Scarcity and Resource Allocation

1. Compare the endowment of productive resources in world regions and explain how this endowment contributed to specialization, trade and interdependence in ancient times.

Markets

2. Describe the growth of cities and the establishment of trade routes in Asia, Africa and Europe; the products and inventions that traveled along these routes (e.g., spices, textiles, paper, precious metals and new crops); and the role of merchants.

Scarcity and Resource Allocation

1. Explain how the uneven distribution of productive resources influenced historic events such as the Civil War.

Markets

2. Discuss how mercantilism and the establishment of colonies led to increased global trading during the 17th and 18th centuries.

3. Explain the purpose and effects of trade barriers such as tariffs enacted before the Civil War.

Scarcity and Resource Allocation

1. Explain how the uneven distribution of productive resources influenced historic events such as the Civil War.

Markets

2. Discuss how mercantilism and the establishment of colonies led to increased global trading during the 17th and 18th centuries.

3. Explain the purpose and effects of trade barriers such as tariffs enacted before the Civil War.

Government and the Economy

4. Explain how lack of power to regulate the economy contributed to the demise of the Articles of Confederation and the creation of U.S. Constitution.

5. Explain how governmental protection of property rights and regulation of economic activity impacted the development of the U.S. economy.

Markets

1. Describe costs and benefits of trade with regard to:
a.   Standard of living;

b.   Productive capacity;

c.   Usage of productive resources;

d.   Infrastructure.

2. Explain how changing methods of production and a country's productive resources affect how it answers the fundamental economic questions of what to produce, how to produce, and for whom to produce.

3. Analyze characteristics of traditional, market, command and mixed economies with regard to:
a.   Private property;

b.   Freedom of enterprise;

c.   Competition and consumer choice;

d.   The role of government.

Government and the Economy

4. Analyze the economic costs and benefits of protectionism, tariffs, quotas and blockades on international trade.