Economics: Principles in Action 2005 Correlated to: Indiana Family and Consumer Sciences Education, Consumer Economics (High School, Grades 9-12)

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1 Indiana Family and Consumer Sciences Education, Consumer Economics Consumer Economics 1.0 PROCESSES: Explain, demonstrate, and integrate processes of thinking, communication, leadership, and management in order to apply family and consumer sciences knowledge and skills Explain and demonstrate components of directed thinking, particularly critical thinking, creative thinking, and reasoning Explain and demonstrate components, roles, functions, and styles of effective communication in family, community, and career settings. SE/TE: 6, 11, 18, 21, 27, 32, 38, 44, 47, 55, 60, 70, 73, 83, 88, 96, 99, 106, 114, 120, , 132, 137, 144, 147, 154, 164, 171, 176, 179, 188, 193, 200, 204, 207, 217, 226, 234, 237, 248, 256, 264, 267, 275, 283, 292, 295, 308, 309, 316, 324, 327, 336, 343, 350, 353, 363, 364, 369, 374, 380, 383, 393, 401, 408, 411, 418, 419, 423, 429, 434, 437, 447, 456, 464, 467, 476, 483, 488, 494, 497 Prentice Hall: Unit 2 Folder: 30; Unit 5 Folder: 8; Unit 6 Folder: 10, 34 TECH: Social Studies Skill Tutor CD-ROM; Prentice Hall: Companion Web Site The foundation of this standard can be found on: SE/TE: 7, 10, 73, 99, 180, 181, 238, 239, 268, 269, 316, 354, 355, 411, 412, 413, 497 TE: 15, 17, 26, 42, 58, 63, 64, 65, 75, 87, 89, 92, 111, 118, 127, 128, 129, 135, 141, 153, 158, 160, 173, 174, 175, 187, 192, 211, 212, 213, 222, 225, 229, 231, 232, 233, 253, 254, 262, 269, 273, 282, 288, 313, 315, 321, 339, 342, 347, 349, 361, 377, 397, 407, 413, 416, 420, 422, 442, 446, 455, 461, 463, 486 Folder: 10, 30 TECH: Prentice Hall: Social Studies Skill Tutor CD- ROM 1

2 1.3. Explain and demonstrate collaborative leadership that encourages participation and respect for the ideas, perspectives, and contributions of all group members Explain and demonstrate management and problem-solving processes to address problems, make decisions, and accomplish tasks and responsibilities in family, career and community settings Examine and demonstrate interrelationships among thinking, communication, leadership, and management processes and their applications to making decisions and addressing individual, family, community, and workplace issues. SE/TE: 48, 49, 208, 209, 296, 297, 328, 329, 354, 355, 384, 385, 468, 469 TE: 9, 10, 15, 16, 17, 30, 36, 42, 43, 63, 80, 81, 92, 105, 117, 126, 134, 135, 141, 156, 158, 161, 167, 169; 180, 187, 202, 232, 238, 245, 246, 252, 260, 263, 268, 269, 272, 274, 282, 286, 287, 303, 311, 320, 332, 333, 335, 339, 347, 361, 362, 367, 368, 372, 399, 405, 416, 421, 426, 432, 442, 451, 461, 474, 479 TECH: Prentice Hall: Social Studies Skill Tutor CD- ROM SE/TE: 11, 18, 21, 38, 47, 55, 60, 66, 73, 88, 99, 106, 114, 120, 123, 137, 144, 147, 154, 164, 165, 171, 176, 179, 193, 200, 207, 217, 227, 234, 237, 248, 256, 267, 276, 283, 295, 327, 353, 383, 411, 437, 456, 457, 467, 488, 494, 497 TECH: Prentice Hall: Social Studies Skill Tutor CD- ROM SE/TE: 48, 49, 208, 209, 296, 297, 328, 329, 468, 469 TE: 63 TECH: Prentice Hall: Social Studies Skill Tutor CD- ROM 2.0 INDIVIDUAL AND FAMILY ECONOMIC ROLES: Analyze economic actions and responsibilities of individuals and families in their roles as exchanger, consumer, investor, saver, producer, and citizen Examine interrelationships among standards, needs, wants, and goals of individuals and families and their economic roles as exchanger, consumer, investor, saver, producer, and citizen. SE/TE: 8-11, 51-55, 79-83, , 163, 164, , , 442, , Folder: 8; Prentice Hall: Lesson Plans Folder: 8, 14, 18, 21; Prentice Hall: Unit 1 Folder: 4, 5, 8, 12, 26, 27, 37 ROM: Chapter 1, 3, 4, 5 Test; Prentice Hall: Transparency Resource Package: 1B, 3A, 4A, 5B; 2

