Summary of Ga. Council on Economic Education Seminar February 22 nd, 2011 Presented by Dr. Glen Blankenship

How will the CRCT be different for Social Studies??? For 6 th graders: History - 29% Geography- 31% Government- 15% Economics- 25% For 7 th graders : History- 20% Geography – 35% Government- 20% Economics- 25%

GA Schools have been told to teach Social Studies this way : Kindergarten- symbols 1 st grade- American Heroes 2 nd grade- Your GA 3 rd grade- US Democratic Heritage 4 th grade- US History to th grade- US History 1860 to present 6 th grade- Modern World (Latin America, Canada, Europe, Oceania) 7 th grade- Modern World (Middle East, Asia, Africa) 8 th grade- Georgia History US History American Government World History Economics 6 th and 7 th grade SS is the only time students get world history or economics before HS

6 th grade countries to focus on.

According to Dr. Blankenship….. These are the countries 7 th graders should focus on.

There are only 3 Economic Topics to know in 6 th and 7 th grades !!! Economic Systems Traditional Command Market (free market) Trade What is it? Why have it? What restrictions are there on it? How has trade affected our world? How does it affect us now? Economic Growth How do we measure it? (GDP) What slows it down? (environ. Issues, war, etc…) How do you promote economic growth? (human capital and capital goods/tools)

There are major Economics vocabulary words and terms that 6 th and 7 th graders should know. Capital Resource Natural Resource Currency Exchange Rate Command Economy Traditional Economy Market Economy Quota Human Resource Tariff Embargo Trade Specialization Gross Domestic Product Opportunity Cost Scarcity Globalization Export Import Interdependence Supply/Demand Barriers Income Per Capita Productivity Market Surplus Deficit Trade Balance Entrepreneurship

WHAT IS ECONOMICS??? “Because, apparently, you have to know a lot about it.” ECONOMICS (teacher talk) –making decisions about allocating limited resources in order to acquire our unlimited wants ECONOMICS (student talk) – There’s only so much stuff out there. Deciding who gets what, when, where, how and how much is what economics is all about. When there is not very much of something, that’s called Scarcity.

Globalization??? Globalization refers to increases in how different national economies (from different countries) work together. Used to describe all of the ways national economies are connected internationally -Like the buying and selling of goods, services and ideas between different nations. -How international travel has allowed for people and resources,used to produce goods and services, to be moved faster and more efficiently between countries. -How governments have worked to create policies to maximize (or slow down) international trade cooperation and the sharing of ideas between countries.

What does OPPORTUNITY COSTS mean? When you choose to do something, you give up doing something else. Most of us have a scarcity of time, money or resources. Yet, we choose to do things everyday. OPPORTUNITY COSTS are the next best alternative that’s available, when you make a decision. In student talk, its your 2 nd choice. Your time is limited. You chose to use it, by improving your education (that’s human capital, by the way). You came to school today. “We’re going to Social Studies!!!” Or, you could have stayed home and eaten ice cream. You didn’t though…..that’s your opportunity costs