Principles of Economics - Glencoe
Principles of Economics - Glencoe
Principles of Economics - Glencoe
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<strong>Principles</strong> <strong>of</strong> <strong>Economics</strong><br />
California<br />
ECONOMICS<br />
<strong>Principles</strong> and Practices<br />
© 2008<br />
STANDARDS<br />
PAGE REFERENCES<br />
<strong>Principles</strong> <strong>of</strong> <strong>Economics</strong><br />
12.1 Students understand common economic terms and concepts and economic<br />
reasoning.<br />
1. Examine the causal relationship between<br />
scarcity and the need for choices.<br />
2. Explain opportunity cost and marginal benefit<br />
and marginal cost.<br />
Student Edition:<br />
6-7, 19-22, 443-445<br />
Global <strong>Economics</strong> & You 350-351<br />
Visual Summary 27<br />
Teacher Wraparound Edition:<br />
AS 24; C 10; DI 6, 45, 442; HCP 9, 16, 23, 27<br />
Student Edition:<br />
19-22, 128-130, 136-137, 443-445, 521-522<br />
Assessment & Activities 29<br />
Visual Summary 27<br />
Teacher Wraparound Edition:<br />
AS 20; C 25; DI 21, 22; HCP 23, 136; RS 522;<br />
WS 20
STANDARDS<br />
3. Identify the difference between monetary and<br />
nonmonetary incentives and how changes in<br />
incentives cause changes in behavior.<br />
4. Evaluate the role <strong>of</strong> private property as an<br />
incentive in conserving and improving scarce<br />
resources, including renewable and<br />
nonrenewable natural resources.<br />
5. Analyze the role <strong>of</strong> a market economy in<br />
establishing and preserving political and<br />
personal liberty (e.g., through the works <strong>of</strong><br />
Adam Smith).<br />
PAGE REFERENCES<br />
Student Edition:<br />
50-51, 72-77, 122, 230, 511-512, 515-518<br />
Business Week 11<br />
Companies in the News 72<br />
Pr<strong>of</strong>iles in <strong>Economics</strong> 54, 462, 524<br />
Teacher Wraparound Edition:<br />
AS 76, 104, 126, 478; CT 524; DI 74; RS 50;<br />
WS 122<br />
Student Edition:<br />
50, 512-514<br />
Student Edition:<br />
37-38, 44, 48-52, 169<br />
Pr<strong>of</strong>iles in <strong>Economics</strong> 18<br />
Teacher Wraparound Edition:<br />
C 53; CT 51; DI 38, 44; HCP 49; WS 39<br />
12.2 Students analyze the elements <strong>of</strong> America's market economy in a global setting.<br />
1. Understand the relationship <strong>of</strong> the concept <strong>of</strong><br />
incentives to the law <strong>of</strong> supply and the<br />
relationship <strong>of</strong> the concept <strong>of</strong> incentives and<br />
substitutes to the law <strong>of</strong> demand.<br />
2. Discuss the effects <strong>of</strong> changes in supply and/<br />
or demand on the relative scarcity, price, and<br />
quantity <strong>of</strong> particular products.<br />
Student Edition:<br />
98, 100-101, 103-109, 117-120, 124-125, 150-151<br />
Case Study 126<br />
Companies in the News 117<br />
Teacher Wraparound Edition:<br />
AS 104; DI 98; HCP 94, 100<br />
Student Edition:<br />
98-101, 108-109, 120-123, 152-153<br />
Companies in the News 127<br />
The Global Economy & You 114-115<br />
Products in the News 143<br />
Teacher Wraparound Edition:<br />
ACL 155; AS 122; CT 121; DI 152; WS 152<br />
<strong>Principles</strong> <strong>of</strong> <strong>Economics</strong> 2 <strong>Economics</strong>: <strong>Principles</strong> and Practices<br />
© 2008
STANDARDS<br />
3. Explain the roles <strong>of</strong> property rights,<br />
competition, and pr<strong>of</strong>it in a market economy.<br />
