| 12.1
|
Students
understand common economic terms and concepts and economic reasoning.
|
| |
1 |
Examine the causal relationship between scarcity
and the need for choices |
| |
2 |
Explain opportunity cost and marginal benefit
and marginal cost. |
| |
3 |
Identify the difference between monetary and
nonmonetary incentives and how changes in incentives cause changes
in behavior. |
| |
4 |
Evaluate the role of private property as an
incentive in conserving and improving scarce resources, including
renewable and nonrenewable natural resources. |
| |
5 |
Analyze the role of a market economy
in establishing and preserving political and personal liberty (e.g.,
through the works of Adam Smith). |
| 12.2 |
Students analyze
the elements of America’s market economy in a global setting.
|
| |
1 |
Understand the
relationship of the concept of incentives to the law of supply and
the relationship of the concept of incentives and substitutes to
the law of demand. |
| |
2 |
Discuss the effects
of changes in supply and/ or demand on the relative scarcity, price,
and quantity of particular products. |
| |
3 |
Explain the roles
of property rights, competition, and profit in a market economy. |
| |
4 |
Explain how prices
reflect the relative scarcity of goods and services and perform
the allocative function in a market economy. |
| |
5 |
Understand the
process by which competition among buyers and sellers determines
a market price. |
| |
6 |
Describe the
effect of price controls on buyers and sellers. |
| |
7 |
Analyze how domestic
and international competition in a market economy affects goods
and services produced and the quality, quantity, and price of those
products. |
| |
8 |
Explain the role
of profit as the incentive to entrepreneurs in a market economy.
|
| |
9 |
Describe the
functions of the financial markets. |
| |
10 |
Discuss the economic
principles that guide the location of agricultural production and
industry and the spatial distribution of transportation and retail
facilities. |
| 12.3 |
Students
analyze the influence of the federal government on the American
economy. |
| |
1 |
Understand how
the role of government in a market economy often includes providing
for national defense, addressing environmental concerns, defining
and enforcing property rights, attempting to make markets more competitive,
and protecting consumers’ rights. |
| |
2 |
Identify the
factors that may cause the costs of government actions to outweigh
the benefits. |
| |
3 |
Describe the
aims of government fiscal policies (taxation, borrowing, spending)
and their influence on production, employment, and price levels.
|
| |
4 |
Understand the
aims and tools of monetary policy and their influence on economic
activity (e.g., the Federal Reserve). |
| 12.4 |
Students
analyze the elements of the U.S. labor market in a global setting. |
| |
1 |
Understand the
operations of the labor market, including the circumstances surrounding
the establishment of principal American labor unions, procedures
that unions use to gain benefits for their members, the effects
of unionization, the minimum wage, and unemployment insurance. |
| |
2 |
Describe the
current economy and labor market, including the types of goods and
services produced, the types of skills workers need, the effects
of rapid technological change, and the impact of international competition.
|
| |
3 |
Discuss wage
differences among jobs and professions, using the laws of demand
and supply and the concept of productivity. |
| |
4 |
Explain the effects
of international mobility of capital and labor on the U.S. economy.
|
| 12.5 |
Students
analyze the aggregate economic behavior of the U.S. economy. |
| |
1 |
Distinguish
between nominal and real data. |
| |
2 |
Define, calculate,
and explain the significance of an unemployment rate, the number
of new jobs created monthly, an inflation or deflation rate, and
a rate of economic growth. |
| |
3 |
Distinguish
between short-term and long-term interest rates and explain their
relative significance. |
| 12.6 |
Students
analyze issues of international trade and explain how the U.S. economy
affects, and is affected by, economic forces beyond the United States’s
borders. |
| |
1 |
Identify the
gains in consumption and production efficiency from trade, with
emphasis on the main products and changing geographic patterns of
twentieth-century trade among countries in the Western Hemisphere.
|
| |
2 |
Compare the reasons
for and the effects of trade restrictions during the Great Depression
compared with present-day arguments among labor, business, and political
leaders over the effects of free trade on the economic and social
interests of various groups of Americans. |
| |
3 |
Understand the
changing role of international political borders and territorial
sovereignty in a global economy. |
| |
4 |
Explain foreign
exchange, the manner in which exchange rates are determined, and
the effects of the dollar’s gaining (or losing) value relative
to other currencies. |
