HS Econ with FIn Lit Organizing Principle 7

Organizing Principle 7: Understand the fundamental concepts and interrelationships of the United States Pacing 4 days
economy in the international marketplace (Unit 7).

Measurement Topics Curriculum Standards Benchmarks Academic Language

Global Economy and 1. Examine absolute and comparative advantage, and explain why most trade occurs SS.912.E.3.2 1. Absolute advantage
Economic Thought because of comparative advantage. SS.912.E.3.3 2. Comparative advantage
Learning Targets: 3. Law of Comparative
• Students will define and distinguish between absolute and comparative advantage. SS.912.E.3.4
• Students will analyze the impact of unequal distribution of resources on Advantage
SS.912.E.3.6 4. Export
specialization and trade. SS.912.E.3.1* 5. Import
SS.912.E.3.5* 6. Trade barrier
• Students will examine how specialization and trade benefit nations. 7. Embargo
2. Discuss the effect of barriers to trade and why nations sometimes erect barriers to 8. Import quota
9. Customs duty
trade or establish free trade zones. 10. Trade war
Learning Targets: 11. Protectionism
12. Infant industry
• Students will identify types of trade barriers (tariffs, quotas, and embargoes) and the 13. World Trade Organization

purposes of imposing them. (WTO)
14. European Union (EU)
• Students will distinguish between the effects of different types of trade barriers. 15. MERCOSUR
• Students will assess the effect of trade barriers on domestic consumers and 16. NAFTA

producers.

• Students will examine arguments for and against protectionism.
• Students will analyze arguments for and against international trade agreements and

free trade zones.

• Examples may include, but are not limited to, NAFTA, CAFTA, quotas, and tariffs.
3. Assess the economic impact of negative and positive externalities on the

international (natural) environment.
Learning Targets:

• Students will identify the effects of positive externalities and negative externalities

on the international environment.

• Students will analyze the costs of negative externalities.
• Students will recognize the roles of international organizations and agreements (e.g.,

Kyoto Protocol) in limiting negative externalities in the international environment.

• Examples of negative externalities may include, but are not limited to, pollution and

global warming.

• Examples of positive externalities may include, but are not limited to, pure water and

better air quality.

4. Differentiate and draw conclusions about historical economic thought theorized by
economists.
Learning Targets:
• Students will identify and compare historical economic thought theorized by

economists.

• Students will examine the merits of different approaches to economic fundamentals.

• Examples may include, but are not limited to, Adam Smith, Malthus, Ricardo, Keynes,

Friedman, Say, and Gilder.

*If SS.912.E.3.1, 3.4 and/or 3.5 have not been covered in previous sections, this would
be the appropriate place to cover them. However, given their relevance to the previous
topics, it is suggested that the teacher instruct those benchmarks with those topics.