Social Studies State Tests Review It’s all important!!!
ECONOMICS!!!! Goal Statements for the Economics Standards: • Students will learn to examine the relationship between costs and benefits, and the values associated with them. • Students will understand economic principles, whole economies, and the interactions between different types of economies to comprehend the movement and exchange of information, capital, and products across the globe. • Students will be able to assess the impact of market influences and governmental actions on the economy in which they live. • Students will make personal economic choices and participate responsibly and effectively in social decision making as citizens in an increasingly competitive and interdependent global economy.
Economics 1 Economics Standard One: Students will analyze the potential costs and benefits of personal economic choices in a market economy [Microeconomics 9-12: Students will demonstrate how individual economic choices are made within the context of a market economy in which markets influence the production and distribution of goods and services.
Econ 1 terms Choice: A choice is what an individual must make when faced with two ormore alternative uses of a resource. Market Economy: A market economy is an economic system in which supply,demand, and the price system help people make decisions and allocateresources. Production: Production is the means of creating goods and servicesusing productive resources (natural, capital, human, andentrepreneurship). This can range from a single craftsperson producing agood from beginning to end to mass production and the assembly line. Distribution: Distribution is the way in which a nation's resources,goods and services are allocated. Goods: Goods are objects that can satisfy people's wants. Services: Services are actions that can satisfy people's wants
EU Enduring Understandings Students will understand that: Due to scarcity, individuals as producers and consumers, families, communities, and societies as a whole must make choices in their activities and consumption of goods and services. Goods, services, and resources in a market economy are allocated based on the choices of consumers and producers. Effective decision making requires comparing the additional costs of alternatives relative to the additional benefits received.
Econ 1 item • What is the opportunity cost of producing 75 units of item B using a Production Possibility Frontier (PPF)? • 100 of Item A • 125 of Item A • $ 45 • Can not be determined with this data
Economics 2 Economics Standard Two: students will examine the interaction of individuals, families, communities, businesses, and governments in a market economy [Macroeconomics 9-12: Students will develop an understanding of how economies function as a whole, including the causes and effects of inflation, unemployment, business cycles, and monetary and fiscal policies
Econ 2 terms Inflation: Inflation is an increase in most prices; deflation is adecrease in most prices. Unemployment: Unemployment exists when people who are actively lookingfor work do not have jobs. Business Cycle: The business cycle is systematic changes in real GDPmarked by alternating periods of expansion and contraction. Monetary Policy: Monetary policy consists of actions initiated by anation's central bank that affect the amount of money available in theeconomy and its cost (interest rates). Fiscal Policy: Fiscal Policy is the use of government spending andrevenue collection measures to influence the economy.
EU Enduring Understandings Students will understand that: A nation’s overall levels of income, employment, and prices are determined by the interaction of spending and production decisions made by all households, firms, government, and trading partners. Because of interdependence, decisions made by consumers, producers, and government impact a nation’s standard of living. Market economies are dependent on the creation and use of money, and a monetary system to facilitate exchange.
Econ 2 item What is a possible reaction by the Federal Reserve to a drastic increase in unemployment? Explain what impact this would have to the overall economy.
Econ 2 item #2 Which of the following indices measures the amount of money spent in the overall economy: A. CPI B. GDP C. GDP per capita D. FRED
Economics 3 Economics Standard Three: students will understand different types of economic systems and how they change [Economic Systems]. 9-12: Students will analyze the wide range of opportunities and consequences resulting from the current transitions from command to market economies in many countries.
Econ 3 terms Transition: Transition is a period of change in which an economy movesaway from a centrally planned economy toward a market-based system. Command Economy: A command economy is an economic system characterizedby a central authority that makes most of the major economic decisions.
EU Enduring Understandings Students will understand that: • Because resources are scarce, societies must organize the production, distribution, and allocation of goods and services. • The way societies make economic decisions depends on cultural values, availability and quality of resources, and the type and use of technology. • Changing economic systems impact standards of living. Different economic systems—traditional, command, market, and mixed market —have evolved over time. Each of these systems has costs and benefits for its citizens. Students will be more empowered when they comprehend how interdependent the world has become and what their role in the economy is. Underlying the choices and decisions for every economy are the goals of efficiency, equity, freedom, growth, security, and stability.
