2. Economics--GPS SS4E1 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 the New World). b. Explain how price incentives affect people’s 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 how specific economies in the three colonial regions developed). d. Explain how voluntary exchange helps both buyers and sellers (such as prehistoric and colonial trade in North America).

3. Economics—GPS p.2 SS4E1 The student will use the basic economic concepts of trade, opportunity cost, specialization, voluntary exchange, productivity, and price incentives to illustrate historical events. (CONTINUED) e. Describe how trade promotes economic activity (such as how trade activities in the early nation were managed differently under the Articles of Confederation and the Constitution). f. Give examples of technological advancements and their impact on business productivity during the development of the United States. SS4E2 The student will identify the elements of a personal budget and explain why personal spending and saving decisions are important.

4. Economics—Table of Contents GMAS: #1 #2 #3 #4 #5 #6 #7#1#2#3#4#5#6#7 #8 #9 #10 #11 #12 #13 #14#8#9#10#11#12#13 #14 Economics Terms: *trade *opportunity cost *specializationtradeopportunity costspecialization *voluntary exchange *productivity *price incentivesvoluntary exchangeproductivityprice incentives Links: Page 1 Page 2 Page 3Page 1Page 2Page 3 Videos

5. Economics—Definition--#1 Trade means: Table of Contents Buying and selling goods and services Making a path in the wilderness Hunting animals for food and clothing Answer Key

6. Economics—Definition--#2 Opportunity cost means: Table of Contents Cost of needs and wants When having several choices, lose benefits from one choice because you chose something else. Having lots of choices Answer Key

7. Economics—Definition--#3 Specialization means: Table of Contents A product that is of excellent quality Buying and selling of goods and services Having to do with one type of product, service, or job Answer Key

8. Economics—Definition--#4 Voluntary exchange means: Table of Contents Willing to trade one item for another, such as choosing to pay to go to the movie theater Buying and selling of goods and services Unwilling to trade one item for another, such as having to pay taxes Answer Key

9. Economics—Definition--#5 Productivity means: Table of Contents A product that is of excellent quality Being able to produce something, such as crops or making pencils Buying and selling of goods and services Answer Key

10. Economics—Definition--#6 Price incentives means: Table of Contents Low price which causes you to buy that product or service (“on sale”) High price which causes you to buy that product or service Buying and selling of goods and services Answer Key

11. Economics—GMAS #1 A trapper in North America in the 1500s would trade his pelts and/or furs for what other item? A. ships B. cars C. money D. food Table of Contents Answer Key

12. Economics—GMAS #2 How did the building of the Hoover Dam help California and Arizona prosper? A. It ended the Dust Bowl B. It promoted jobs for Social Security. C. There was agricultural development. D. It forced workers to retire, creating new jobs. Table of Contents Answer Key

13. Economics—GMAS #3 What issue did the United States face concerning trade under the Articles of Confederation? A. Spain wanted to close the Ohio River to traders. B. Slavery became a necessity in order to increase trade. C. Britain would not allow American ships in its ports. D. The country's leaders wanted to control growth and stop all trading. Table of Contents Answer Key

14. Economics—GMAS #4 Because farming was difficult in the New England colonies, what industry became popular? A. teaching B. medicine C. slavery D. shipbuilding Table of Contents Answer Key

15. Economics—GMAS #5 In economics, there are natural and non- natural resources. Which of the following statements could describe a non-natural resource? A. They are found in rocks and soils. B. They could be made by people in factories. C. They are made by the forces of nature. D. They could be found in the rivers and oceans. Table of Contents Answer Key

16. Economics—GMAS #6 In economics there are renewable and nonrenewable resources. Which of the following is an example of a nonrenewable resource? A.Soil B.Coal C.Trees D.Water Table of Contents Answer Key

17. Economics—GMAS #7 In economics there are goods and services. Which sentence describes a good? A.Goods are objects that people are paid to make. B.Goods are resources found in nature. C.Goods are jobs people do to help other people. D.Goods are people and places. Table of Contents Answer Key

18. Economics—GMAS #8 Which of the following jobs would MOST LIKELY be identified with the Northeast? A.Cattle rancher B.Corn farmer C.Diamond miner D.Lobster fisherman Table of Contents Answer Key