4. Explain how prices reflect the relative scarcity<br />
<strong>of</strong> goods and services and perform the<br />
allocative function in a market economy.<br />
5. Understand the process by which competition<br />
among buyers and sellers determines a market<br />
price.<br />
6. Describe the effect <strong>of</strong> price controls on buyers<br />
and sellers.<br />
7. Analyze how domestic and international<br />
competition in a market economy affects goods<br />
and services produced and the quality,<br />
quantity, and price <strong>of</strong> those products.<br />
PAGE REFERENCES<br />
Student Edition:<br />
38, 48-51, 72-77, 136, 170-171<br />
Business Week 11, 138<br />
Companies in the News 72<br />
Pr<strong>of</strong>iles in <strong>Economics</strong> 54, 71<br />
Teacher Wraparound Edition:<br />
AS 76; HCP 49, 171, 182, 188, 191; RS 50;<br />
WS 137<br />
Student Edition:<br />
143-144, 146, 148-154, 515<br />
Products in the News 143<br />
Teacher Wraparound Edition:<br />
AS 8; DI 144, 152<br />
Student Edition:<br />
143-144, 148-154, 170-171<br />
The Global Economy 114, 144<br />
Teacher Wraparound Edition:<br />
DI 152, 172<br />
Student Edition:<br />
44, 46, 157-158, 219-221<br />
Debates in <strong>Economics</strong> 30-31<br />
Issues in the News 156<br />
Teacher Wraparound Edition:<br />
AS 31, 157; DI 158; WS 31, 157<br />
Student Edition:<br />
Business Week 96, 138, 184, 418, 508<br />
Case Study 26, 110, 126, 434, 446, 478, 519<br />
Companies in the News 97, 132<br />
The Global Economy & You 35, 100, 136, 144,<br />
226-227, 350-351<br />
Products in the News 91<br />
Teacher Wraparound Edition:<br />
AS 96, 110; CT 227<br />
<strong>Principles</strong> <strong>of</strong> <strong>Economics</strong> 3 <strong>Economics</strong>: <strong>Principles</strong> and Practices<br />
© 2008
STANDARDS<br />
8. Explain the role <strong>of</strong> pr<strong>of</strong>it as the incentive to<br />
entrepreneurs in a market economy.<br />
PAGE REFERENCES<br />
Student Edition:<br />
9, 50-51, 136-137<br />
Business Week 11, 138<br />
Pr<strong>of</strong>iles in <strong>Economics</strong> 54, 71, 178, 237, 462<br />
Teacher Wraparound Edition:<br />
AS 178; HCP 136<br />
9. Describe the functions <strong>of</strong> the financial markets. Student Edition:<br />
302-303, 305-311<br />
Business Week 312<br />
Case Study 304<br />
Companies in the News 305<br />
The Global Economy & You 308<br />
Teacher Wraparound Edition:<br />
AS 304, 306, 307; DI 308, 309; HCP 310<br />
10. Discuss the economic principles that guide the<br />
location <strong>of</strong> agricultural production and industry<br />
and the spatial distribution <strong>of</strong> transportation<br />
and retail facilities.<br />
Student Edition:<br />
Case Study 147<br />
Companies in the News 132<br />
The Global Economy & You 136<br />
Teacher Wraparound Edition:<br />
AIC 123; AS 336; DYK 122<br />
12.3 Students analyze the influence <strong>of</strong> the federal government on the American economy.<br />
1. Understand how the role <strong>of</strong> government in a<br />
market economy <strong>of</strong>ten includes providing for<br />
national defense, addressing environmental<br />
concerns, defining and enforcing property<br />
rights, attempting to make markets more<br />
competitive, and protecting consumers' rights.<br />
2. Identify the factors that may cause the costs <strong>of</strong><br />
government actions to outweigh the benefits.<br />
Student Edition:<br />
