Module 5: Economics

Standards Covered:

E.6_12.57 - I can describe and evaluate various macroeconomic measurements available to determine an economy's size and strength.

E.6_12.67 - I can analyze and describe trade, economic development, and suppliers in various aspects of economies around the world.

Big Ideas:

1. Economic systems help people buy the goods and services they need.

• The main problem in economics is scarcity.

• Scarcity shapes how societies use factors of production.

2. Geographers understand world economies by studying factors of production, economic activities and levels of development.

• There are three basic types of economic systems.

• Contemporary societies have mixed economies.

• The United States benefits from a free enterprise system.

• Governments provide public goods.

• Geographers categorize countries based on levels of economic development and range of economic activities.

3. People and businesses sell goods and services to earn income, which they can then use to build wealth.

• Money is used as a medium of exchange, a store of value, and a unit of account.

• Banks are places to store money, earn money, and borrow money.

• People can use their earnings to build wealth.

4. Fast, easy global connections have made cultural exchange, trade, and a cooperative world community possible.

• Globalization links the world's countries together through culture and trade.

• The world community works together to solve global conflicts and crises.

• Multinational corporations make global trade easier and allow countries to become more interdependent.

Vocabulary for Module:

• Economy

• Culture

• Economic Factors

• Economic Systems

• Gross Domestic Product (GDP)

• GDP Per Capita

Notes for Module:

1. Economic Basics

2. Economic Systems

3. Money & Banking Part 1

4. Money & Banking Part 2

5. Living in a Global Economy Part 1

6. Living in a Global Economy Part 2