadvantage, European Coal and SteelCommunity, Free Trade Area of theAmericas

scarcity, subsistence, renewable resource,hydropower, biomass, gasohol,nonrenewable resource, glut, pollution, acidrain, pollution permit

cost-benefit analysis, opportunity costs,modified free enterprise economy


Page 2 of 2


Topic: Global EconomicsSubject(s):

Days: 10Grade(s):





Concept:

Absolute and Comparative Advantage

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

Concept: Barriers to International Tradetariff - 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 Deficitsforeign 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 Developmentdeveloping country - primitive equilibrium - takeoff - crude birthrate - life expectancy - zero population growth - external debt - default - capital flight -

Page 1 of 3


Vocab Report for Topic: Global EconomicsSubject(s):

Days: 10Grade(s):

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

European Unon - euro - ASEAN - cartel -

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

Concept: Globalization: Characteristics and Trendsglobalization - 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



Days: 10Grade(s):

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

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

Page 3 of 3



Days: 10Grade(s):

What is the best approach to long range investment.

Stocks, Mutual Funds, Broker & Bonds

6.2.12.D, 6.5.12.g, 6.4.12.D

Short Term Investments6.5.12.g

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

interest, risk, ticker symbol, stocks, mutual funds, bonds, stockbroker

savings account, money market fund, certificate of deposit


Page 1 of 1


Topic: InvestmentSubject(s):

Days: 10Grade(s):

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


Concept: Concept:

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

Vocabulary: Vocabulary:


Concept:

Stocks, Mutual Funds, Broker & Bonds

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

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

Page 1 of 1


Vocab Report for Topic: InvestmentSubject(s):

Days: 10Grade(s):

What elements of taxation and/or spending would youchange and what effect would it have on our economy?

The Economics of taxation.

6.3.12.E, 6.3.12.C, 6.2.12.G

Federal, State, and LocalRevenue Systems6.3.12.E

Current Tax Issues andReforms6.3.12.F, 6.2.12.G, 6.2.12.J

What type of taxe would you prefer to havefor our country? (A)

Where does the federal government receiveits revenue from? (A)

What change would you make to our currenttax policy? (A)

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

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, naturalmonopoly

payroll withholding statement, accelerateddepreciation, investment tax credit,alternative minimum tax, capital gains, flattax, value-added tax

The Economics of governmentSpending6.2.12.H, 6.2.12.I, 6.3.12.E

Federal, State, and LocalGovernment Expenditures6.3.12.F, 6.2.12.H

Deficits, Surpluses, and theNational Debt6.2.12.I, 6.3.12.F

In what ways has spending by the publicsector changed in the last fifty years? (A)

What changes would you make to the U.S.budget? (A)

How dangerous is the current National Debtof the U.S.? (A)

pork, public sector, private sector, transferpayment, grant-in-aid, subsidy, distributionof income

federal budget, fiscal year, appropriationsbill, budget deficit, budget surplus,mandatory spending, discretionaryspending, Medicare, Mdicaid, balancedbudget amendment, intergovernmentalexpenditures

deficit spending, national debt, balancedbudget, trust fund, per capita, crowding-out-effect, pay-as-you-go provision, line-itemveto, spending cap, entitlement

Page 1 of 2


Topic: Government Revenue and SpendingSubject(s):

Days: 10Grade(s):

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









Page 2 of 2


Topic: Government Revenue and SpendingSubject(s):

Days: 10Grade(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 SystemsIRS - 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 Reformspayroll withholding statement - accelerated depreciation - investment tax credit - alternative minimum tax - capital gains - flat tax - value-added tax -

Page 1 of 2


Vocab Report for Topic: Government Revenue and SpendingSubject(s):

Days: 10Grade(s):

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

Concept: Federal, State, and Local Government Expendituresfederal 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 Debtdeficit 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


Vocab Report for Topic: Government Revenue and SpendingSubject(s):

Days: 10Grade(s):

Based upon the key economic indicators, how healthy isthe U.S. economy?

Real GDP

6.1.12.C, 6.1.12.D

Population Growth6.1.12.C

Poverty6.1.12.C

How do I measure economic performance?(A)

In what ways does the consumer sectoraffect the economic performance of anation? (A)

How does our free enterprise sysetm dealwith the resulting inequality in incomedistribution? (A)

macroeconomics, GDP, intermediateproducts, secondhand sales, nonmarkettransactions, underground economy, baseyear, real GDP, current GDP, per capitaGDP, GNP, NNP, NI, PI, DPI, household,unrelated individual, family, outputexpenditure model, net exports of goodsand services

census, urban population, rural population,center of population, infrastructure, babyboom, population pyramid, dependencyration, demographers, fertilty rate, lifeexpectancy, net immigration

poverty threshold, poverty guidelines,Lorenz curve, welfare, food stamps,Medicaid, Earned Income Tax Credit,enterprise zone, workforce, negative incometax

Page 1 of 3


Topic: MacroeconomicsSubject(s):