52-53, 185-189, 357, 395-396, 516-518<br />
Business Week 312<br />
Debates in <strong>Economics</strong> 30-31<br />
Products in the News 185<br />
Teacher Wraparound Edition:<br />
AS 24, 226, 517; C 53, 189; DI 38, 180; HCP 171,<br />
182, 188; RS 187; WS 31, 52, 137<br />
Student Edition:<br />
24 (definition), 46, 521-522 (definition)<br />
Teacher Wraparound Edition:<br />
AS 24<br />
<strong>Principles</strong> <strong>of</strong> <strong>Economics</strong> 4 <strong>Economics</strong>: <strong>Principles</strong> and Practices<br />
© 2008
STANDARDS<br />
3. Describe the aims <strong>of</strong> government fiscal policies<br />
(taxation, borrowing, spending) and their<br />
influence on production, employment, and<br />
price levels.<br />
4. Understand the aims and tools <strong>of</strong> monetary<br />
policy and their influence on economic activity<br />
(e.g., the Federal Reserve).<br />
PAGE REFERENCES<br />
Student Edition:<br />
419-425, 430-431<br />
Pr<strong>of</strong>iles in <strong>Economics</strong> 428<br />
Teacher Wraparound Edition:<br />
AS 420, 421, 425, 428; CT 420, 425; DI 426, 430;<br />
HCP 426; WS 422<br />
Student Edition:<br />
355, 366, 402-405, 426-427, 431<br />
Pr<strong>of</strong>iles in <strong>Economics</strong> 368<br />
Teacher Wraparound Edition:<br />
C 407; CT 403; DI 404, 405, 422, 426; HCP 426,<br />
430; RS 427; SP 402<br />
12.4 Students analyze the elements <strong>of</strong> the U.S. labor market in a global setting.<br />
1. Understand the operations <strong>of</strong> the labor market,<br />
including the circumstances surrounding the<br />
establishment <strong>of</strong> principal American labor<br />
unions, procedures that unions use to gain<br />
benefits for their members, the effects <strong>of</strong><br />
unionization, the minimum wage, and<br />
unemployment insurance.<br />
2. Describe the current economy and labor<br />
market, including the types <strong>of</strong> goods and<br />
services produced, the types <strong>of</strong> skills workers<br />
need, the effects <strong>of</strong> rapid technological change,<br />
and the impact <strong>of</strong> international competition.<br />
Student Edition:<br />
198-205, 207, 210, 211-213, 216-217<br />
Assessment & Activities 224-225<br />
Business Week 222<br />
Debates in <strong>Economics</strong> 30-31<br />
The Global Economy & You 204<br />
Pr<strong>of</strong>iles in <strong>Economics</strong> 206<br />
Visual Summary 223<br />
Teacher Wraparound Edition:<br />
ALC 196; AS 212, 214, 216; C 213; DI 204, 208;<br />
RS 204, 211; WS 31, 202<br />
Student Edition:<br />
207-210, 215-221<br />
Business Week 84, 96<br />
Case Study 26, 214<br />
The Global Economy & You 204<br />
Issues in the News 215<br />
Personal Finance Handbook R16<br />
Visual Summary 223<br />
Teacher Wraparound Edition:<br />
AS 199, 210, 217, 370; C 221; CT 209; DI 208,<br />
218; WS 198<br />
<strong>Principles</strong> <strong>of</strong> <strong>Economics</strong> 5 <strong>Economics</strong>: <strong>Principles</strong> and Practices<br />
© 2008
STANDARDS<br />
3. Discuss wage differences among jobs and<br />
pr<strong>of</strong>essions, using the laws <strong>of</strong> demand and<br />
supply and the concept <strong>of</strong> productivity.<br />
4. Explain the effects <strong>of</strong> international mobility <strong>of</strong><br />
capital and labor on the U.S. economy.<br />
PAGE REFERENCES<br />
Student Edition:<br />
208-210<br />
Careers 23, 52, 82, 106, 123, 153, 172, 211, 232,<br />
