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SOCIAL STUDIES

SOCIAL STUDIES. Domain III. COMPETENCY 22 Economics.

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SOCIAL STUDIES

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  1. SOCIAL STUDIES Domain III

  2. COMPETENCY 22Economics • The teacher understands the concepts and processes of government and the responsibilities of citizenship; knows how people organize economic systems to produce, distribute, and consume goods and services; and applies social science skills to information, ideas, and issues related to government and economics.

  3. Basic Principles of Economy • Definition: Economics is a social science that analyzes the principles that regulate production, distribution, and consumption of resources in society. • Macroeconomics • Microeconomics

  4. Basic Principles of Economy • Macro = Study of the economy at the world, regional, state, and local levels (inflation, unemployment, economic growth) • Micro= Deals with specific issues related to the decision making process at the household, firm, or industry levels

  5. BASIC PRINCIPLES • THEORY OF SUPPLY AND DEMAND • GOODS AND SERVICES • FREE ENTERPRISE • MONEY AND BANKING • INFLATION AND DEFLATION • DIRECT TAXATION OF US CITIZENS (16TH AMENDMENT) • INTERDEPENDENCE OF ECONOMIES

  6. SUPPLY AND DEMAND • PRICES VARY BASED ON AVAILABILITY (AT A CERTAIN PRICE) AND WILLINGNESS TO PAY THAT PRICE • NATURALLY OR ARTIFICIAL • EXAMPLE: GASOLINE PRICES, MILK PRICES

  7. GOODS AND SERVICES • ELI WHITNEY – INVENTOR OF ASSEMBLY LINE CONCEPT IN MANUFACTURING • COST DECREASES / PRODUCTIVITY INCREASES • INCREASES LIKELIHOOD OF FAMILIES BECOMING CONSUMERS, INSTEAD OF PRODUCERS

  8. FREE ENTERPRISE • ECONOMIC AND POLICITAL DOCTRINE OF THE CAPITALIST SYSTEM • ECONOMY CAN REGULATE ITSELF IN A FREELY COMPETITIVE MARKET WITH LITTLE GOVERNMENT INTERVENTION • LED TO GLOBALIZATION: CROSS-BORDER, INTERDEPENDENCE

  9. MONEY AND BANKING • THE FEDERAL RESERVE SYSTEM • PURPOSE: ENSURE A STRONG BANKING INDUSTRY • FEDERAL RESERVE BOARD OF GOVERNORS (APPOINTED TO 7 YEAR TERM, MAXIMUM 14) • ALAN GREENSPAN – CHAIRMAN 18 ½ YEARS

  10. INFLATION AND DEFLATION • FEDERAL RESERVE BANK – SETS THE INTEREST RATES BANKS USE TO LEND MONEY • GOAL IS TO KEEP A HEALTHY BALANCE BETWEEN INFLATION AND DEFLATION • INFLATION - REDUCES THE PURCHASING POWER OR VALUE OF MONEY • DEFLATION – IS THE OPPOSITE

  11. INTERDEPENDENCE OF ECONOMIES • STATE, NATIONAL, AND WORLD MARKETS • TEXAS ECONOMY IS BASED ON TELECOMMUNICATIONS, SOFTWARE, FINANCE, BIOTECHNOLOGY, AGRICULTURE, RANCHING, OIL AND COAL • NORTH AMERICAN FREE TRADE AGREEMENT (NAFTA) • OPEC DECISIONS ABOUT OIL PRICES AFFECT TEXAS

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