19. Economics—GMAS #9 People use both natural and non-natural resources. Which of the following is an example of a non-natural resource? A.Oil B.Gold C.Water D.Plastic Table of Contents Answer Key

20. Economics—GMAS #10 People use natural and human resources. Which of the following is an example of a natural resource? A.Machines used by the worker B.Oil used to heat the factory C.People in the factories D.Skills of the worker Table of Contents Answer Key

21. Economics—GMAS #11 People cannot have everything that they want, therefore, they will have to choose what they want the most. The economic term that best explains why people cannot have everything they want is A.Goods. B.Scarcity. C.Services. D.Barter. Table of Contents Answer Key

22. Economics—GMAS #12 People use both natural resources and non- natural resources. Which is a definition of a natural resource? A.Anything from the physical environment B.Work that people do in the environment C.Services that people do for other people D.Material objects made in factories Table of Contents Answer Key

23. Economics—GMAS #13 Some people sell goods, while other people sell services. Which of the following people sell a service? A.Fisherman B.Farmer C.Miner D.Teacher Table of Contents Answer Key

24. Economics—GMAS #14 People use natural and man-made resources. Which of the following is NOT a natural resource? A.Oil B.Fish C.Wood D.Plastic Table of Contents Answer Key

25. Economics—Links Money Matters for Kids—Lots of GAMES, LOTS of links, videos to learn about money and economics Free Tech 4 Teachers—Links for history, geography, economics, social studies Kathi Mitchell’s Economics for Kids—LOTS of links Social Studies for Kids—Economics Games eThemes--Economics Table of Contents Economics Links Page 2

26. Economics—Links p.2 US Mint—Games, Facts, Quizzes BrainPOP Excellent information on Economics & 13 Colonies (includes hyperlinked dictionary terms/definitions) Excellent chart summarizing the 13 Colonies Colony; Founded; Region; Founder; Religion; Government; Original Purpose; Economics; Note Table of Contents Economics Links Page 3

27. Economics—Links p.3 Mr. Nussbaum (links, puzzle, games) ProTeacher—A Study of the Colonial Economy from 1600-1750 Economics Songs (lyrics only) Economics Online Test by Tami Maloney (15 mc questions) Money in North American History Table of Contents

28. Economics—United Streaming Videos Understanding Economics(25:00)--This program provides an overview of economic principles and uses examples that students may encounter in their own lives. Economics….(16:24) This program defines and illustrates three basic kinds of resources; natural resources, labor, and capital. Students learn the principle of "opportunity costs" in all phases of resource utilization, I.e. the use of a resource for one purpose means it cannot be used for another. Finally, the program presents some of the forces that determine how we choose to use resources in economic activities. Economics…(18:57)--Students learn the differences between goods and services and that each is divided into consumer and industrial. The "factors of production:" are defined and illustrated using real businesses. Through skits, we see how the factors of production can be combined in various ways in a market economy to result in profit or loss. Economics (15:17)--This program defines the three basic needs common to humanity: food and water, shelter, and clothing. This program examines how a market economy works to satisfy wants. Students learn that the principle of "opportunity cost" governs the use of resources to satisfy wants and needs. Table of Contents

29. Answer Key: Economics—GMAS #1 A trapper in North America in the 1500s would trade his pelts and/or furs for what other item? A. ships B. cars C. money D. food Table of Contents Go to CRCT #2

30. Answer Key: Economics—GMAS #2 How did the building of the Hoover Dam help California and Arizona prosper? A. It ended the Dust Bowl B. It promoted jobs for Social Security. C. There was agricultural development. D. It forced workers to retire, creating new jobs. Table of Contents Go to CRCT #3

31. Answer Key: Economics—GMAS #3 What issue did the United States face concerning trade under the Articles of Confederation? A. Spain wanted to close the Ohio River to traders. B. Slavery became a necessity in order to increase trade. C. Britain would not allow American ships in its ports. D. The country's leaders wanted to control growth and stop all trading. Table of Contents Go to CRCT #4

