Candyce Park’s Super Awesome
Social Studies Study Guide
Economics and Science, Technology and Society
Filling in the gaps. Here are the competencies that need work with some added assistance.
Competency 020 (Economic Concepts and Types of Economic Systems)
The teacher understands basic economic concepts, major developments in economic thought and various types of economic systems. The beginning teacher:
A. Demonstrates knowledge of the concepts of scarcity and opportunity costs and their significance.
B. Understands the circular-flow model of the economy.
C. Analyzes interactions among supply, demand and price and factors that cause changes in supply, demand and price, and interprets supply-and demand graphs.
E. Understands free enterprise, socialist and communist economic systems in different places and eras.
F. Understands and compares types of market structures (e.g., pure competition, monopolistic competition, oligopoly, monopoly).
G. Demonstrates knowledge of concepts and issues related to international trade (e.g., absolute and comparative advantage, effects of changes in the exchange rate of world currencies, free trade and the effects of trade barriers)
Competency 021(Structure and Operation of the U.S. Free Enterprise System)
The teacher understands the structure and operation of the U.S. free enterprise system; the role of government, business, consumers and labor in the system; and basic concepts of consumer economics. The beginning teacher:
A. Analyzes the origins and development of the free enterprise system in the United States and understands the basic principles of the U.S. free enterprise system (e.g., profit motive, voluntary exchange, private property rights, competition).
B. Analyzes issues and developments related to U.S. economic growth from the 1870s to the present (e.g., anti-trust acts; tariff policies; The New Deal; economic effects of World War I, World War II and the Cold War; increased globalization of the economy).
C. Understands and compares types of business ownership (e.g., sole proprietorships, partnerships, corporations).
D. Demonstrates knowledge of the role of financial institutions in saving, investing and borrowing.
E. Analyzes the role of government in the U.S. free enterprise system (e.g., significance of government rules and regulations, impact of fiscal and monetary policy decisions, role and function of the Federal Reserve System, relationship between government policies and international trade).
F. Demonstrates knowledge of the goals of economic growth, stability, full employment, freedom, security, equity and efficiency as they apply to U.S. economic policy.
G. Understands the rights and responsibilities of consumers, labor and business in the U.S. free enterprise system.
H. Demonstrates knowledge of basic concepts of personal financial literacy and consumer economics (e.g., factors involved in decisions to acquire goods and services, means by which savings can be invested, risks and rewards of various investment options).
Competency 022 (Science, Technology and Society)
The teacher understands major scientific and mathematical discoveries and technological innovations and the societal significance of these discoveries and innovations. The beginning teacher:
A. Demonstrates knowledge of how major scientific and mathematical discoveries and technological innovations have affected societies throughout history.
B. Traces the origin and diffusion of major of ideas in mathematics, science and technology that occurred in river valley civilizations, classical Greece and Rome, classical India, the Islamic Caliphates between 700 and 1200 and in China from the Tang to Ming Dynasties.
D. Demonstrates knowledge of the contributions of significant scientists and inventors (e.g., Copernicus, Galileo, Isaac Newton, Marie Curie, Thomas Edison, Albert Einstein).
E. Understands how major scientific and mathematical discoveries and technological innovations have affected societies from 1750 to the present.
F. Demonstrates knowledge of how specific developments in science, technology and the free enterprise system have affected the economic development of the United States (e.g., cotton gin, Bessemer steel process, electric power, telephone, railroad, petroleum-based products, computers).
G. Analyzes moral and ethical issues related to changes in science and technology.
H. Analyzes the impact of scientific discoveries, technological innovations and the free enterprise system on the standard of living in the United States (e.g., radio, television, automobile, vaccines).
Your Study Buddy
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