3 2.2. Assess and gain control of economic roles in light of personal standards, wants, needs, and goals Assess the power of individuals and families to proactively choose how, when and in what ways they develop and exchange their human resources for money, goods, and services Examine interrelationships of standards, wants, needs, goals, and consumer satisfaction Analyze activities and institutions used to satisfy the consumer needs and wants of individuals and families. SE/TE: 8-11, 51-55, 79-83, , 163, 164, , , , Folder: 8; Prentice Hall: Lesson Plans Folder: 8, 14, 18, 21; Prentice Hall: Unit 1 Folder: 4, 5, 8, 12, 26, 27, 37 ROM: Chapter 1, 3, 4, 5 Test; Prentice Hall: Transparency Resource Package: 1B, 3A, 4A, 5B; SE/TE: 4, 5, 53, 54, 79-83, 90-96, 98, 99, , , 442, 443 Folder: 13; Prentice Hall: Lesson Plans Folder: 18, 21, 36; Prentice Hall: Unit 2 Folder: 2, 3, 8, 13, 14, 19, 23; Prentice Hall: Unit 3 Folder: 17, 18, 24 ROM: Chapter 4, 5, 9 Test; Prentice Hall: Transparency Resource Package: 4A, 4B, 5A- 5C; SE/TE: 25, 26, 37 SE/TE: 79-83, , , , , Folder: 13; Prentice Hall: Lesson Plans Folder: 18, 21, 36; Prentice Hall: Unit 2 Folder: 2, 3, 8, 13, 14, 19, 23; Prentice Hall: Unit 3 Folder: 17, 18, 24; Prentice Hall: Unit 4 Folder: 2, 3, 8, 9, 10 ROM: Chapter 4, 5, 10 Test; Prentice Hall: Transparency Resource Package: 4A, 4B, 5A- 5C, 10A; 3

4 2.6. Determine advantages and disadvantages of investing and saving for individuals, families, and society Examine investment and saving activities, institutions, and alternatives Investigate resources and activities used by families and individuals as producers to transform human and nonhuman resources into goods and services Demonstrate responsible citizenship and leadership in allocating individual, family, and community resources. SE/TE: , , , 294, 295, 296, 297, Folder: 26, 27; Prentice Hall: Lesson Plans Folder: 40, 41, 42, 43; Prentice Hall: Unit 4 Folder: ROM: Chapter 11 Test; Prentice Hall: Transparency Resource Package: 11A-11E; SE/TE: , , 266, 267, , , , 294, 295, 296, 297, Folder: 26, 27; Prentice Hall: Lesson Plans Folder: 39, 40, 41, 42, 43; Prentice Hall: Unit 4 Folder: 4, 5, 6, 7, 9-12, ROM: Chapter 10, 11 Test; Prentice Hall: Transparency Resource Package: 10B-10F, 11A-11E; SE/TE: 4-6, 23, 24, 89, 115, 138, 165, 186, 189, 208, 209, 257, 276, 317, 344, 441, 442, SE/TE: 51-55, 57-60, 62-66, Folder: 12; Prentice Hall: Lesson Plans Folder: 14-17; Prentice Hall: Unit 1 Folder: 26-35, TECH: Presentation Pro CD-ROM; Chapter 3 Test; Prentice Hall: Transparency Resource Package: 3A; Prentice Hall: Companion Web Site 4

