GRADE 11 SOCIAL STUDIES · CHAPTER 2
Economics, resources & choices
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Economic reasoning
Identify costs and benefits outside a transaction
Identify a stated external cost or benefit and distinguish it from costs borne only by the buyer and seller.
Economics
Distinguish public goods in a simplified economic model
Use stated rivalry and exclusion conditions to classify economic goods rather than assuming all government services are pure public goods.
AN EXAMPLE FROM THIS CHAPTER
A workshop sells furniture while its noise disturbs nearby residents who are not part of the sale. Which is the stated external cost?
Show answer & explanation
The disturbance to nearby residents.
The residents are affected outside the furniture transaction.
Curriculum & source notes
These are original Little Play study books organized around U.S. school topics. The official curriculum references below guide topic scope and progression. Coverage is selected, not a complete curriculum or a verified match to every state standard. They are not copies of a publisher’s textbook. Check your school’s syllabus and book edition.
High-school courses can be taken in different years. Choose the topic that matches the student’s current course.
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