Specialization and Trade: Crash Course Economics #2

Learning Resource Type

Classroom Resource

Subject Area

Social Studies

Grade(s)

12

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.

Social Studies (2010) Grade(s): 12 - Economics

SS10.E.1

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

UP:SS10.E.1

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.

CR Resource Type

Audio/Video

Resource Provider

Other

License Type

CUSTOM

Resource Provider other

YouTube

Accessibility

Video resources: includes closed captioning or subtitles
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