5 3.0 SCARCITY: Explain that because of scarcity (unlimited wants and limited resources), economics systems must be developed by individuals, families, communities, and societies in order to determine how goods and services will be produced and distributed Appraise how consumers and producers confront the concepts of scarcity, choice, and opportunity cost Define each of the productive resources (natural, human, capital) and identify the returns on each for individuals, families, and communities Identify the characteristics of traditional, market, command, and mixed economies in families, communities, and societies. SE/TE: 3-4, 6, 8, 13-18, 23-25, 36, 37, 41, 80-82, 127, 128, 478, 479 TE: 14, 17, 244 Folder: 7; Prentice Hall: Lesson Plans Folder: 7; Prentice Hall: Unit 1 Folder: 2, 3, 11 Transparency Resource Package: 1A; Presentation Pro CD-ROM; Prentice Hall: Companion Web Site SE/TE: 4-6, 8, 15, 20, 21, 24, 29, 320, 441, 442, 480, 497, 532, 533 TE: 3, 479 Folder: 7; Prentice Hall: Unit 1 Folder: 1 ROM: Chapter 1 Test; Prentice Hall: Transparency Resource Package: 1A; Economics Videotape Library: Groovin Business ; Prentice Hall: Companion Web Site SE/TE: 23, 26-27, 28-33, 34-39, 40-44, 46, 47, 48, 49, 141, 142, , 493 TE: 125, 139, 140, 143 Folder: 9, 10; Prentice Hall: Lesson Plans Folder: 11, 12, 13; Prentice Hall: Unit 1 Folder: ROM: Chapter 2 Test; Prentice Hall: Transparency Resource Package: 2C-2F; 5

6 3.4. Compare, contrast, and examine impacts on individuals, families, and communities as to how the traditional, market, command, and mixed economic systems answer the questions: What to produce? How to produce it? and For whom to produce it? 3.5. Use a production possibilities curve to explain the concepts of choice, scarcity, opportunity cost, tradeoffs, unemployment, productivity, and growth, as applied to individual, family, and community economic roles Identify and explain how individuals and families practice and are affected by the basic economic goals of freedom, efficiency, equity, security, and growth Develop and apply a decision-making model to solve economic problems in individual, family, and community settings. SE/TE: 23-27, 28-33, 34-39, 40-44, 46, 47, 48, 49, 141, 142, , 493 TE: 125, 139, 140, 143 Folder: 9, 10; Prentice Hall: Lesson Plans Folder: 11, 12, 13; Prentice Hall: Unit 1 Folder: ROM: Chapter 2 Test; Prentice Hall: Transparency Resource Package: 2A-2F; SE/TE: 13-18, 20, 21 Prentice Hall: Lesson Plans Folder: 9; Prentice Hall: Unit 1 Folder: 6, 7, 9, 10 ROM: Chapter 1 Test; Prentice Hall: Transparency Resource Package: 1C-1D; SE/TE: 25-27, 28-32, 34-38, 40-44, 46-49, 54, 55, , 326, 327, Prentice Hall: Lesson Plans Folder: 10-13, 46; Prentice Hall: Unit 1 Folder: 13-23; Unit 5 Folder: 6, 7, 9, 10 ROM: Chapter 2, 12 Test; Prentice Hall: Transparency Resource Package: 2A-2F, 12G; SE/TE: 9-11 The foundation of this standard can be found on: SE/TE: 6, 38, 55, 56, 60, 88, 89, 106, 114, 120, 137, 144, 154, 164, 171, 176, 217, 234, 248, 256, 283, 476, 483, SUPPLY AND DEMAND: Analyze the role that supply and demand, prices, and profits play in determining what individuals, families, businesses, communities, and societies produce and distribute in a market economy Demonstrate how supply and demand determine equilibrium price and quantity in the product, resource, and financial markets. SE/TE: 79-83, 98, 99, , 122, 123 Folder: 13; Prentice Hall: Unit 2 Folder: 2, 3, 13, 14; ROM: Chapter 4, 5 Test; Prentice Hall: Transparency Resource Package: 4A, 4B, 5A. 5B, 5C; 6