Econ 3 item What is a possible outcome of an economy moving from Command to Market? A. Prices of goods will go down B. Variety of goods will go up C. Unemployment will go down D. Quality of goods will decline
Economics 4 Economics Standard Four: students will examine the patterns and results of international trade [International trade]. 9-12: students will analyze and interpret the influence of the distribution of the world’s resources, political stability, national efforts to encourage or discourage trade, and the flow of investment on patterns of international trade
Econ 4 terms Flow of Investment: the direction and amounts of financial capital thatmoves across national boundaries for the purpose of increasing economicgrowth Patterns of International trade: the manner in which nations tradebased on location, types of goods and services, and government policieswhich cause the costs and benefits of trading to develop Political Stability: the ability of governments to establish andmaintain continuity over time without many changes to how they performthe functions necessary to governing
EU Enduring Understandings Students will understand that: Individuals and nations trade when all parties expect to gain. Nations with different economic systems often specialize and become interdependent as a result of international trade. Government actions that promote competition and free trade among people and nations increase the health of an economy and the welfare of nations
Econ 4 item • Location of Petroleum Reserves • (by percentage) • North America 3.7 • Western Europe 1.6 • Eastern Europe 5.9 • Latin America 12.5 • Africa 6.2 • Middle East 65.4 • Australia 0.2 • Asia4.5 • Total 100.0 • Explain how the worldwide distribution of oil has affected the patterns of international trade and economic dependence.
EU Limited financial resources compel responsible individuals to make decisions by weighing the benefits against the opportunity cost of each alternative. All financial decisions have short, intermediate and long term consequences. A citizen that lives within his or her income has more control over his or her life while expanding choices. Individuals engage in savings and investing to achieve short, intermediate, and long term financial goals. Having the knowledge and skills to understand and evaluate various types of goods and services, and how to pay for them, can help prevent or limit financial loss.
Personal Finance 1 Personal Finance Standard One [Financial Planning and Decision-Making] An individual’s goals affect how they value the benefits and costs of alternative choices. A financial plan is a strategy to accomplish an individual’s or household’s financial goals that will change as an individual’s or household’s situation changes. Effective financial plans incorporate the possibility of unexpected expenditures.
9-12 benchmarks PF 1 9-12a: Students will apply problem-solving strategies and cost benefit analysis to assess the consequences of financial decisions. 9-12b: Students will create an overall financial plan for spending and saving in order to achieve personal goals.
Terms for PF1 • Opportunity costs • Trade-offs • Financial Success • Wealth • Costs • Incentives • PACED: • Problem • Alternatives • Criteria • Evaluate • Decide (Solve) • Goals • Short term • Medium term • Long term • Action Plans • Bureau of Labor • Statistics Employment • Sectors • Gross Pay • Net Pay • Taxes & Tax Table • FICA • Medicare • Medicaid • Deductions • Benefits • W-2, W-4, • 1040EZ
Example question PF1 Which of the following is NOT a tool for making economic decisions: A. PACED B. Cost/ Benefit Analysis C. Graphic Organizer D. Budget Spreadsheet E. None of the above Explain your answer:
Personal Finance 2 Personal Finance Standard Two [Money Management] When purchasing goods and services, individuals must choose among payment options to maximize benefits. Prudent individuals limit borrowing based on their ability to repay.
9-12 Benchmarks PF 2 9-12a: Students will analyze the benefits and costs of various payment options while applying the mechanics of money management. 9-12b: Students will examine how ability to pay and personal credit history influences an individual’s financial opportunities and choices.
Terms PF 2 Durables Consumables Interest rates APR Types of credit Credit score Borrower Lender Credit cards Debit cards Checks Cash Money orders Minimum payment trap (compounding) Credit Report Credit Bureaus Revolving Credit Unsecured Debt Secured Debt Installment Plans Closed-ended credit Open-ended credit Real Interest Rate Interest Finance Charge Finance Charge Balloon Payments Credit Limits Annual fees Cash Advances Grace period Reward points Identity theft Fair Credit Reporting Truth in lending Fair Billing Equal Credit Opportunity
Example Question –PF2 List 3 examples of when making use of credit is considered economically appropriate. List 3 examples of when one should NOT use credit to make purchases.
Personal Finance 3 Personal Finance Standard Three [Saving and Investing] Every savings and investment decision has a trade-off in terms of giving up goods and services today. Savings options and investments vary in their potential risks, liquidity, and rate of return. Individuals and households invest by purchasing assets that may earn income and/or appreciate in value over time.
9-12 Benchmarks PF 3 9-12a: Students will demonstrate that personal savings and investment compound over time and contribute to meeting financial goals. 9-12b: Students will evaluate the costs and benefits of major savings and investing options.
