Economics
Strand: Economics
Content Standard IV:
Students understand basic economic principles and use economic reasoning skills to analyze the impact of economic systems (including the market economy) on individuals, families, businesses, communities, and governments.
Benchmark 4-A:
analyze the ways individuals, households, businesses, governments and societies make decisions, are influenced by incentives (economic and intrinsic) and, the availability and use of scarce resources, and that their choices involve costs and varying ways of allocating:
#1 Standards with Test Item Specifications:
Analyze “opportunity costs” as a factor resulting from the process of decision making.
Specifications:
●Identify opportunity cost in variety of contexts
#4 Standards with Test Item Specifications:
Analyze and evaluate the impact of economic choices on the allocation of scarce resources;
#10 Standards with Test Item Specifications:
Use quantitative data to analyze economic information.
#12 Standards with Test Item Specifications:
Understand the basis of supply and demand and marginal productivity.
#13 Standards with Test Item Specifications:
Understand personal financing (e.g., banking, credit, debit, lending institutions).
Specifications:
●Identify benefits of savings, investing, building good credit
●Identify types of choices and why one financial decision might be preferred
Benchmark 4-B:
analyze and evaluate how economic systems impact the way individuals, households, businesses, governments and societies make decisions about resources and the production and distribution of goods and services:
#3 Standards with Test Item Specifications:
Understand the distribution and characteristics of economic systems throughout the world, to include: (e.g., characteristics of command, market, and traditional economies; how command, market and traditional economies operate in specific countries; comparison of the ways that people satisfy their basic needs through the production of goods and services)
#4 Standards with Test Item Specifications:
Analyze the importance of, and issues related to the location and management of the factors of production;
#7 Standards with Test Item Specifications:
Understand the relationship between the United States’ governmental policies and international trade;
Specifications:
●Identify the role of tariffs
●Understand gross domestic product
#9 Standards with Test Item Specifications:
Explain how businesses (e.g., sole proprietorships, partnerships, corporations, franchises) are organized and financed in the United States economy;
#11 Standards with Test Item Specifications:
Analyze the impact of fiscal policy on an economic system (e.g., deficit, surplus, inflation)
#12 Standards with Test Item Specifications:
Compare and contrast different types of taxes (e.g., progressive, regressive, proportional)
#14 Standards with Test Item Specifications:
Compare, analyze and evaluate the positive and negative aspects of American capitalism in relationship to other economic systems;
#17 Standards with Test Item Specifications:
Analyze the economic ramifications of entrepreneurship
Benchmark 4-C:
analyze and evaluate the patterns and results of trade, exchange and interdependence between the United States and the world since 1900:
#3 Standards with Test Item Specifications:
Analyze the effects of World War II, the cold war and post-cold war on contemporary society, to include: economic effects of World War II on the home front; United States prosperity of the 1950s; impact of the cold war on business cycle and defense spending; recession of 1980s; technology boom and consequent economic slow-down of 2000;
#9 Standards with Test Item Specifications:
Explain and describe how the federal reserve system and monetary policies (e.g., open market, discount rate, change in reserve requirements) are used to promote price stability, maximum employment, and economic growth;
#10 Standards with Test Item Specifications:
Identify how monetary policies can affect exchange rates and international trade;
#12 Standards with Test Item Specifications:
Describe and analyze multinational entities (e.g., NAFTA, European Union) in economic and social terms.
Source: Link