Principles of Economics - Glencoe

Principles of Economics 

California 

ECONOMICS 

Principles and Practices 

© 2008 

STANDARDS 

PAGE REFERENCES 

Principles of Economics 

12.1 Students understand common economic terms and concepts and economic 

reasoning. 

1. Examine the causal relationship between 

scarcity and the need for choices. 

2. Explain opportunity cost and marginal benefit 

and marginal cost. 

Student Edition: 

6-7, 19-22, 443-445 

Global Economics & You 350-351 

Visual Summary 27 

Teacher Wraparound Edition: 

AS 24; C 10; DI 6, 45, 442; HCP 9, 16, 23, 27 


19-22, 128-130, 136-137, 443-445, 521-522 

Assessment & Activities 29 



AS 20; C 25; DI 21, 22; HCP 23, 136; RS 522; 

WS 20

STANDARDS 

3. Identify the difference between monetary and 

nonmonetary incentives and how changes in 

incentives cause changes in behavior. 

4. Evaluate the role of private property as an 

incentive in conserving and improving scarce 

resources, including renewable and 

nonrenewable natural resources. 

5. Analyze the role of a market economy in 

establishing and preserving political and 

personal liberty (e.g., through the works of 

Adam Smith). 



50-51, 72-77, 122, 230, 511-512, 515-518 

Business Week 11 

Companies in the News 72 

Profiles in Economics 54, 462, 524 


AS 76, 104, 126, 478; CT 524; DI 74; RS 50; 

WS 122 


50, 512-514 


37-38, 44, 48-52, 169 

Profiles in Economics 18 


C 53; CT 51; DI 38, 44; HCP 49; WS 39 

12.2 Students analyze the elements of America's market economy in a global setting. 

1. Understand the relationship of the concept of 

incentives to the law of supply and the 

relationship of the concept of incentives and 

substitutes to the law of demand. 

2. Discuss the effects of changes in supply and/ 

or demand on the relative scarcity, price, and 

quantity of particular products. 


98, 100-101, 103-109, 117-120, 124-125, 150-151 

Case Study 126 



AS 104; DI 98; HCP 94, 100 


98-101, 108-109, 120-123, 152-153 


The Global Economy & You 114-115 

Products in the News 143 


ACL 155; AS 122; CT 121; DI 152; WS 152 

Principles of Economics 2 Economics: Principles and Practices 

© 2008

STANDARDS 

3. Explain the roles of property rights, 

competition, and profit in a market economy. 

4. Explain how prices reflect the relative scarcity 

of goods and services and perform the 

allocative function in a market economy. 

5. Understand the process by which competition 

among buyers and sellers determines a market 

price. 

6. Describe the effect of price controls on buyers 

and sellers. 

7. Analyze how domestic and international 

competition in a market economy affects goods 

and services produced and the quality, 

quantity, and price of those products. 



38, 48-51, 72-77, 136, 170-171 

Business Week 11, 138 


Profiles in Economics 54, 71 


AS 76; HCP 49, 171, 182, 188, 191; RS 50; 

WS 137 


143-144, 146, 148-154, 515 



AS 8; DI 144, 152 


143-144, 148-154, 170-171 

The Global Economy 114, 144 


DI 152, 172 


44, 46, 157-158, 219-221 

Debates in Economics 30-31 

Issues in the News 156 


AS 31, 157; DI 158; WS 31, 157 


Business Week 96, 138, 184, 418, 508 

Case Study 26, 110, 126, 434, 446, 478, 519 

Companies in the News 97, 132 

The Global Economy & You 35, 100, 136, 144, 

226-227, 350-351 



AS 96, 110; CT 227 


© 2008

STANDARDS 

8. Explain the role of profit as the incentive to 

entrepreneurs in a market economy. 



9, 50-51, 136-137 


Profiles in Economics 54, 71, 178, 237, 462 


AS 178; HCP 136 

9. Describe the functions of the financial markets. Student Edition: 

302-303, 305-311 




The Global Economy & You 308 


AS 304, 306, 307; DI 308, 309; HCP 310 

10. Discuss the economic principles that guide the 

location of agricultural production and industry 

and the spatial distribution of transportation 

and retail facilities. 






AIC 123; AS 336; DYK 122 

12.3 Students analyze the influence of the federal government on the American economy. 

1. Understand how the role of government in a 

market economy often includes providing for 

national defense, addressing environmental 

concerns, defining and enforcing property 

rights, attempting to make markets more 

competitive, and protecting consumers' rights. 

