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Economics--GPS
SS4E1 The student will use the basic economic concepts of trade, opportunity cost, specialization, voluntary exchange, productivity, and price incentives to illustrate historical events.
a. Describe opportunity costs and their relationship to decision-making across time (such as decisions to send expeditions to the New World).
b. Explain how price incentives affect people’s behavior and choices (such as colonial decisions about what crops to grow and products to produce).
c. Describe how specialization improves standards of living (such as how specific economies in the three colonial regions developed).
d. Explain how voluntary exchange helps both buyers and sellers (such as prehistoric and colonial trade in North America).
Economics—GPS p.2SS4E1 The student will use the basic economic concepts of trade, opportunity cost, specialization, voluntary exchange, productivity, and price incentives to illustrate historical events. (CONTINUED)
e. Describe how trade promotes economic activity (such as how trade activities in the early nation were managed differently under the Articles of Confederation and the Constitution). f. Give examples of technological advancements and their impact on business productivity during the development of the United States.
SS4E2 The student will identify the elements of a personal budget and explain why personal spending and saving decisions are important.
Economics—Table of Contents
GMAS: #1 #2 #3 #4 #5 #6 #7
#8 #9 #10 #11 #12 #13 #14
Economics Terms:*trade *opportunity cost *specialization
*voluntary exchange *productivity *price incentives
Links: Page 1 Page 2 Page 3
Videos
Economics—Definition--#1
Trade means:
Table of Contents
Buying and selling goods and services
Making a path in the wilderness
Hunting animals for food and clothing
Answer Key
Economics—Definition--#2
Opportunity cost means:
Table of Contents
Cost of needs and wants
When having several choices, lose benefits fromone choice because you chose something else.
Having lots of choices
Answer Key
Economics—Definition--#3
Specialization means:
Table of Contents
A product that is of excellent quality
Buying and selling of goods and services
Having to do with one type of product, service, or job
Answer Key
Economics—Definition--#4
Voluntary exchange means:
Table of Contents
Willing to trade one item for another, such aschoosing to pay to go to the movie theater
Buying and selling of goods and services
Unwilling to trade one item for another, such as having to pay taxes
Answer Key
Economics—Definition--#5
Productivity means:
Table of Contents
A product that is of excellent quality
Being able to produce something, such as crops or making pencils
Buying and selling of goods and services
Answer Key
Economics—Definition--#6
Price incentives means:
Table of Contents
Low price which causes you to buy that productor service (“on sale”)
High price which causes you to buy that productor service
Buying and selling of goods and services
Answer Key
Economics—GMAS #1
A trapper in North America in the 1500s would trade his pelts and/or furs for what other item?
A. shipsB. carsC. moneyD. food
Table of Contents
Answer Key
Economics—GMAS #2
How did the building of the Hoover Dam help California and Arizona prosper?
A. It ended the Dust BowlB. It promoted jobs for Social Security.C. There was agricultural development.D. It forced workers to retire, creating new jobs.
Table of Contents
Answer Key
Economics—GMAS #3
What issue did the United States face concerning trade under the Articles of Confederation?
A. Spain wanted to close the Ohio River to traders.B. Slavery became a necessity in order to increase trade.C. Britain would not allow American ships in its ports.D. The country's leaders wanted to control growth and stop all trading.
Table of Contents
Answer Key
Economics—GMAS #4
Because farming was difficult in the New England colonies, what industry became popular?
A. teachingB. medicineC. slaveryD. shipbuilding
Table of Contents
Answer Key
Economics—GMAS #5
In economics, there are natural and non-natural resources. Which of the following statements could describe a non-natural resource?
A. They are found in rocks and soils.B. They could be made by people in factories.C. They are made by the forces of nature.D. They could be found in the rivers and oceans.
Table of Contents
Answer Key
Economics—GMAS #6
In economics there are renewable and nonrenewable resources. Which of the following is an example of a nonrenewable resource?
A.SoilB.CoalC.TreesD.Water
Table of Contents
Answer Key
Economics—GMAS #7
In economics there are goods and services. Which sentence describes a good?
A.Goods are objects that people are paid to make.
B.Goods are resources found in nature.
C.Goods are jobs people do to help other people. D.Goods are people and places.
