Social Studies - 2019-20

CE.12f - Virginia and the Global Economy

The student will apply social science skills to understand the United States economy by

f) analyzing the relationship of Virginia and the United States to the global economy, with emphasis on the impact of technological innovations.


Adopted: 2015

BIG IDEAS

UNDERSTANDING THE STANDARD

Virginia and the United States pursue international trade in order to increase wealth.

ESSENTIALS

Term to know

 global economy: Worldwide markets in which the buying and selling of goods and services by all individuals, nations, and businesses takes place


Reasons that states and nations trade

 To obtain goods and services they cannot produce or cannot produce efficiently themselves

 To buy goods and services at a lower cost or a lower opportunity cost

 To sell goods and services to other countries

 To create jobs


Virginia and the United States specialize in the production of certain goods and services, which promotes efficiency and growth.


Impact of technological innovations

 Innovations in technology (e.g., the Internet) contribute to the global flow of information, capital, goods, and services.

 The use of such technology also lowers the cost of production.


KEY VOCABULARY

Updated: May 16, 2018