32. Answer Key: Economics—GMAS #4 Because farming was difficult in the New England colonies, what industry became popular? A. teaching B. medicine C. slavery D. shipbuilding Table of Contents Go to CRCT #5

33. Answer Key: Economics—GMAS #5 In economics, there are natural and non- natural resources. Which of the following statements could describe a non-natural resource? A. They are found in rocks and soils. B. They could be made by people in factories. C. They are made by the forces of nature. D. They could be found in the rivers and oceans. Table of Contents Answer Key Go to CRCT #6

34. Answer Key: Economics—GMAS #6 In economics there are renewable and nonrenewable resources. Which of the following is an example of a nonrenewable resource? A.Soil B.Coal C.Trees D.Water Table of Contents Answer Key Go to CRCT #7

35. Answer Key: Economics—GMAS #7 In economics there are goods and services. Which sentence describes a good? A.Goods are objects that people are paid to make. B.Goods are resources found in nature. C.Goods are jobs people do to help other people. D.Goods are people and places. Table of Contents Answer Key Go to CRCT #8

36. Answer Key: Economics—GMAS #8 Which of the following jobs would MOST LIKELY be identified with the Northeast? A.Cattle rancher B.Corn farmer C.Diamond miner D.Lobster fisherman Table of Contents Answer Key Go to CRCT #9

37. Answer Key: Economics—GMAS #9 People use both natural and non-natural resources. Which of the following is an example of a non-natural resource? A.Oil B.Gold C.Water D.Plastic Table of Contents Answer Key Go to CRCT #10

38. Answer Key: Economics—GMAS #10 People use natural and human resources. Which of the following is an example of a natural resource? A.Machines used by the worker B.Oil used to heat the factory C.People in the factories D.Skills of the worker Table of Contents Answer Key Go to CRCT #11

39. Answer Key: Economics—GMAS #11 People cannot have everything that they want, therefore, they will have to choose what they want the most. The economic term that best explains why people cannot have everything they want is A.Goods. B.Scarcity. C.Services. D.Barter. Table of Contents Answer Key Go to CRCT #12

40. Answer Key: Economics—GMAS #12 People use both natural resources and non- natural resources. Which is a definition of a natural resource? A.Anything from the physical environment B.Work that people do in the environment C.Services that people do for other people D.Material objects made in factories Table of Contents Answer Key Go to CRCT #13

41. Answer Key: Economics—GMAS #13 Some people sell goods, while other people sell services. Which of the following people sell a service? A.Fisherman B.Farmer C.Miner D.Teacher Table of Contents Answer Key Go to CRCT #14

42. Answer Key: Economics—GMAS #14 People use natural and man-made resources. Which of the following is NOT a natural resource? A.Oil B.Fish C.Wood D.Plastic Table of Contents

43. Economics—Definition--#1 Trade means: Table of Contents Buying and selling goods and services Making a path in the wilderness Hunting animals for food and clothing Go to #2 (see also: glossary from BRT Projects)glossary

44. Economics—Definition--#2 Opportunity cost means: Table of Contents Cost of needs and wants When having several choices, lose benefits from one choice because you chose something else. Having lots of choices Go to #3 (see also: glossary from BRT Projects)glossary

45. Economics—Definition--#3 Specialization means: Table of Contents A product that is of excellent quality Buying and selling of goods and services Having to do with one type of product, service, or job Go to #4(see also: glossary from BRT Projects)glossary

46. Economics—Definition--#4 Voluntary exchange means: Table of Contents Willing to trade one item for another, such as choosing to pay to go to the movie theater Buying and selling of goods and services Unwilling to trade one item for another, such as having to pay taxes Go to #5 (see also: glossary from BRT Projects)glossary

47. Economics—Definition--#5 Productivity means: Table of Contents A product that is of excellent quality Being able to produce something, such as crops or making pencils Buying and selling of goods and services Go to #6 (see also: glossary from BRT Projects)glossary

48. Economics—Definition--#6 Price incentives means: Table of Contents Low price which causes you to buy that product or service (“on sale”) High price which causes you to buy that product or service Buying and selling of goods and services (see also: glossary from BRT Projects)glossary