Table of Contents
Answer Key
Economics—GMAS #8
Which of the following jobs would MOST LIKELY be identified with the Northeast?
A.Cattle rancherB.Corn farmerC.Diamond minerD.Lobster fisherman
Table of Contents
Answer Key
Economics—GMAS #9
People use both natural and non-natural resources. Which of the following is an example of a non-natural resource?
A.OilB.GoldC.WaterD.Plastic
Table of Contents
Answer Key
Economics—GMAS #10
People use natural and human resources. Which of the following is an example of a natural resource?
A.Machines used by the workerB.Oil used to heat the factoryC.People in the factoriesD.Skills of the worker
Table of Contents
Answer Key
Economics—GMAS #11
People cannot have everything that they want, therefore, they will have to choose what they want the most. The economic term that best explains why people cannot have everything they want is
A.Goods.B.Scarcity.C.Services.D.Barter.
Table of Contents
Answer Key
Economics—GMAS #12
People use both natural resources and non-natural resources. Which is a definition of a natural resource?
A.Anything from the physical environment
B.Work that people do in the environment
C.Services that people do for other people
D.Material objects made in factories
Table of Contents
Answer Key
Economics—GMAS #13
Some people sell goods, while other people sell services. Which of the following people sell a service?
A.FishermanB.FarmerC.MinerD.Teacher
Table of Contents
Answer Key
Economics—GMAS #14
People use natural and man-made resources. Which of the following is NOT a natural resource?
A.OilB.FishC.WoodD.Plastic
Table of Contents
Answer Key
Economics—Links
Money Matters for Kids—Lots of GAMES, LOTS of links, videos to learn about money and economics
Free Tech 4 Teachers—Links for history, geography, economics, social studies
Kathi Mitchell’s Economics for Kids—LOTS of links
Social Studies for Kids—Economics Games
eThemes--Economics
Table of Contents
Economics LinksPage 2
Economics—Links p.2
US Mint—Games, Facts, Quizzes
BrainPOP
Excellent information on Economics & 13 Colonies(includes hyperlinked dictionary terms/definitions)
Excellent chart summarizing the 13 Colonies Colony; Founded; Region; Founder; Religion; Government; Original Purpose; Economics; Note
Table of Contents
Economics LinksPage 3
Economics—Links p.3Mr. Nussbaum (links, puzzle, games)
ProTeacher—A Study of the Colonial Economy from 1600-1750
Economics Songs (lyrics only)
Economics Online Test by Tami Maloney (15 mc questions)
Money in North American History
Table of Contents
Economics—United Streaming VideosUnderstanding Economics(25:00)--This program provides an overview of economic principles and uses examples that students may encounter in their own lives.
Economics….(16:24) This program defines and illustrates three basic kinds of resources; natural resources, labor, and capital. Students learn the principle of "opportunity costs" in all phases of resource utilization, I.e. the use of a resource for one purpose means it cannot be used for another. Finally, the program presents some of the forces that determine how we choose to use resources in economic activities.
Economics…(18:57)--Students learn the differences between goods and services and that each is divided into consumer and industrial. The "factors of production:" are defined and illustrated using real businesses. Through skits, we see how the factors of production can be combined in various ways in a market economy to result in profit or loss.
Economics (15:17)--This program defines the three basic needs common to humanity: food and water, shelter, and clothing. This program examines how a market economy works to satisfy wants. Students learn that the principle of "opportunity cost" governs the use of resources to satisfy wants and needs.
Table of Contents
Answer Key: Economics—GMAS #1
A trapper in North America in the 1500s would trade his pelts and/or furs for what other item?
A. shipsB. carsC. moneyD. food
Table of Contents
Go to CRCT #2
Answer Key: Economics—GMAS #2
How did the building of the Hoover Dam help California and Arizona prosper?
A. It ended the Dust BowlB. It promoted jobs for Social Security.C. There was agricultural development.D. It forced workers to retire, creating new jobs.
Table of Contents
Go to CRCT #3
Answer Key: Economics—GMAS #3
What issue did the United States face concerning trade under the Articles of Confederation?
A. Spain wanted to close the Ohio River to traders.B. Slavery became a necessity in order to increase trade.C. Britain would not allow American ships in its ports.D. The country's leaders wanted to control growth and stop all trading.