7 4.2. Predict factors that would cause changes in market supply and demand and their impacts on individuals, families, businesses, and communities Apply the laws of supply and demand in individual, family, and community situations Demonstrate how government wage and price controls create shortages and surpluses for individuals, families, communities, and society Explain the functions of profit in a market economy Use the concepts of price elasticity of demand and supply to explain and predict changes in quantity as price changes. SE/TE: 85-88, 98, 99, , 122, 123 Folder: 14; Prentice Hall: Unit 2 Folder: 4, 17, 18, 21 ROM: Chapter 4 Test; Prentice Hall: Transparency Resource Package: 4C, 4D, 5G; SE/TE: 79-83, 85-88, 98, 99, , , 122, 123, , , , Folder: 13, 14; Prentice Hall: Lesson Plans Folder: 18, 19, 21, 23; Prentice Hall: Unit 2 Folder: 2-5, 8, 11, 12, 13, 14, 17-19, 20, 21, 23, ROM: Chapter 4, 5, 6 Test; Prentice Hall: Transparency Resource Package: 4A-4D, 5A- 5C, 6A-6M; Prentice Hall: Companion Web Site SE/TE: , 146, 147, 224, 238, 239 Folder: 17; Prentice Hall: Unit 2 Folder: 24, 25, 30 ROM: Chapter 4 Test; Prentice Hall: Transparency Resource Package: 6E-6G; SE/TE: 29, 30, 31, 32, 52, 53, 55, 101, 102, 112, 113, 143, 162, 163, 169, 187, 219, 271 TE: 62 Companion Web Site SE/TE: 90-96, 98, 99, , 122, 123 Prentice Hall: Learning Plans Folder: 20, 21; Prentice Hall: Unit 2 Folder: 6, 7, 9, 10, 13, 14, 19, 23 ROM: Chapter 4 Test; Prentice Hall: Transparency Resource Package: 4E; Prentice Hall: Companion Web Site 7

8 4.7. Explain how consumers ultimately determine what is produced in a market economy (consumer sovereignty). SE/TE: 32, 53, 54, 549, MARKET STRUCTURE: Describe the organization and role of the firm, analyze the various types of market structure in the United States economy, and assess their impacts on individuals, families, businesses, communities, and society Compare and contrast the following forms of business organization: sole proprietorship, partnership, and corporation Identify the three basic ways that firms finance operations (retained earnings, stock issues, and borrowing), and explain the advantages and disadvantages of each Explain ways that firms engage in price and non-price competition and how this affects individuals, families, and communities Identify laws and regulations adopted in the United States to promote competition among firms. Explain how the effects of these laws have sometimes reduced competition and the impacts of this on individuals, families, and communities Describe the benefits of natural monopolies (economies of scale) and the purposes of government regulation of these monopolies (such as utilities). SE/TE: , , , , 206, 207, 456 Folder: 21, 22; Prentice Hall: Lesson Plans Folder: 31, 32, 33, 34; Prentice Hall: Unit 3 Folder: 2-14 Transparency Resource Package: 8A-8E; Presentation Pro CD-ROM; Prentice Hall: Companion Web Site SE/TE: 196, 197, 281, 282 SE/TE: 31, 32, 33, 52, 53, 55, 73, , , , 178, 179 Prentice Hall: Lesson Plans Folder: 27-29; Prentice Hall: Unit 2 Folder: 35, 37, 38, 39, 40; ROM: Chapter 7 Test; Prentice Hall: Transparency Resource Package: 7A, 7B, 7C, 7D, 7E, 7F, 7G, 7H; Prentice Hall: Companion Web Site SE/TE: , 177, 178, 179, 198 Prentice Hall: Lesson Plans Folder: 30; Prentice Hall: Unit 2 Folder: 41, 41, 44, 45 ROM: Chapter 7 Test; Prentice Hall: Transparency Resource Package: 7I; Prentice Hall: Companion Web Site SE/TE: 158, 164, 178 8

