Economics

=  = = = = = =Scarcity and= =Resource Allocation=

1. Explain how the availability of productive resources and entrepreneurship affects the production of goods and services in different world regions. A basic, easy to understand example. http://library.thinkquest.org/3901/amanda/gsfarm.htm 2. Explain that most decisions involve trade-offs and give examples. http://www.nationmaster.com/cat/eco-economy NationMaster is a fantastic site for statistics on all topics concerning the nations of the world. The information is nicely arranged by topic and can be viewed as totals, per capita, bar graphs, pie charts, or maps. Best yet, the site allows you to see correlations (both positve and negative) between different statistical topics. This allows users to investigate relationships, causes, and effects. This specific topic deals with economy. **Trade Off** [|http://www.auburn.edu/~johnspm/gloss/trade-off] A working Definition This site provides a short and quick definition of opportunity cost. Two real world examples of the term are made available to the student, which allows them to practice what they have learned. This site could be used to introduce or review a topic. The examples will interest the student and encourage them to explore more about economics. It also provides teachers with a quick assessment tool that will help them gauge their students understanding of the concept. http://library.thinkquest.org/3901/annie/op.htm =Markets= 3. Explain why trade occurs when individuals, regions and countries specialize in what they can produce at the lowest opportunity cost and how this causes both production and consumption to increase. 4. Identify goods and services that are imported and exported and explain how this trade makes countries interdependent. 5. Describe how supply and demand help to set the market clearing price for goods and services and how prices reflect the relative scarcity of goods and services. =Government and the= =Economy= 6. Distinguish between goods and services typically produced by the private sector and the public sector. A basic, easy to understand example. http://library.thinkquest.org/3901/amanda/gsfarm.htm  **Hot Shot Business ** http://www.disney.go.com/hotshot/hsb.html Become your own entrepreneur with this great start your own business online game. Choose businesses such as a skate park or comic book store and decide financing, marketing, customer needs, and other business components in hopes to make a profit!
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 * NationMaster - Economy **
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