TEKS 113.31(d)(10), Social Studies (Economics)
Subject: Economics – High School
TEKS 113.31(d)(10)
Summary of TEKS 113.31(d)(10)
TEKS 113.31(d)(10) explains how productivity, technology, and trade contribute to economic growth. Productivity allows businesses to produce more efficiently. Technology improves efficiency and creates new industries. Trade connects countries, allowing them to specialize and access larger markets. Together, these factors drive economic success.
Key Concepts TEKS 113.31(d)(10)
- Productivity: Increased productivity means producing more with the same resources, leading to economic growth.
- Technology: Technology improves efficiency and creates new industries, driving growth.
- Trade: Trade connects countries, allowing specialization and access to larger markets.
Section 1: How Does Productivity Relate to Growth?
TEKS 113.31(d)(10)(A)
Explanation: Productivity measures how much goods and services people or businesses can produce in a certain amount of time. When productivity increases, the economy grows because more goods and services are available without using more resources.
Why Productivity Matters
- Higher Output: When workers or machines produce more in less time, businesses earn more, and the economy grows.
- Better Wages: Increased productivity often leads to higher wages because businesses can afford to pay their workers more.
- More Goods: Consumers have access to more products at lower prices.
Example of TEKS 113.31(d)(10)(A): If a farmer uses new equipment to grow twice as much corn as before, the farm becomes more productive. This benefits the farmer, consumers, and the overall economy.
Key Idea: Productivity increases economic growth by allowing businesses to do more with the same resources.
Section 2: How Does Technology Relate to Growth?
TEKS 113.31(d)(10)(B)
Explanation: Technology refers to tools, machines, and methods that make work easier and faster. It plays a major role in boosting economic growth by improving productivity and creating new industries.
Why Technology Matters
- Efficiency: Technology helps businesses save time and resources.
- Example: Robots in factories assemble cars faster than humans can.
- Innovation: New technology creates new products and industries.
- Example: Smartphones and apps have created millions of jobs and changed the way people communicate.
- Global Impact: Technology allows countries to compete globally by producing higher-quality goods.
Example of TEKS 113.31(d)(10)(B): A company that uses advanced software to track inventory can reduce waste and save money, helping the economy grow.
Key Idea: Technology drives growth by making businesses more efficient and opening up new opportunities.
Section 3: How Does Trade Relate to Growth?
TEKS 113.31(d)(10)(C)
Explanation: Trade allows countries to exchange goods and services. When countries trade, they can specialize in what they do best and access products they can’t produce themselves. This leads to faster economic growth.
Why Trade Matters
- Specialization: Countries focus on producing goods they’re good at making.
- Example: Brazil specializes in coffee, while the U.S. produces advanced technology.
- Access to Resources: Trade allows countries to get resources they don’t have.
- Example: The U.S. imports oil from other countries.
- Larger Markets: Businesses can sell products to people around the world, not just in their own country.
Example of TEKS 113.31(d)(10)(C): When the U.S. trades agricultural goods with China, both countries benefit by getting products they need, which helps both economies grow.
Key Idea: Trade boosts growth by expanding markets and encouraging specialization.