270, 300, 344, 355, 393, 431, 449, 491, 517<br />
Did You Know? 209<br />
Personal Finance Handbook R16<br />
Teacher Wraparound Edition:<br />
AS 210; CT 209; DI 208<br />
Student Edition:<br />
76-77, 501-507<br />
Case Study 78, 519<br />
The Global Economy & You 35, 226-227, 373<br />
Issues in the News 215<br />
Teacher Wraparound Edition:<br />
AS 226, 227; C 77; CT 227<br />
12.5 Students analyze the aggregate economic behavior <strong>of</strong> the U.S. economy.<br />
1. Distinguish between nominal and real data. Student Edition:<br />
319-327, 362-364<br />
Teacher Wraparound Edition:<br />
AS 362; DI 354, 364; HCP 363<br />
2. Define, calculate, and explain the significance<br />
<strong>of</strong> an unemployment rate, the number <strong>of</strong> new<br />
jobs created monthly, an inflation or deflation<br />
rate, and a rate <strong>of</strong> economic growth.<br />
3. Distinguish between short-term and long-term<br />
interest rates and explain their relative<br />
significance.<br />
Student Edition:<br />
16, 22, 45, 362-364, 370-371, 470-472<br />
The Global Economy & You 323<br />
Issues in the News 353<br />
Teacher Wraparound Edition:<br />
AS 362; DI 354, 364; HCP 363; SP 371<br />
Student Edition:<br />
297-302<br />
Figure 11.5 302<br />
Issues in the News 296<br />
Reading Check 303<br />
Teacher Wraparound Edition:<br />
AS 297, 299; DI 297; HCP 302; RC 303<br />
<strong>Principles</strong> <strong>of</strong> <strong>Economics</strong> 6 <strong>Economics</strong>: <strong>Principles</strong> and Practices<br />
© 2008
STANDARDS<br />
PAGE REFERENCES<br />
12.6 Students analyze issues <strong>of</strong> international trade and explain how the U.S. economy<br />
affects, and is affected by, economic forces beyond the United States's borders.<br />
1. Identify the gains in consumption and<br />
production efficiency from trade, with emphasis<br />
on the main products and changing geographic<br />
patterns <strong>of</strong> twentieth-century trade among<br />
countries in the Western Hemisphere.<br />
2. Compare the reasons for and the effects <strong>of</strong><br />
trade restrictions during the Great Depression<br />
compared with present-day arguments among<br />
labor, business, and political leaders over the<br />
effects <strong>of</strong> free trade on the economic and<br />
social interests <strong>of</strong> various groups <strong>of</strong> Americans.<br />
3. Understand the changing role <strong>of</strong> international<br />
political borders and territorial sovereignty in a<br />
global economy.<br />
4. Explain foreign exchange, the manner in which<br />
exchange rates are determined, and the effects<br />
<strong>of</strong> the dollar's gaining (or losing) value relative<br />
to other currencies.<br />
Student Edition:<br />
441-445, 453-454<br />
Debates in <strong>Economics</strong> 466-467<br />
The Global Economy & You 350-351<br />
Issues in the News 441, 447<br />
Teacher Wraparound Edition:<br />
AS 351; CT 442; HCP 444<br />
Student Edition:<br />
448-453<br />
Debates in <strong>Economics</strong> 380-381, 466-467<br />
Teacher Wraparound Edition:<br />
AS 351, 449, 450; DI 350, 452; HCP 451<br />
Student Edition:<br />
479-484, 505-506<br />
Business Week 485<br />
Student Edition:<br />
456-461<br />
Visual Summary 463<br />
Teacher Wraparound Edition:<br />
AS 457; C 461; CT 459; DI 458; HCP 460; RS 457<br />
<strong>Principles</strong> <strong>of</strong> <strong>Economics</strong> 7 <strong>Economics</strong>: <strong>Principles</strong> and Practices<br />
© 2008