9 5.6. Define cartels, and explain how cartel collusion affects product price and output. SE/TE: 171, 173, ROLE OF GOVERNMENT: Examine government roles and actions in a market economy and their effects on individuals, families, businesses, communities, and society List and explain the basic functions of government in a market economy Identify categories of goods and services provided by various levels of government and the roles of individuals, families, and communities in selecting, supporting, producing, and using these goods and services. SE/TE: 21, 26, 27, 34-38, 40-44, 46, 47, 51, 54, 55, 57-60, 62-66, 67-70, 71, 72, 73, , , 142, , , 224, 254, 255, , , 321, 322, 326, 327, , , 352, 353, , , , , 382, 383, , , , 410, 411, 412, , , , , 436, 437 TE: 24, 41, 51, 331, 334 Folder: 10, 11, 12, 29, 31, 33-38; Prentice Hall: Lesson Plans Folder: 12, 13, 44, 45, 47, 50, 51, 59, 60; Prentice Hall: Unit 1 Folder: 17, 18, 19, 20, 28, 30, 31, 32, 33, 38; Prentice Hall: Unit 5 Folder: 2, 3, 4, 5, 8, 11-13, 14, 19; Prentice Hall: Unit 6 Folder: 2-38 ROM: Chapter 3, 12, 14, 15, 16 Test; Prentice Hall: Transparency Resource Package: 2E, 2F, 3D, 12A-12E, 13A-13C, 14A-14G, 15A-15G, 16A-16H; Economics Videotape Library: Forced Out ; Prentice Hall: Companion Web Site SE/TE: 34-38, 40-44, 46, 47, 51-55, 57-60, 62-66, 67-70, 72, 73, , , 382, 383 Folder: 10, 12, 34; Prentice Hall: Lesson Plans Folder: 12-17, 52, 53; Prentice Hall: Unit 1 Folder: 17-23, 26-37; Prentice Hall: Unit 6 Folder: 6, 7, 8, 9, 11, 12 ROM: Chapter 2, 3, 14 Test; Prentice Hall: Transparency Resource Package: 2E, 2F, 3A- 3D, 14F, 14G; Prentice Hall: Companion Web Site 9

10 6.3. Explain how government responds to positive and negative externalities in the economy Describe major expense and income categories and their respective proportions of state and federal budgets Describe different types of taxes including income, sales, property, and social security, and determine whether they are progressive, proportional, or regressive Assess the impact of specific progressive, proportional, and regressive taxes on individuals, families, and communities with different economic characteristics Assess current and future impacts of recent trends in the federal budget deficit and the national debt on individuals, families, and the national economy. SE/TE: 62-66, 71, 72, 73, 551 Folder; Prentice Hall: Unit 1 Folder: 30, 31; ROM: Chapter 3 Test; Prentice Hall: Transparency Resource Package: 3C; Prentice Hall: Companion Web Site; Economics Videotape Library: Forced Out SE/TE: , , 382, 383, 543 Folder: 34; Prentice Hall: Unit 6 Folder: 2, 5, 8, 9 ROM: Chapter 14 Test; Prentice Hall: Transparency Resource Package: 14C, 14D, 14E, 14G; Prentice Hall: Companion Web Site SE/TE: 360, 361, 363, , 382, 383, TE: 359 Folder: 33; Prentice Hall: Lesson Plans Folder: 50, 51; Prentice Hall: Unit 6 Folder: 2-5, 10, 13, 14 ROM: Chapter 14 Test; Prentice Hall: Transparency Resource Package: 14A-14E; SE/TE: 360, 361, 363, , 382, 383, TE: 359 Folder: 33; Prentice Hall: Lesson Plans Folder: 50, 51; Prentice Hall: Unit 6 Folder: 2-5, 10, 13, 14 ROM: Chapter 14 Test; Prentice Hall: Transparency Resource Package: 14A-14E; SE/TE: , 410, 411, 542 Prentice Hall: Lesson Plans Folder: 56; Prentice Hall: Unit 6 Folder: 19, 20, 22, 23, 25 ROM: Chapter 15 Test; Prentice Hall: Transparency Resource Package: 15F, 15G; 10

