BASIC ECONOMIC CONCEPTS 

1.1: Scarcity: 

I can define scarcity and economic resources.

1.2: Opportunity Cost and the PPC: 

I can draw how the PPC demonstrates the full employment level of output.

1.3: Comparative Advantage and Gains from Trade: 

I can identify how production and consumption increase by engaging in trade.

1.4: Demand: 

I can define the law of demand and draw a demand curve.

1.5: Supply: 

I can define the law of supply and draw a supply curve.

1.6: Market Equilibrium, Disequilibrium and Changes in Equilibrium: 

I can define and draw market equilibrium on an accurately labeled graph.

ECONOMIC INDICATORS AND THE BUSINESS CYCLE 

2.1: The Circular Flow and GDP: 

I can explain how an economy’s performance can be measured by GDP, the inflation rate, and the unemployment rate.

2.2: Limitations of GDP: 

I can describe and explain the limitations of GDP.

2.3: Unemployment: 

I can define and calculate the labor force, the labor force participation rate, and the unemployment rate.

2.4: Price Indexes and Inflation: 

I can define and calculate the consumer price index (CPI), and the inflation rate.

2.5: Costs of Inflation: 

I can explain the costs that unexpected inflation imposes on individuals and the economy.

2.6: Real vs Nominal GDP: 

I can define and calculate nominal and real GDP.

2.7: Business Cycles: 

I can analyze and explain how the economy fluctuates between periods of expansion and contraction.

NATIONAL INCOME AND PRICE DETERMINATION 

3.1: Aggregate Demand: 

I can define and draw the AD curve and explain its slope.

3.2: Multipliers: 

I can explain and calculate the multiplier, the tax multiplier, MPC, and MPS and analyze how each changes GDP.

3.3: Short-Run Aggregate Supply: 

I can define and draw the SRAS curve and explain its slope.

3.4: Long-Run Aggregate Supply: 

I can define and draw how the LRAS curve is vertical at the full-employment level of output.

3.5: Equilibrium in the AD-AS Model: 

I can draw and explain how short-run equilibrium occurs when AD and SRAS are equal. 

3.6: Changes in the AD-AS Model in the Short-Run: 

I can draw and explain the effects of a short-run AD or SRAS shock.

3.7: Long-Run Self-Adjustment: 

I can draw and explain how in the long run, in the absence of government policy actions, flexible wages and prices will adjust to restore full employment.

3.8: Fiscal Policy: 

I can define fiscal policy and calculate the effects of a fiscal policy action.

3.9: Automatic Stabilizers: 

I can define automatic stabilizers and explain how they moderate business cycles.

FINANCIAL SECTOR

4.1: Financial Assets: 

I can define the principal attributes (liquidity, rate of return, and risk) associated with various classes of financial assets, including money.

4.2: Nominal vs Real Interest Rates: 

I can define and calculate the nominal and real interest rates and explain the relationship between them and inflation.

4.3: Definition, Measurement and Functions of Money: 

I can define money, explain its functions and calculate measures of money using data.

4.4: Banking and the Expansion of the Money Supply: 

I can explain and calculate the expansion of the money supply in the banking system.

4.5: The Money Market: 

I can define and graph the money market, money demand, and money supply.

4.6: Monetary Policy: 

I can define monetary policy and graph monetary policy action.

4.7: The Loanable Funds Market: 

I can define and graph equilibrium in the loanable funds market and explain how real interest rates adjust to restore equilibrium.

LONG-RUN CONSEQUENCES OF STABILIZATION POLICIES

5.1: Fiscal and Monetary Policy Actions in the Short-Run: 

I can define, explain and graph the effects of combined fiscal and monetary policy actions.

5.2: The Phillips Curve: 

I can define, explain and graph the short-run and long-run Phillips curves.

5.3: Money Growth and Inflation: 

I can define the quantity theory of money and explain its impact on the economy.

5.4: Government Deficits and the National Debt: 

I can define the government budget surplus (deficit) and national debt and explain its effects.

5.5: Crowding Out: 

I can explain and graph crowding out that is caused by fiscal policy.

5.6: Economic Growth: 

I can define economic growth and graph it on the AD-AS model and the PPC.

5.7: Public Policy and Economic Growth: 

I can explain public policies aimed at influencing long-run economic growth and define supply-side fiscal policies. 

INTERNATIONAL TRADE AND FINANCE

6.1: Balance of Payments Accounts: 

I can define, explain and calculate the current account (CA), the capital account (CA), and the balance of payments (BOP).

6.2: Exchange Rates: 

I can define the exchange rate, appreciation, and depreciation and explain relative currency values.

6.3: The Foreign Exchange Market: 

I can define the foreign exchange market and graph the demand and supply of currency.

6.4: Effect of Changes in Policies and Economic Conditions on the Foreign Exchange Market: 

I can graph how changes in demand and supply in the foreign exchange market affect the equilibrium exchange rate.

6.5: Changes in the Foreign Exchange Market and Net Exports: 

I can explain how changes in the value of a currency can lead to changes in a country’s net exports and aggregate demand.

6.6: Real Interest Rates and International Capital Flows: 

I can explain how differences in real interest rates across countries affect financial capital flows, foreign exchange markets, and loanable funds markets.

PARTICIPATION IN GOVERNMENT

Public Policy: 

I can analyze and explain a public policy issue that influences our lives. Engaged citizens understand how to find, monitor, evaluate, and respond to information on public policy issues.

Civil Rights and Civil Liberties: 

I can analyze and explain a civil rights issue and how the United States Constitution aims to protect individual freedoms and rights that have been extended to more groups of people over time.