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Lowell Workers and Producers Respond to Incentives

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Lowell Workers and Producers Respond to Incentives

Grade Levels

12th Grade, 9th Grade

Course, Subject

Economics
Related Academic Standards
6.2.9.A 6.2.9.A

Analyze the flow of goods and services in the national economy.
6.2.9.C 6.2.9.C
Analyze how media affects economic decisions.
6.2.9.E 6.2.9.E

Analyze the characteristics of economic expansion, recession, and depression.
6.2.12.A 6.2.12.A

Evaluate the flow of goods and services in an international economy.
6.2.12.B 6.2.12.B

Analyze the effect of changes in the level of competition in different markets.
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  • Big Ideas
    All economic systems must answer what, and how, goods and services will be produced, and who will consume those goods and services.
    Individuals and entities endeavor to obtain goods and services and to accumulate wealth.
    Limited resources and unlimited wants require choices by individuals, groups, and nations.
  • Concepts
    Changes in education, incentives, technology, and capital investment alter productivity.
    Demands for goods and services produced, labor unions, productivity, and education/skill are factors influencing wages.
    Economic decision making requires comparing the additional costs of alternatives including benefits and liabilities. Choice or effective decisions are required to benefit individuals and societies as consumers, producers, savers, investors, and citizens.
    Government restrictions of international trade have an affect on a nation’s standard of living.
    Individuals can increase their employment odds through education, developing, and practicing new skills.
    Most traditional, command, and market economic systems have evolved into mixed economies.
    People in all societies must determine whether the division of goods and services will be largely determined by government or by individual interests.
    People, acting individually or collectively, must choose methods for the allocation of resources used to produce goods and services.
    Profit is an important incentive that leads entrepreneurs to accept the risks of failure.
    The accumulation of resources, whether abundant or not, is wealth.
    The accumulation of resources, whether abundant or not, is wealth. Individuals, regional entities and nation-states produce wealth to satisfy human needs and wants.
  • Competencies
    Analyze the political and economic implications of historic trade restrictions.
    Assess factors that impact an individual and entities’ standards of living.
    Compare the risks, returns, and other characteristics of entrepreneurship.
    Evaluate different methods of allocating goods and services by comparing the benefits and costs of each method.
    Evaluate the factors that influence wages.
    Predict future earnings based on current plans for education, training, and career options.

Description

In this lesson students learn about supply and demand and how changes in supply affect price and quantity of goods supplied.

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Lowell Workers and Producers Respond to Incentives

Content Provider

Thinkfinity content is provided through a partnership between the Verizon Foundation, the philanthropic arm of Verizon Communications, and eleven of the nation's leading educational organizations, including: The American Association for the Advancement of Science; The International Reading Association; The John F. Kennedy Center for the Performing Arts; National Center for Family Literacy; Council for Economic Education; National Endowment for the Humanities; National Council of Teachers of English; National Council of Teachers of Mathematics; National Geographic Society; ProLiteracy; and The Smithsonian's National Museum of American History.

 

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