Economic Understandings

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The student will use the basic economic concepts of trade, opportunity cost, specialization, voluntary exchange, productivity, and price incentives to illustrate historical events a) Describe opportunity costs and their relationship to decision-making across time (such as decisions to send expeditions to North and South America) how price incentives affect peoples behavior and choices (such as colonial decisions about what crops to grow and products to produce)c) Describe how specialization improves standards of living (such as the differences in the economies in the New England, Mid-Atlantic, and Southern colonies)d) Explain how voluntary exchange helps both buyers and sellers (such as prehistoric and colonial trade in North America) how trade promotes economic activity (such as how trade between the colonies and England affected their economies)f) Give examples of technological advancements and their impact on business productivity during the development of the United States (such as the steamboat, the steam locomotive, and the telegraph).
The student will identify the elements of a personal budget and explain why personal spending and saving decisions are important.

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