What Are The Fundamentals Of Economics – TEKS E.1: The student understands the concepts of scarcity and opportunity cost. E.1A Explain why scarcity and choice are key economic problems in every society.
E.1A: continued The value of a thing is determined by its scarcity and usefulness. Something insignificant can have a high value (a pearl necklace) while something valuable can have a low value (water), creating a paradox of value. E.1B: Describe how societies respond to basic economic issues. The increase in goods and services is related to economic growth.
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E.1B: continued The three basic questions that every country’s economy must answer are what to do, how to do it, and to whom to do it. When deciding how to use resources, you need to evaluate the costs and benefits that match your needs. This decision leads to compromises. The former Soviet Union used opportunity costs and trade-offs to evaluate its economy and decide to transition from an agricultural to an industrial economy.
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E.1C: Describe the economic factors of production. Opportunity costs are related to trade-offs. The four factors of production are land, labor, capital and entrepreneurship. Entrepreneurs are risk takers who bring companies to economic growth and create jobs. E.1D: Interpret a production possibilities curve and explain the concepts of opportunity cost and scarcity. A production possibilities curve identifies all possible combinations of goods and services that an economy can produce.
E.1D: Constant option cost explains choosing one option over another. Evaluating the costs and benefits of using resources creates trade-offs. TEKS E.5: The student understands free enterprise, socialist and communist economic systems. E.5A: Describe the basic features of economic systems, including property rights, incentives, economic freedom, competition, and the role of government.
E.5A: continued Karl Marx believed that the beneficiaries of socialism would be the workers. The most common type of economy in the world today is a mixed economy. E.5B: Using basic characteristics of economic systems, compare free enterprise, socialism, and communism. A socialist economy provides people with goods and services that they cannot afford.
E.5C: Consider current examples of free enterprise, socialist and communist economic systems. The country with the capitalist economic system and the highest GDP per capita is Singapore. China today is an example of a country that has successfully privatized. Due to high tax rates, Sweden moved from socialism to a mixed economy in the 1980s.
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TEKS E.6: The student understands the most important features and advantages of the free enterprise system. E.6A: Explain the main features of the US free enterprise system, including private property, incentives, economic freedom, competition, and the limited role of government. It is the consumer’s responsibility to read the information on the label before purchasing. E.6B: Explain the benefits of the free enterprise system in the United States, including individual freedom for consumers and producers, product choice, price responsiveness, investment opportunities, and wealth creation.
E.6B: Continued privatization tends to raise a country’s standard of living because citizens are more productive if they feel it is in their best interests. One advantage of a market economy is the great individual freedom it offers to its citizens. In a command economy, products are more likely to be of poor quality because workers have no incentive to do good work due to a lack of profit motivation.
TEKS E.8: The student understands the circulation model of the economy. E.8A: Define the roles of resource owners and firms in the economic circular flow model and provide real-world examples to illustrate the parts of the model. The decrease in demand for new products is likely to have a negative impact on the country’s overall income level. The number of voluntary transactions in a country best explains why a country’s GDP is a measure of a citizen’s well-being.
TEKS E.22: The student applies critical thinking skills to organize and use information obtained from various valid sources, including electronics technology. E.22A: Analyze financial information by organizing, classifying, identifying cause and effect relationships, comparing, contrasting, finding main ideas, summarizing, making generalizations and predictions, and making inferences and conclusions. People who have political power in a command economy country may resist the transition to a free market economy because they fear losing control.
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TEXT E.23: The student communicates in writing, orally and visually. E.23A: Use economics terminology correctly. Gross domestic product (GDP) is the most comprehensive measure of a country’s wealth. Durable products are products designed to last at least three years, non-durable products last less than three years. Decisions about what to do are made by consumers. In a market economy, major financial decisions are made by individuals, not on their behalf.
3 Scarcity is the basic problem of all economies. There are not enough resources to produce all the goods and services people want to consume. Scarcity limits options and requires choices. Since we can’t have everything, we have to decide what we have and what we have to give up.
4 Resources are factors of production (inputs) because they are used to produce products and services (output) that people want. Resources consist of: Natural resources such as land. Land includes all natural resources (“gifts of nature”) used in the production process, such as forests, minerals and oil, and water resources
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Human resources such as labor. Work consists of the physical and mental abilities of individuals that are used to produce goods and services. Produced resources such as capital, machinery and buildings.
Microeconomics: is a branch of economics that deals with the behavior of individual units such as a person, household, firm or industry. At this level of analysis, an economist observes the details of an economic unit or a very small part of the economy, such as: Decision-making by individual customers, workers, households, and business firms. The price of a particular product. The number of employees employed by the company. The income or revenue of a particular business or household, or the expenditure of a particular business, government unit or family.
7 Macroeconomics: is the branch of economics that deals with the overall performance of the economy or its major subgroups or aggregates, such as the government, households, and the business sector. An aggregate is a set of specific economic units that are treated as a single unit. The goal of macroeconomics is to use aggregates to get an overview or an overview of the structure of the economy and the relationships of its most important aggregates.
Total production level (production). Total employment level. National income. Total consumption. the general price level in the analysis of various economic problems.
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Positive Economics: Describes economic facts and behavior. This includes description, theory development and theory testing (theoretical economics). Positive economics avoids value judgments, tries to create scientific statements about economic behavior and deals with what economics really is. Thus, positive economics deals with factual statements (“what is”).
10 Normative economics: includes value judgments about how the economy should be or what specific policy actions should be recommended to achieve a desired goal (policy economics). Normative economics examines the desirability of certain aspects of the economy. Normative economics therefore includes value judgments (“what is right”).
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