2. Identify the factors that may cause the costs of 

government actions to outweigh the benefits. 


52-53, 185-189, 357, 395-396, 516-518 





AS 24, 226, 517; C 53, 189; DI 38, 180; HCP 171, 

182, 188; RS 187; WS 31, 52, 137 


24 (definition), 46, 521-522 (definition) 


AS 24 


© 2008

STANDARDS 

3. Describe the aims of government fiscal policies 

(taxation, borrowing, spending) and their 

influence on production, employment, and 

price levels. 

4. Understand the aims and tools of monetary 

policy and their influence on economic activity 

(e.g., the Federal Reserve). 



419-425, 430-431 



AS 420, 421, 425, 428; CT 420, 425; DI 426, 430; 

HCP 426; WS 422 


355, 366, 402-405, 426-427, 431 



C 407; CT 403; DI 404, 405, 422, 426; HCP 426, 

430; RS 427; SP 402 

12.4 Students analyze the elements of the U.S. labor market in a global setting. 

1. Understand the operations of the labor market, 

including the circumstances surrounding the 

establishment of principal American labor 

unions, procedures that unions use to gain 

benefits for their members, the effects of 

unionization, the minimum wage, and 

unemployment insurance. 

2. Describe the current economy and labor 

market, including the types of goods and 

services produced, the types of skills workers 

need, the effects of rapid technological change, 

and the impact of international competition. 


198-205, 207, 210, 211-213, 216-217 

Assessment & Activities 224-225 







ALC 196; AS 212, 214, 216; C 213; DI 204, 208; 

RS 204, 211; WS 31, 202 


207-210, 215-221 


Case Study 26, 214 



Personal Finance Handbook R16 



AS 199, 210, 217, 370; C 221; CT 209; DI 208, 

218; WS 198 


© 2008

STANDARDS 

3. Discuss wage differences among jobs and 

professions, using the laws of demand and 

supply and the concept of productivity. 

4. Explain the effects of international mobility of 

capital and labor on the U.S. economy. 



208-210 

Careers 23, 52, 82, 106, 123, 153, 172, 211, 232, 

270, 300, 344, 355, 393, 431, 449, 491, 517 

Did You Know? 209 

Personal Finance Handbook R16 


AS 210; CT 209; DI 208 


76-77, 501-507 

Case Study 78, 519 

The Global Economy & You 35, 226-227, 373 



AS 226, 227; C 77; CT 227 

12.5 Students analyze the aggregate economic behavior of the U.S. economy. 

1. Distinguish between nominal and real data. Student Edition: 

319-327, 362-364 


AS 362; DI 354, 364; HCP 363 

2. Define, calculate, and explain the significance 

of an unemployment rate, the number of new 

jobs created monthly, an inflation or deflation 

rate, and a rate of economic growth. 

3. Distinguish between short-term and long-term 

interest rates and explain their relative 

significance. 


16, 22, 45, 362-364, 370-371, 470-472 




AS 362; DI 354, 364; HCP 363; SP 371 


297-302 

Figure 11.5 302 


Reading Check 303 


AS 297, 299; DI 297; HCP 302; RC 303 


© 2008

STANDARDS 


12.6 Students analyze issues of international trade and explain how the U.S. economy 

affects, and is affected by, economic forces beyond the United States's borders. 

1. Identify the gains in consumption and 

production efficiency from trade, with emphasis 

on the main products and changing geographic 

patterns of twentieth-century trade among 

countries in the Western Hemisphere. 

2. Compare the reasons for and the effects of 

trade restrictions during the Great Depression 

compared with present-day arguments among 

labor, business, and political leaders over the 

effects of free trade on the economic and 

social interests of various groups of Americans. 

3. Understand the changing role of international 

political borders and territorial sovereignty in a 

global economy. 

4. Explain foreign exchange, the manner in which 

exchange rates are determined, and the effects 

of the dollar's gaining (or losing) value relative 

to other currencies. 


441-445, 453-454 


The Global Economy & You 350-351 

Issues in the News 441, 447 


AS 351; CT 442; HCP 444 


448-453 

Debates in Economics 380-381, 466-467 


AS 351, 449, 450; DI 350, 452; HCP 451 


479-484, 505-506 



456-461 



AS 457; C 461; CT 459; DI 458; HCP 460; RS 457 


© 2008

Principles of Economics - Glencoe

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?