11 6.8. Appraise recent trends in state and federal spending and taxation, and analyze the cause of recent federal budget deficits. SE/TE: , , 382, 383, , , , 410, 411, 542 Prentice Hall: Lesson Plans Folder: 51, 52, 54, 55, 56; Prentice Hall: Unit 6 Folder: 4, 5, 6, 7, 13, ROM: Chapter 14, 15 Test; Prentice Hall: Transparency Resource Package: 14C-14F, 15A-15G; 7.0 MONEY AND THE ROLE OF FINANCIAL INSTITUTIONS: Examine the role of money and financial institutions in a market economy and their impacts on individuals, families, businesses, communities, and society Analyze and explain the basic functions of money for individuals, families, communities, and society Identify the composition of the money supply in the United States Explain the role of banks and other financial institutions in the economy of the United States and in the day-to-day activities of individuals, families, and communities. SE/TE: , 266, 267 Folder: 25; Prentice Hall: Lesson Plans Folder: 38; Prentice Hall: Unit 4 Folder: 2, 3, 8 ROM: Chapter 10 Test; Prentice Hall: Transparency Resource Package: 10A; SE/TE: 258, 259, 264, 422, 423 Prentice Hall: Lesson Plans Folder: 40; Prentice Hall: Unit 4 Folder: 6, 7, 9, 10 Transparency Resource Package: 10C, 10D, 16F; SE/TE: , , 266, 267 Folder: 26, 27; Prentice Hall: Lesson Plans Folder: 39, 40; Prentice Hall: Unit 4 Folder: 4, 5, 6, 7, 9-12 ROM: Chapter 10 Test; Prentice Hall: Transparency Resource Package: 10B-10F; 11

12 7.4. Describe the organization, functions, and impacts of the Federal Reserve System Demonstrate how banks create money through the principle of fractional reserve banking, and explain the impacts of this practice on individuals, families, and communities Identify different causes of inflation. Determine who gains and loses by inflation using individual, family, and community examples Compare and contrast services available to individuals and families from financial institutions (e.g. credit, savings, investment). SE/TE: 254, 255, , , , , 436, 437 Folder: 38; Prentice Hall: Unit 6 Folder: 26, 27, 28, 29, 30, 31, 32; Prentice Hall: ROM: Chapter 16 Test; Transparency Resource Package: 16A, 16B, 16C, 16D, 16E, 16F, 16G, 16H; Prentice Hall: Companion Web Site SE/TE: , 264, 266, 267, , 429 Prentice Hall: Lesson Plans Folder: 40; Prentice Hall: Unit 4 Folder: 6, 7, 9, 10 Companion Web Site SE/TE: , 326, 327, , 352, 353, 404 TE: 331 Folder: 31; Prentice Hall: Lesson Plans Folder: 45, 47; Prentice Hall: Unit 5 Folder: 4, 5, 11-13, 14, 19 ROM: Chapter 13 Test; Prentice Hall: Transparency Resource Package: 12D, 12E, 13A-13C; SE/TE: , , 266, 267, , , , 294, 295, Folder: 26, 27; Prentice Hall: Lesson Plans Folder: 39, 40, 41, 42, 43; Prentice Hall: Unit 4 Folder: 4, 5, 6, 7, 9-12, ROM: Chapter 10, 11 Test; Prentice Hall: Transparency Resource Package: 10B-10F, 11A-11E; 12