Table of Contents
Go to CRCT #4
Answer Key: Economics—GMAS #4
Because farming was difficult in the New England colonies, what industry became popular?
A. teachingB. medicineC. slaveryD. shipbuilding
Table of Contents
Go to CRCT #5
Answer Key: Economics—GMAS #5
In economics, there are natural and non-natural resources. Which of the following statements could describe a non-natural resource?
A. They are found in rocks and soils.B. They could be made by people in factories.C. They are made by the forces of nature.D. They could be found in the rivers and oceans.
Table of Contents
Answer Key
Go to CRCT #6
Answer Key: Economics—GMAS #6
In economics there are renewable and nonrenewable resources. Which of the following is an example of a nonrenewable resource?
A.SoilB.CoalC.TreesD.Water
Table of Contents
Answer Key
Go to CRCT #7
Answer Key: Economics—GMAS #7
In economics there are goods and services. Which sentence describes a good?
A.Goods are objects that people are paid to make.
B.Goods are resources found in nature.
C.Goods are jobs people do to help other people. D.Goods are people and places.
Table of Contents
Answer Key
Go to CRCT #8
Answer Key: Economics—GMAS #8
Which of the following jobs would MOST LIKELY be identified with the Northeast?
A.Cattle rancherB.Corn farmerC.Diamond minerD.Lobster fisherman
Table of Contents
Answer Key
Go to CRCT #9
Answer Key: Economics—GMAS #9
People use both natural and non-natural resources. Which of the following is an example of a non-natural resource?
A.OilB.GoldC.WaterD.Plastic
Table of Contents
Answer Key
Go to CRCT #10
Answer Key: Economics—GMAS #10
People use natural and human resources. Which of the following is an example of a natural resource?
A.Machines used by the workerB.Oil used to heat the factoryC.People in the factoriesD.Skills of the worker
Table of Contents
Answer Key
Go to CRCT #11
Answer Key: Economics—GMAS #11
People cannot have everything that they want, therefore, they will have to choose what they want the most. The economic term that best explains why people cannot have everything they want is
A.Goods.B.Scarcity.C.Services.D.Barter.
Table of Contents
Answer Key
Go to CRCT #12
Answer Key: Economics—GMAS #12
People use both natural resources and non-natural resources. Which is a definition of a natural resource?
A.Anything from the physical environment
B.Work that people do in the environment
C.Services that people do for other people
D.Material objects made in factories
Table of Contents
Answer Key
Go to CRCT #13
Answer Key: Economics—GMAS #13
Some people sell goods, while other people sell services. Which of the following people sell a service?
A.FishermanB.FarmerC.MinerD.Teacher
Table of Contents
Answer Key
Go to CRCT #14
Answer Key: Economics—GMAS #14
People use natural and man-made resources. Which of the following is NOT a natural resource?
A.OilB.FishC.WoodD.Plastic
Table of Contents
Economics—Definition--#1
Trade means:
Table of Contents
Buying and selling goods and services
Making a path in the wilderness
Hunting animals for food and clothing
Go to #2(see also: glossary from BRT Projects)
Economics—Definition--#2
Opportunity cost means:
Table of Contents
Cost of needs and wants
When having several choices, lose benefits fromone choice because you chose something else.
Having lots of choices
Go to #3(see also: glossary from BRT Projects)
Economics—Definition--#3
Specialization means:
Table of Contents
A product that is of excellent quality
Buying and selling of goods and services
Having to do with one type of product, service, or job
Go to #4(see also: glossary from BRT Projects)
Economics—Definition--#4
Voluntary exchange means:
Table of Contents
Willing to trade one item for another, such aschoosing to pay to go to the movie theater
Buying and selling of goods and services
Unwilling to trade one item for another, such as having to pay taxes
Go to #5(see also: glossary from BRT Projects)
Economics—Definition--#5
Productivity means:
Table of Contents
A product that is of excellent quality
Being able to produce something, such as crops or making pencils
Buying and selling of goods and services
Go to #6(see also: glossary from BRT Projects)
Economics—Definition--#6
Price incentives means:
Table of Contents
Low price which causes you to buy that productor service (“on sale”)
High price which causes you to buy that productor service
Buying and selling of goods and services
(see also: glossary from BRT Projects)
