# CTE Resource Center - Verso - Digital and Social Media Marketing Task 571129771

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Identify economic concepts related to marketing.

Definition

Identification should include concepts such as
  • nature of economics (e.g., the concept of economics involves decisions made by individuals, business, and societies regarding the use of resources)
  • economic activities (e.g., production, consumption, distribution and exchange)
  • economic resources (e.g., land, labor, and capital)
  • supply
  • demand (e.g., inelastic/elastic)
  • profit (money left over after expenses are paid)
  • cost
  • opportunity cost
  • competition (e.g., indirect/direct, price/non-price)
  • goods and services
  • needs/wants.

Process/Skill Questions

  • Why do individuals, businesses, and societies need to make economic choices?
  • How does price affect supply and demand?
  • What is the difference between elastic and inelastic demand?
  • How does profit drive business?
  • What effect does profit have on the survival of a business?
  • What is the difference between a good and a service?

Related Standards of Learning

History and Social Science

GOVT.1

The student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by

  1. planning inquiries by synthesizing information from diverse primary and secondary sources;
  2. analyzing how political and economic trends influence public policy, using demographic information and other data sources;
  3. comparing and contrasting historical, cultural, economic, and political perspectives;
  4. evaluating critically the quality, accuracy, and validity of information to determine misconceptions, fact and opinion, and bias;
  5. constructing informed, analytic arguments using evidence from multiple sources to introduce and support substantive and significant claims;
  6. explaining how cause-and-effect relationships impact political and economic events;
  7. taking knowledgeable, constructive action, individually and collaboratively, to address school, community, local, state, national, and global issues;
  8. using a decision-making model to analyze the costs and benefits of a specific choice, considering incentives and possible consequences;
  9. applying civic virtues and democratic principles to make collaborative decisions; and
  10. communicating conclusions orally and in writing to a wide range of audiences, using evidence from multiple sources and citing specific sources.

GOVT.12

The student will apply social science skills to understand the role of the United States in a changing world by

  1. describing the responsibilities of the national government for foreign policy and national security;
  2. assessing the role of national interest in shaping foreign policy and promoting world peace; and
  3. examining the relationship of Virginia and the United States to the global economy, including trends in international trade.

GOVT.13

The student will apply social science skills to understand how world governments and economies compare and contrast with the government and the economy in the United States by

  1. describing the distribution of governmental power;
  2. explaining the relationship between the legislative and executive branches;
  3. comparing and contrasting the extent of participation in the political process; and
  4. comparing and contrasting economic systems.

GOVT.14

The student will apply social science skills to understand economic systems by

  1. identifying the basic economic questions encountered by all economic systems;
  2. comparing the characteristics of traditional, free market, command, and mixed economies, as described by Adam Smith and Karl Marx; and
  3. evaluating the impact of the government’s role in the economy on individual economic freedoms.

GOVT.15

The student will apply social science skills to understand the role of government in the Virginia and United States economies by

  1. describing the provision of government goods and services that are not readily produced by the market;
  2. describing government’s establishment and maintenance of the rules and institutions in which markets operate, including the establishment and enforcement of property rights, contracts, consumer rights, labor-management relations, environmental protection, and competition in the marketplace;
  3. investigating and describing the types and purposes of taxation that are used by local, state, and federal governments to pay for services provided by the government;
  4. analyzing how Congress can use fiscal policy to stabilize the economy;
  5. describing the effects of the Federal Reserve’s monetary policy on price stability, employment, and the economy; and
  6. evaluating the trade-offs in government decisions.

VUS.3

The student will apply social science skills to understand early European colonization by

  1. evaluating the economic characteristics of the colonies;
  2. analyzing how social and political factors impacted the culture of the colonies; and
  3. explaining the impact of the development of indentured servitude and slavery in the colonies.

VUS.4

The student will apply social science skills to understand the issues and events leading to and during the Revolutionary Period by

  1. describing the results of the French and Indian War;
  2. evaluating how political ideas of the Enlightenment helped shape American politics;
  3. explaining how conflicting loyalties created political differences among the colonists concerning separation from Great Britain;
  4. analyzing the competing factors that led to colonial victory in the Revolutionary War; and
  5. evaluating how key principles in the Declaration of Independence grew in importance to become unifying ideas of American political philosophy.

VUS.8

The student will apply social science skills to understand how the nation grew and changed from the end of Reconstruction through the early twentieth century by

  1. explaining the westward movement of the population in the United States, with emphasis on the role of the railroads, communication systems, admission of new states to the Union, and the impact on American Indians;
  2. analyzing the factors that transformed the American economy from agrarian to industrial and explaining how major inventions transformed life in the United States, including the emergence of leisure activities;
  3. examining the contributions of new immigrants and evaluating the challenges they faced, including anti-immigration legislation;
  4. analyzing the impact of prejudice and discrimination, including “Jim Crow” laws, the responses of Booker T. Washington and W.E.B. DuBois, and the practice of eugenics in Virginia;
  5. evaluating and explaining the social and cultural impact of industrialization, including rapid urbanization; and
  6. evaluating and explaining the economic outcomes and the political, cultural, and social developments of the Progressive Movement and the impact of its legislation.

