ALEX | Alabama Learning Exchange

Specialization and Trade: Crash Course Economics #2

Classroom Resource Information

Title:

Specialization and Trade: Crash Course Economics #2

URL:

https://www.youtube.com/watch?v=NI9TLDIPVcs&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO&index=3

Content Source:

Other
Crash Course

Type:

Audio/Video

Overview:

In this video, Adriene Hill and Jacob Clifford teach you about specialization and trade, and how countries decide whether they're going to make stuff or trade for stuff. You'll learn about things like comparative advantage, the production possibilities frontier, and how to make pizza.

Content Standard(s):

Social Studies
SS2010 (2010)
Grade: 12
Economics

1 ) Explain why productive resources are limited and why individuals, businesses, and governments have to make choices in order to meet needs and wants.

• Explaining scarcity as a basic condition that exists when unlimited wants exceed limited productive resources

• Explaining land (an example of a natural resource), labor (an example of a human resource), capital (an example of a physical or human resource), and entrepreneurship to be the factors of production

• Explaining opportunity cost as the next best alternative to relinquish when individuals, businesses, and governments confront scarcity by making choices

Unpacked Content

Strand: Economics

Course Title: Economics

Evidence Of Student Attainment:

Students:

Calculate opportunity costs.
Make decisions based on the marginal costs and marginal benefits.
Categorize examples of productive resources.

Teacher Vocabulary:

scarcity
opportunity cost
trade-off
marginal analysis
marginal benefit
marginal cost
land
labor
capital
entrepreneurial ability

Knowledge:

Students know:

Scarcity forces us to choose.
All choices involve opportunity costs.
Resources are necessary to produce goods and services.
How marginal analysis leads to rational decisions.
How to classify resources.

Skills:

Students are able to:

Calculate opportunity costs.
Correctly determine whether a particular decision should be made based on the marginal costs and marginal benefits.
Categorize examples of productive resources.

Understanding:

Students understand that:

Limited resources lead people to make choices.
Marginal analysis leads to optimal decision-making.

Alabama Alternate Achievement Standards

AAS Standard:
SS.E.AAS.12.1- Define scarcity, land, and opportunity costs; understand the concepts of resources and wants and needs; recognize that productive resources are limited and why individuals, businesses, and governments have to make choices in order to meet needs and wants.
SS.E.AAS.12.1a - Categorize examples of productive resources.

Tags:

comparative advantage, economics, production, trade

License Type:

Custom Permission Type
See Terms: https://www.pbs.org/about/about-pbs/terms-of-use/
For full descriptions of license types and a guide to usage, visit :
https://creativecommons.org/licenses

Accessibility

Video resources: includes closed captioning or subtitles

Comments

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This resource provided by:

Author:

Ginger Boyd

ALEX Classroom Resource

Specialization and Trade: Crash Course Economics #2