13 8.0 LABOR PRODUCTIVITY: Explain the importance of labor productivity to individuals, families, communities, firms, and nations by explaining how labor productivity affects income, production, costs, and standard of living Define labor productivity; identify basic factors (technology, education and training, specialization) which affect productivity Explain how increases in labor productivity improve wages and standards of living for individuals, families, communities, and society Explain how individual and family decisions to create and purchase new capital goods or to invest in education and training involves a trade-off of fewer consumer goods or services in the present in return for higher future labor productivity Explain and give individual, family, community, and society examples of economies of scale Explain ways that employers and employees have worked together to improve business productivity. SE/TE: 18, 28, 29, 47, 57, 59, 60, 73, 109, 117, 135, 159, 225, 227, , 328, 329, , 474 TE: 14, 56, 441 Folder: 30; Prentice Hall: Lesson Plans Folder: 61; Prentice Hall: Unit 7 Folder: 2, 3, 8 Companion Web Site; Economics Videotape Library: A New Era SE/TE: 26, 28, 29, 47, 59, 60, 225, 227, , 328, 329, 442, 443 Folder: 30; Prentice Hall: Lesson Plans Folder: 61; Prentice Hall: Unit 7 Folder: 2, 3, 8 Companion Web Site SE/TE: , 271, , 333, 324, 480, 481, 516 SE/TE: 157, 158, 164, 170, 178, 179, 199, 200 SE/TE: 18, 59, 60, 73, , 225, 227, 322, 323, 328,

14 8.6. Compare and contrast labor productivity trends in the United States and other developed countries Demonstrate how government expenditures, regulations, and tax policy can influence labor productivity Compare and contrast how market and nonmarket forces (such as union activity,?family friendly? policies) influence wage rates and labor productivity. SE/TE: 320 The foundation of this standard can be found on: SE/TE: Prentice Hall: Lesson Plans Folder: 24; Prentice Hall: Unit 18 Folder: 13, 14, 24, 25 ROM: Chapter 18 Test; Prentice Hall: Transparency Resource Package: 18A, 18B, 18C; SE/TE: 60, 73, , 123, 159, 160, 324, 328, 329 SE/TE: , , 236, 237 Folder: 24; Prentice Hall: Lesson Plans Folder: 36, 37; Prentice Hall: Unit 3 Folder: 17, 18, 19, 20, 24, 25 ROM: Chapter 9 Test; Prentice Hall: Transparency Resource Package: 9E, 9G; 9.0 ECONOMIC STABILIZATION: Describe economic stabilization policies, how they impact the economy, and how they influence and are influenced by individuals, families, businesses, communities, and society Define/explain the following concepts and their interrelationships with the economic roles and activities of individuals, families, and communities: fiscal policy, monetary policy, aggregate supply and demand, unemployment, gross domestic product. SE/TE: , 312, 313, 326, 327, , 352, 353, , , , 410, 411, , , , , 436, 437 Folder: 29, 31, 35, 36, 37, 38; Prentice Hall: Lesson Plans Folder: 44, 47, 54, 55, 56, 57-60; Prentice Hall: Unit 5 Folder: 2, 3, 8, 13, 14, 19; Prentice Hall: Unit 6 Folder: 15-25, ROM: Chapter 12, 13, 15, 16 Test; Prentice Hall: Transparency Resource Package: 12A- 12C, 13A-13C, 15A-15G, 16A-16H; Prentice Hall: Companion Web Site 14