VUS.10

The student will apply social science skills to understand key events during the 1920s and 1930s by

  1. analyzing how popular culture evolved and challenged traditional values;
  2. assessing and explaining the economic causes and consequences of the stock market crash of 1929;
  3. explaining the causes of the Great Depression and its impact on the American people; and
  4. evaluating and explaining how Franklin D. Roosevelt’s New Deal measures addressed the Great Depression and expanded the government’s role in the economy.

VUS.11

The student will apply social science skills to understand World War II by

  1. analyzing the causes and events that led to American involvement in the war, including the Japanese attack on Pearl Harbor and the American response;
  2. describing and locating the major battles and key leaders of the European theater;
  3. describing and locating the major battles and key leaders of the Pacific theater;
  4. evaluating and explaining how the United States mobilized its economic and military resources, including the role of all-minority military units (the Tuskegee Airmen and Nisei regiments) and the contributions of media, minorities, and women to the war effort;
  5. analyzing the Holocaust (Hitler’s “final solution”), its impact on Jews and other groups, and the postwar trials of war criminals; and
  6. evaluating and explaining the treatment of prisoners of war and civilians by the Allied and Axis powers.

WG.1

The student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by

  1. synthesizing evidence from artifacts and primary and secondary sources to obtain information about the world’s countries, cities, and environments;
  2. using geographic information to determine patterns and trends to understand world regions;
  3. creating, comparing, and interpreting maps, charts, graphs, and pictures to determine characteristics of world regions;
  4. evaluating sources for accuracy, credibility, bias, and propaganda;
  5. using maps and other visual images to compare and contrast historical, cultural, economic, and political perspectives;
  6. explaining indirect cause-and-effect relationships to understand geospatial connections;
  7. analyzing multiple connections across time and place;
  8. using a decision-making model to analyze and explain the incentives for and consequences of a specific choice made;
  9. identifying the rights and responsibilities of citizenship and the ethical use of material or intellectual property; and
  10. investigating and researching to develop products orally and in writing.

WG.4

The student will apply social science skills to evaluate the significance of natural, human, and capital resources by

  1. comparing the distribution of major natural resources throughout world regions;
  2. showing the influence of resources on patterns of economic activity and land use; and
  3. evaluating perspectives regarding the use of resources.

WG.5

The student will analyze the characteristics of the regions of the United States and Canada by

  1. identifying and analyzing the location of major geographic regions and major cities on maps and globes;
  2.  describing major physical and environmental features;
  3. explaining important economic characteristics; and
  4.  recognizing cultural influences and landscapes.

WG.6

The student will analyze the characteristics of the Latin American and Caribbean regions by

  1. identifying and analyzing the location of major geographic regions and major cities on maps and globes;
  2. describing major physical and environmental features;
  3. explaining important economic characteristics; and
  4. recognizing cultural influences and landscapes.

WG.7

The student will analyze the characteristics of the European region by

  1. identifying and analyzing the location of major geographic regions and major cities on maps and globes;
  2. describing major physical and environmental features;
  3. explaining important economic characteristics; and
  4. recognizing cultural influences and landscapes.

WG.9

The student will analyze the characteristics of the Sub-Saharan African region by

  1. identifying and analyzing the location of major geographic regions and major cities on maps and globes;
  2. describing major physical and environmental features;
  3. explaining important economic characteristics; and
  4. recognizing cultural influences and landscapes.

WG.14

The student will apply social science skills to compare and contrast the distribution, growth rates, and characteristics of human population by

  1. examining demographic data to determine the relative level of development;
  2. distinguishing between developed and developing countries; and
  3. comparing and contrasting the level of economic development to the standard of living and quality of life.

WG.17

The student will apply social science skills to analyze the impact of globalization by

  1. identifying factors, including comparative advantage, that influence the distribution of economic activities and trade;
  2. describing ways that economic and social interactions change over time; and
  3. mapping, describing, and evaluating economic unions.

WG.18

The student will apply social science skills to analyze how forces of conflict and cooperation affect the division and control of Earth’s surface by

  1. explaining and evaluating reasons for the creation of different political divisions; and
  2. describing ways cooperation among political jurisdictions is used to solve problems and settle disputes.

WHI.1

The student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by

  1. synthesizing evidence from artifacts and primary and secondary sources to obtain information about events in world history;
  2. using geographic information to determine patterns and trends to understand world history;
  3. interpreting charts, graphs, and pictures to determine characteristics of people, places, or events in world history;
  4. evaluating sources for accuracy, credibility, bias, and propaganda;
  5. comparing and contrasting historical, cultural, economic, and political perspectives in world history;
  6. explaining how indirect cause-and-effect relationships impacted people, places, and events in world history;
  7. analyzing multiple connections across time and place;
  8. using a decision-making model to analyze and explain the incentives for and consequences of a specific choice made;
  9. identifying the rights and responsibilities of citizens and ethical use of materials and intellectual property; and
  10. investigating and researching to develop products orally and in writing.