Days: 10Grade(s):

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





Business Cycles6.1.12.D

Inflation6.1.12.C

Unemployment6.1.12.C

At what point of the business cycle are wecurrently in? (A)

How does inflation hurt both individuals andsociety? (A)

What type of unemployment are you mostsusceptible to? (A)

business cycles, business fluctiuation,recession, peak, trough, expansion, trendline, depression, depression scrip, leadingeconomic indicator, composite index ofleading economic indicators, econometricmodel

inflation, deflation, price index, CPI, marketbasket, base year, creepting inflation,hyperinflation, stagflation, PPI, implicit GDPprice deflator

civilian labor force, labor force, unemployed,unemployment rate, frictionalunemployment, structural unemployment,outsourcing, technological unemployment,cyclical umemployment, seasonalumemployment, GDP gap, misery index,discomfort index

The Evolution, Functions andCharacteristics of Money6.1.12.C

The Development of Modernbanking6.1.12.C

The Federal Reserve Systemand Monetary Policy6.2.12.C

How has money evolved and what are itsfunctions? (A)

How does fractional reserve banking work toregulate the money supply? (A)

How is the Federal Reserve Systemorganized and how does it conductmonetary policy? (A)

Federal Reserve System, Federal ReserveNotes, barter economy, commodity money,flat money, specie, monetary unit, mediumof exchange, measure of value, store ofvalue, demand deposit accounts, M1 M2

state bank, legal tender, national bank,national currency, gold certificate, silvercertificate, central bank, bank run, bankholiday, fractional reserve system, legalreserves, reserve requirement, memberbank reserves, excess reserves

member bank, monetary policy, interestrate, easy monetary policy, tight monetarypolicy, open market operations, discountrate, prime rate, quantity theory of money,currency, coins, bank holding companies,Regulation Z

Macroeconomic Equilibrium6.1.12.C

Stabilization Policies6.3.12.F

Economics and Politics6.3.12.F

(A) (A) (A)

Page 2 of 3



Days: 10Grade(s):











Page 3 of 3



Days: 10Grade(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 Growthcensus - 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


Vocab Report for Topic: MacroeconomicsSubject(s):

Days: 10Grade(s):

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

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

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

Page 2 of 4



Days: 10Grade(s):

Concept: Unemploymentcivilian 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 MoneyFederal 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 bankingstate 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



Days: 10Grade(s):

Concept: The Federal Reserve System and Monetary Policymember 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



Days: 10Grade(s):

How is price determined and what is it's role in a freeenterpise system?

Law of Demand

6.5.12.A

Changes in Demand6.2.12.F

Elasticity of Demand6.5.12.A

How do you determine demand for aproduct and what does it's curve look like?(A)

In your life experience what causes andincrease or decrease in demand? (A)

Why is gasoline an inelastic item? (A)

market economy, demand, microeconomics,demand schedule, demand curve, Law ofDemand, market demand curve, marginalutility, diminishing marginal utility

change in quantity demanded, incomeeffect, substitution effect, change indemand, substitutes, complements

elasticity, demand elasticity, elastic,inelastic, unit elastic

Supply6.5.12.B

Law of Supply6.5.12.B

Elasticity of Supply6.5.12.B

How do you determine the direction of asupply curve? (A)

What forces determine an increase ordecrease in supply? (A)

Why is it easier to increase or decrease theproduction of certain goods. (A)

supply, Law of Supply, supply schedule,supply curve, market supply curve, quantitysupplied,

change in quantity supply, change in supply,resources, productivity, taxes and subsidies,expectations, government regualations,number of sellers, technology

supply elasticity, elastic supply, inelasticsupply, unit elastic supply, productionconsideration

Page 1 of 2


Topic: Supply and DemandSubject(s):

Days: 10Grade(s):

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








Price as a Rationing Device

6.4.12.E

Equilibrium Price6.2.12.E, 6.2.12.F

Social Goals & MarketEfficiency6.2.12.K, 6.3.12.A, 6.4.12.E

What is the best rationing device for oureconomic system? (A)

How do you determine quilibrium price? (A) Why would government interfere with themarkets determination of equilibrium? (A)

price, rationing, ration coupon, rebate economic model, equilibrium price, surplus,shortage, change in demand/supply

price ceiling, minimum wage, price floor,target price, nonrecourse loan, deficiencypayment


Page 2 of 2


Topic: Supply and DemandSubject(s):

Days: 10Grade(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 Demandchange in quantity demanded - income effect - substitution effect - change in demand - substitutes - complements -

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

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

Page 1 of 2


Vocab Report for Topic: Supply and DemandSubject(s):

Days: 10Grade(s):

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

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

Concept:

Price as a Rationing Device

price - rationing - ration coupon - rebate -

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

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

Page 2 of 2


Vocab Report for Topic: Supply and DemandSubject(s):

Days: 10Grade(s):

what impact does scarcity have on the production, distribution, … · 2010-05-25 · tariff,...

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