Unit 1: Economics and Choice
- Describe the political effects each system has had on various societies. (1.2.A)
- Analyze how geography is impacting traditional economies. (1.3.A)
- Define the major economic concepts.(1.4.A)
- Compare and contrast economic systems. (1.4.B)
- Describe the evolution of the different economic systems into the 21st century. (1.4.C)
- Explain how traditional, command, market, and mixed economies answer the three fundamental economic questions. (1.4.D)
- Understand that productive resources are limited. (1.4.E)
- Describe the four factors of production and their uses. (1.4.F)
- Understand why choice is at the heart of economics. (1.4.G)
- Identify the roles tradeoffs and opportunity costs have in making economic choices. (1.4.H)
- Compare micro and macro economics. (1.4.I)
- Lists how command economies are similar and different than market economies. (1.4.J)
- Define the major economic concepts.(1.4.A)
- Compare and contrast economic systems. (1.4.B)
- Describe the evolution of the different economic systems into the 21st century. (1.4.C)
- Explain how traditional, command, market, and mixed economies answer the three fundamental economic questions. (1.4.D)
- Understand that productive resources are limited. (1.4.E)
- Describe the four factors of production and their uses. (1.4.F)
- Understand why choice is at the heart of economics. (1.4.G)
- Identify the roles tradeoffs and opportunity costs have in making economic choices. (1.4.H)
- Compare micro and macro economics. (1.4.I)
- Lists how command economies are similar and different than market economies. (1.4.J)
- Students will understand how scarcity requires choices by individuals and society and describe some of the tools that are used in economic systems.(1.5.A)
- Explain the roles people, businesses and governments have on the economies of various societies. (1.5.B)
Unit 2: American Economy
- Explain the American free enterprise system and the government’s role in it. (2.2.A)
- Analyze why governments provide public goods and infrastructure. (2.2.B)
- Demonstrate how the United States is considered to be a capitalist system. (2.4.A)
- Explain the law of demand. (2.2.B)
- Describe the factors that affect changes in demand. (2.2.C)
- Define supply and what the law of supply means. (2.2.D)
- Identify how supply and demand interacts in the markets to determine prices. (2.2.E)
- Illustrate how the choices that people make have an impact on prices in a market economy. (2.2.F)
- Evaluate consequences on personal and public choices. (2.5.A)
- Explain how consumers and producers impact the use of resources. (2.5.B)
Unit 3: Money, Financial Markets, and Economic Preference
- Describe how banking developed in the United States with the help of Alexander Hamilton. (3.1.A)
- Explain how events like the Great Depression and the Great Recession impacted the United States and the role of banks in these events. (3.1.B)
- Outline the functions that money performs and the characteristics that money possesses. (3.4.A)
- Describe how the money supply in the United States is measured. (3.4.B)
- Explain the various markets where financial assets are sold. (3.4.C)
- Discuss the issues that should be considered when making investment decisions. (3.4.D)
- Explain how risk and return are related. (3.4.E)
- Explain how the performance of stocks is measured. (3.4.F)
- Describe the services that banks provide. (3.5.A)
- Discuss the changes that deregulation has brought to banking. (3.5.B)
- Discuss why people buy bonds. (3.5.C)
- Define GDP and describe how it is measured. (4.4.A)
- Explain how GDP has certain limitations. (4.4.B)
- Identify other national income accounting measures. (4.4.C)
- Describe the phases of the business cycle. (4.4.D)
- Outline major business cycles in U.S. history. (4.4.E)
- Discuss the impact that unemployment has on the economy and on individuals. (4.5.A)
- Discuss the causes of poverty. (4.5.B)
Unit 4: Role of Government
- Explain why the government establishes taxes. (5.2.A)
- Explain how the federal budget is developed. (5.2.B)
- Outline the impact that federal spending has on the economy. (5.2.C)
- Explain the structure of the Federal Reserve System. (5.2.D)
- Identify the principles and structure of taxes. (5.4.A)
- Identify the impact of the national debt on the economy. (5.4.B)
Unit 5: Global Economies
- Describe the transitions to a market economy in the former Soviet Union and nations it dominated. (6.1.A)
- Discuss the transitions to a market economy in China. (6.1.B)
- Examine the difference between absolute and comparative advantage. (6.4.A)
- Explain how international trade impacts prices and quantity. (6.4.B)
- Identify barriers to trade. (6.4.C)
- Examine the economic consequences of trade barriers.(6.4.D)
- Explain how certain indicators can illustrate the level of economic development of a nation. (6.4.E)