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1、History–SocialScienceFrameworkAdoptedbytheStateBoardofEducationonJuly14,2016History–SocialScienceFrameworkAdoptedbytheStateBoardofEducationonJuly14,2016Chapter18GradeTwelve–PrinciplesofEconomics(OneSemester)·Howiseconomicsaboutscarcity,investment,growth,employment
2、,competition,protection,entrepreneurship,andmarkets?·Whatiscapitalism?Whatareitsbenefitsandproblems?·Whatdoesitmeantobefinanciallyliterate?·Howdoworldwidemarketsaffectme?Thestudyoftwelfth-gradeeconomicsprovidesstudentswithauniqueopportunitytoconsidertheimpactofcho
3、iceuponindividuals,groups,andinstitutions.Itoffersalenstounderstandandanalyzehumanbehavioranditbuildsastudent’sabilitytomakeinformeddecisionsbaseduponrelevanteconomicinformationsuchas:ananalysisofcostsandbenefits;thetrade-offsbetweenconsumption,investment,andsavin
4、gs;theavailabilityandallocationofnaturalresources;thedistributionofresourcesamonginvestors,managers,workers,andinnovation;theroleofthegovernmentinsupporting,taxing,andinvestinginindustries;andhumanandphysicalcapital.Thedisciplinealsoprovidesanimportantframefromwhi
5、chtoconsidertheimpactofgovernmentalaction(orinaction)onthelivesofitscitizens.Understandinghowtheeconomyfunctionsandhoweconomicreasoningcaninformdecisionmakingwillprovidestudentswiththetoolstheyneedtobecomefinanciallyliterateandindependent.Economicsisthestudyofhowp
6、eoplechoosetouseresources.Itisalsoa648History–SocialScienceFrameworkAdoptedbytheStateBoardofEducationonJuly14,2016disciplinethatanalyzeshowtopromoteproductiveeconomicactivitysuchasentrepreneurship,educationandgovernmentinvestmentininfrastructure,research;itstudies
7、howtopromotefullemployment,fairwagegrowth,andreturnoncapital;itexploreshowtoavoidfinancialdislocationsandpredatorybusinesspractices;anditargueshowbesttoprovidebasicsafety-netsupportssuchasretirementforeachcitizen.Theresourcespeopleuseareland,labor,andcapital;these
8、resourcesarefinite,orwhatsomepeoplecallscarce.Scarcitymeansthatresources,suchasnaturalandhumanresources,arelimitedinquantitycomparedwiththecompetingdema