15 9.2. Explain the four phases of the business cycle: expansion, peak, contraction, and recession Explain how the relationship between aggregate supply and aggregate demand is an important determinant of the levels of unemployment and inflation in an economy Explain how the government uses taxing and spending decision (fiscal policy) to promote price stability, maximum employment, and economic growth Explain the limitations of using Gross Domestic Product (GDP) to measure economic welfare Explain how the Federal Reserve uses monetary tools to promote price stability, maximum employment, and economic growth Explain how monetary policy affects the level of inflation in the economy. SE/TE: 57, , 326, 327, 433, 434 Folder: 30; Prentice Hall: Lesson Plans Folder: 46; Prentice Hall: Unit 5 Folder: 6, 7, 9, 10 ROM: Chapter 12 Test; Prentice Hall: Transparency Resource Package: 12D; SE/TE: , 333, 341, 342 Companion Web Site SE/TE: , , 408, 410, 411, 412 Folder: 35; Prentice Hall: Unit 6 Folder: 15, 16, 17; ROM: Chapter 15 Test; Prentice Hall: Transparency Resource Package: 15A, 15B, 15C, 15D, 15E; Prentice Hall: Companion Web Site SE/TE: 304, 305, 308, 327, 472 Companion Web Site SE/TE: 422, 423, , , 435, 436, 437 TE: 334 Folder: 38; Prentice Hall: Lesson Plans Folder: 59, 60; Prentice Hall: Unit 6 Folder: 30, 31, 32, 33, 35, 36, 38; ROM: Chapter 16 Test; Prentice Hall: Transparency Resource Package: 16G, 16H; SE/TE: 341, 342, 433,

16 10. TRADE: Explain why nations trade goods and services and explain the impact of trade on the economies of the nations involved Define/explain the following concepts, with an emphasis on individual, family, and community applications and impacts: absolute advantage, comparative advantage, quotas, tariffs, exchange rates, balance of payments, balance of trade, trade deficit Explain the benefits of trade among individuals, families, businesses, communities, regions, and nations Explain why countries sometimes erect barriers to trade Summarize the arguments for and against free trade. SE/TE: , , , Folder: 39, 40; Prentice Hall: Lesson Plans Folder: 61, 62, 63; Prentice Hall: Unit 7 Folder: 2-12 ROM: Chapter 17 Test; Prentice Hall: Transparency Resource Package: 17A-17G; SE/TE: , 468, 469 Prentice Hall: Lesson Plans Folder: 61; Prentice Hall: Unit 7 Folder: 2, 3, 8 ROM: Chapter 17 Test; Prentice Hall: Transparency Resource Package: 17A-17C; SE/TE: , 457, 466, 467, Folder: 39; Prentice Hall: Lesson Plans Folder: 62; Prentice Hall: Unit 7 Folder: 4, 5, 11 ROM: Chapter 17 Test; Prentice Hall: Transparency Resource Package: 17D-17F; SE/TE: 449, , 465, 466, 467, Folder: 39, Prentice Hall: Lesson Plans Folder: 62, Prentice Hall: Unit 7 Folder: 4, 5, 11 ROM: Chapter 17 Test; Prentice Hall: Transparency Resource Package: 17D-17F; 16

17 10.5. Explain the difference between balance of trade and balance of payments Explain fluctuations in currency exchange rates and how these fluctuations affect trade Describe impacts of trade agreements such as the North Atlantic Free Trade Agreement (NAFTA) and the General Agreement on Tariffs and Trade (GATT) on individuals, families, communities, and countries. SE/TE: , 466, 467 TE: 333 ROM: Chapter 17 Test; Prentice Hall: Transparency Resource Package: 17G; SE/TE: , 466, 467, 467 Folder: 40; Prentice Hall: Lesson Plans Folder: 63; Prentice Hall: Unit 6 Folder: 6, 7, 9, 10, 12 ROM: Chapter 17 Test; Prentice Hall: Transparency Resource Package: 17G; SE/TE: , Folder: 39, Prentice Hall: Lesson Plans Folder: 62, Prentice Hall: Unit 7 Folder: 4, 5, 11 ROM: Chapter 17 Test; Prentice Hall: Transparency Resource Package: 17F; reference: (updated July 2003) 17