WHI.12

The student will apply social science skills to understand the civilizations and empires of Africa, with emphasis on the African kingdoms of Axum and Zimbabwe and the West African civilizations of Ghana, Mali, and Songhai, by

  1. locating early civilizations and kingdoms in time and place and describing major geographic features;
  2. explaining the development of social, political, economic, religious, and cultural patterns in each region; and
  3. evaluating and explaining the European interactions with these societies, with emphasis on trading and economic interdependence.

WHI.13

The student will apply social science skills to understand the major civilizations of the Western Hemisphere, including the Mayan, Aztec, and Incan, by

  1. locating early civilizations in time and place and describing major geographic features;
  2. explaining the development of social, political, economic, religious, and cultural patterns in the civilizations of the Americas; and
  3. evaluating and explaining the European interactions with these societies, with emphasis on trading and economic interdependence.

WHII.1

The student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by

  1. synthesizing evidence from artifacts and primary and secondary sources to obtain information about events and life in world history;
  2. using geographic information to determine patterns and trends in world history;
  3. interpreting charts, graphs, and pictures to determine characteristics of people, places, or events in world history;
  4. evaluating sources for accuracy, credibility, bias, and propaganda;
  5. comparing and contrasting historical, cultural, economic, and political perspectives in world history;
  6. explaining how indirect cause-and-effect relationships impacted people, places, and events in world history;
  7. analyzing multiple connections across time and place;
  8. using a decision-making model to analyze and explain the incentives for and consequences of a specific choice made;
  9. identifying the rights and responsibilities of citizens and ethical use of materials and intellectual property; and
  10. investigating and researching to develop products orally and in writing.

WHII.4

The student will apply social science skills to understand the impact of the European Age of Exploration by

  1. explaining the political and economic goals of European exploration and colonization;
  2. describing the geographic expansion into Africa, Asia, and the Americas;
  3. comparing and contrasting the social and cultural influences of European settlement on Africa, Asia, and the Americas;
  4. analyzing how competition for colonies changed the economic system of Europe; and
  5. defining and describing how the Scientific Revolution led to social and technological changes that influenced the European view of the world.

WHII.6

The student will apply social science skills to understand the political, cultural, geographic, and economic conditions in Asia from about 1500 A.D. (C.E.) to about 1800 A.D. (C.E.) by

  1. locating Asian empires in time and place and identifying major geographic features;
  2. describing the location and development of social and cultural patterns in the Ottoman Empire;
  3. describing the location and development of social and cultural patterns in India, with emphasis on the Mughal Empire and coastal trade;
  4. describing the location and development of social and cultural patterns in China, with emphasis on the Qing (Manchu) dynasty;
  5. describing the location and development of social and cultural patterns in Japan, with emphasis on the Japanese shogunate; and
  6. comparing and contrasting the political and economic systems of Asian empires.

WHII.8

The student will apply social science skills to understand the changes in European nations between 1800 and 1900 by

  1. explaining the roles of resources, capital, and entrepreneurship in developing an industrial economy;
  2. analyzing the effects of the Industrial Revolution on society and culture, with emphasis on the evolution of the nature of work and the labor force, including its effects on families and the status of women and children;
  3. describing how industrialization affected economic and political systems in Europe, with emphasis on the slave trade and the labor union movement;
  4. assessing the impact of Napoleon and the Congress of Vienna on political power in Europe;
  5. explaining the events related to the unification of Italy and the role of Italian nationalism; and
  6. explaining the events related to the unification of Germany and the role of Bismarck.

WHII.9

The student will apply social science skills to understand global interactions between 1800 to about 1900 by

  1. locating the United States of America, describing its expansion between 1776 and 1900, and assessing its changing role in the world;
  2. locating Latin America, explaining the causes and effects of the revolutions, with emphasis on the contributions of Toussaint L’Ouverture and Simón Bolívar, and identifying the impact of the American and French Revolutions on Latin America;
  3. describing the political and social challenges faced by Latin American nations, with emphasis on the Monroe Doctrine;
  4. assessing the impact of European colonization and imperialism on Asia, Africa, the Pacific Islands, and Australia; and
  5. analyzing the relationship between industrialization, imperialism, and nationalism.

WHII.13

The student will apply social science skills to understand of the political, economic, social, and cultural aspects of independence movements and development efforts by

  1. describing the struggles for self-rule, including Gandhi’s leadership in India and the development of India’s democracy;
  2. describing Africa’s independence movements, including Jomo Kenyatta’s leadership of Kenya and Nelson Mandela’s role in South Africa; and
  3. describing the end of the mandate system and the creation of states in the Middle East, including the roles of Golda Meir and Gamal Abdel Nasser.

Other Related Standards

National MBAResearch Standards-Business Administration

Understand fundamental economic concepts to obtain a foundation for employment in business.

 

Understand marketing's role and function in business to facilitate economic exchanges with customers.