Economics Unit 5

Big Idea:

People develop, learn, and adapt cultures to create identities (who we are) and shape societies (communities). People organize economic systems to produce (make), distribute (give out), and consume (use or buy) goods and services.

Student Expectations:

Priority TEKS

ECON.3(B) apply the concept of comparative advantage to explain why and how countries trade

ECON.3(C) analyze the impact of U.S. imports and exports on the United States and its trading partners

ECON.4(B) evaluate the benefits and costs of participation in international free-trade agreements

ECON.4(C) analyze the effects of changes in exchange rates on imports and exports

ECON.11(C) analyze how trade relates to growth

Focus TEKS

ECON.3(A) explain the concepts of absolute and comparative advantages

ECON.4(A) compare the effects of free trade and trade barriers on economic activities

ECON.8(C) explain how the circular-flow model is affected by the rest of the world

ECON.9(B) identify and evaluate ordinances and regulations that apply to the establishment and operation of various types of businesses

Ongoing TEKS

ECON.1(B) describe how societies answer the basic economic questions

ECON.5(B) compare the free enterprise system, socialism, and communism using the basic characteristics of economic systems

ECON.5(C) examine current examples of free enterprise, socialist, and communist economic systems

ECON.7(B) identify and evaluate examples of restrictions that the government places on the use of business and individual property

Student Learning Targets:

• I will recognize the importance of international trade, foreign exchange, and the interdependence among nations.
• I will analyze the problems of economically developing countries.
• I will identify and discuss the significant global economic challenges that are facing the world today.

Essential Questions:

• How do different countries answer the basic economic questions?
• What is the primary economic structure in the world?
• How does international trade affect the economy in the United States?
• How are the economies of various countries influenced by the economies of other countries?

Extra Information:

Adopted Textbook:

District Grading Policy

Texas Gateway Online Resource Center