Unit 9 Study Guide: Economics, Resources, and Global Trade

Core Vocabulary of Economics, Resources, and Global Trade

  • Scarcity: The fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources.
  • Opportunity cost: The most desirable alternative given up as the result of a decision.
  • Resources: The factors of production used in the making of goods and services, including land, labor, and capital.
  • Natural resources: Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.
  • Economic system: The method used by a society to produce and distribute goods and services (e.g., market, command, or mixed).
  • Market economy: An economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses.
  • Command economy: An economy in which production, investment, prices, and incomes are determined centrally by a government.
  • Mixed economy: An economic system combining private and public enterprise, featuring elements of both market and command economies.
  • Consumer choice: The decisions made by individuals regarding which goods and services to purchase, based on their preferences and budget constraints.
  • Specialization: The process of concentrating on and becoming expert in a particular subject or skill, or a country focusing on the production of a limited scope of goods to gain greater degrees of productive efficiency.
  • Comparative advantage: The ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.
  • Trade: The action of buying and selling goods and services between people, businesses, or countries.
  • Imports: Goods and services brought into a country from abroad for sale.
  • Exports: Goods and services produced within a country and sold to other countries.
  • Standard of living: The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a certain geographic area.

Essential Inquiries and Inquiry Goals

  • Influence of Scarcity: How does scarcity influence the choices countries make regarding production and resource allocation?
  • Rationale for Trade: Why do countries trade with one another? (Consider factors like resource availability and cost efficiencies).
  • Geography's Role in Economics: How do natural resources and geography shape an economy?
  • Economic System Evaluation: What are the strengths and weaknesses of different economic systems (Market, Command, Mixed)?
  • Global Quality of Life: How does trade affect people’s standard of living around the world?

Required Curriculum Readings (TCI Lesson 20)

  • Week 2 (Day 1): Lesson 20 Section 1 – Introduction to Economics & Scarcity.
  • Week 2 (Day 2): Lesson 20 Section 2 – Resources & Specialization.
  • Week 2 (Day 3): Lesson 20 Section 6 – Global Trade Today.

Learning Activities and Applied Simulations

  • LA 9.1: Economic System Sort (Country Cards)     * Includes the use of the LA 9.1-Assignment Sheet for organization and analysis.
  • LA 9.2: Trade Simulation – Resources & Production Goals     * Requires the LA 9.2 Assignment Sheet to track simulated economic outcomes.

Journal Entries and Critical Discussion Prompts

  • Independence vs. Interdependence: Why can’t countries produce everything they need on their own?
  • Resource Allocation: If resources are limited, who should decide how they are used?
  • Specialization Strategy: Is it better for a country to specialize in one thing or try to produce many goods?
  • Global Impact: How would your daily life change if global trade stopped entirely?

Unit Formatives and Project Milestone Assessments

  • F 6: CYOC F6-Economy Chart-Building Your Economic Foundation.docx: A foundational document for the "Create Your Own Country" project.
  • F 9.1: Economic System Quick Check: An assessment to verify understanding of different economic systems.
  • CYOC F7: Trade Planning Sheet: A document for planning international trade interactions for the student's custom country.
  • F 9.2: Case Study Response Sheet: An exercise used to analyze specific real-world or theoretical economic scenarios.
  • CYOV F8-Full Project Check: A comprehensive review of the ongoing "Create Your Own Country" (CYOC) portfolio.
  • F 9.3: Economy Comparison Matrix Check: An assessment to compare and contrast various economic structures and outcomes.

Educational Media and Study Resources

  • Slideshows: Unit 9 Slideshow – Economics, Resources & Global Trade.
  • Videos (Crash Course Economics):     * Selected clips on Scarcity & Trade.     * Selected clips on Comparative Advantage & Trade.
  • Study Tools:     * Unit 9 Vocabulary Review.     * Economy Comparison Chart.     * Review Kahoot game.

Create Your Own Country (CYOC) Practical Application

  • Economic System Selection & Justification: Choosing between market, command, or mixed systems and explaining the logic behind the choice.
  • Resource Identification and Scarcity Challenges: Identifying available resources and planning for those that are scarce.
  • Imports & Exports Planning: Developing a strategy for what the country will sell to and buy from others.
  • Trade Partner Analysis: Researching and selecting prospective nations for trade relationships.
  • Standard of Living Reflection: Analyzing how specific economic choices directly impact the quality of life for the citizens of the created country.