Terms PF 3 Compounding Rule of 72 Liquidity Risk Rate of return Financial goals Diversify Savings account Savings bonds Certif. of Deposit Bonds Stocks Mutual Funds Real estate Risk-Reward Pyramid Types of risks Financial Market Liquidity Inflation Reward/Return Debt financing Equity financing Interest Primary markets Secondary markets Closing price Dividends Net Asset Value Stock Symbol Trading Volume
Example question PF 3 Which of the following is a form of investing, as opposed to savings, method. A. Stock portfolio B. Checking account C. Pension D. Certificate of Deposit (CD)
Personal Finance 4 Personal Finance Standard Four [Risk Protection] Risks are associated with life and unplanned events can have serious or catastrophic financial consequences over which an individual may have little control. A citizen with the knowledge and skills to evaluate financial products can prevent or limit loss.
Benchmarks PF 4 9-12a: Students will understand how to evaluate financial products and services to minimize financial risks. 9-12b: Students will analyze how state and federal laws and regulations protect consumers.
Terms PF 4 FTC Attny General Better business bureau Credit repair Pyramid, Ponzi Loan scam Financial aid scam Rent to Own Identity theft Risk Insurance Premium Coverage Whole life Term life Cash value Limited payment Endowment policy No fault Liability Medical Collision Property Comprehensive
Example Question- PF 4 Which type of insurance is beneficial but NOT currently required by government or an institution: A. Homeowners Insurance B. Car Insurance C. Renters Insurance D. Health Insurance
CIVICS!!!! The purpose of citizenship education is to contribute to the health of our democracy and to empower students “to translate their beliefs into actions and their ideas into policies.” The primary goal of the Delaware Civics Standards is student understanding of the purpose and means of authority and freedom and the relationship between them
Civics 1 Civics Standard One: Students will examine the structure and purposes of governments with specific emphasis on constitutional democracy [Government]. 9-12: Students will analyze the ways in which the structure and purposes of different governments around the world reflect differing ideologies, cultures, values, and histories
Civics 1 terms Structure - the arrangement of parts. Ideology - a set of basic beliefs about life, culture, society, and government. Culture - the set of shared attitudes, values, goals, and practices that characterize a group. Values - those principles or beliefs that a group of people consider to be important or desirable
EU Enduring Understandings Students will understand that: • Constitutional democracy as a structure of government developed from the tension between the need for authority and the need to constrain authority. • Governments are structured to address the basic needs of the people in a society. The key to understanding the purposes, principles, and generalizations called for in the standards is to begin with the question “Why?” For example, Standard One says, “Students will examine the structure and purposes of governments with specific emphasis on constitutional democracy.” The purposes of governments, of course, are the “why” of governments. Beginning with the question, “Why do we have government?” yields the question, “What needs does government address?” The answer to this question is the foundational understanding for the benchmarks of the standard. The structure of governments is determined in part by history and custom, but mostly they grow from what reason and experience have taught societies about the organizational requirements for achieving the purposes of government
Civics 2A Civics Standard Two: Students will understand the principles and ideals underlying the American political system [Politics]. 9-12: Students will examine and analyze the extra-Constitutional role that political parties play in American politics.
Civics 1 item #2 To find the purpose of the United States type of government (WHY is our government structured the way that it is), one needs to look at : A. U. S. Constitution B. The Preamble C. The Bill of Rights D. The Declaration of Independence
Civics 2b Civics Standard Two: Students will understand the principles and ideals underlying the American political system [Politics]. 9-12: Students will understand that the functioning of the government is a dynamic process which combines the formal balances of power incorporated in the Constitution with traditions, precedents, and interpretations which have evolved over the past 200 years.
Civics 2 terms Extra-Constitutional - that which is authorized by a loose or implied interpretation of the Constitution or something other than the Constitution itself. Political party - a group with broad common interests that organizes to nominate candidates for office, win elections, conduct government, and determine public policy. Functioning - the manner in which something (e.g. government) acts or operates. Dynamic - characterized by continuous and productive activity or change. Balance of power - principle or feature of the Constitution whereby power is distributed equally among the three branches of government. Incorporated - united or worked into something already existing so that it forms an indistinguishable whole. Tradition - an inherited, customary, or established pattern of thought, action, or behavior. Precedent - something that influences or guides a later decision or action; often used in the context of court cases. Interpretations - particular versions of something that are intended to explain or tell the meaning of.
EU Enduring Understanding Students will understand that: The principles and ideals underlying American democracy are designed to promote the freedom of the American people. Fundamental ideals are enumerated in the introduction to this standard—individual liberty, freedom of religion, representative democracy, equal opportunity, and equal protection under the law. This is not a complete list of the main ideals of American democracy, but they are umbrella concepts. For example, the principles of limited government and civil rights are means to achieve individual liberty.