Unit 1 Essential Standards
1 A. Explain why scarcity and choice are basic economic problems faced by every society
4 A. Explain the basic characteristics of economic systems, including property rights, incentives, economic freedom, competition, and the role of government.
5 A. Explain the benefits of the US free enterprise system, including individual freedom of consumers and producers, variety of goods, responsive prices, investment opportunities and the creation of wealth
Unit 2 Essential standards
E.2A Understand the effect of changes in price on the quantity demanded and quantity supplied.
- 2B Identify the non-price determinants that create changes in supply and demand, which result in a new equilibrium price.
- 2C Interpret a supply and demand graph using supply and demand schedules.
E.3B Compare the effects of free trade and trade barriers on economic activities, including the benefits and costs of participating in international trade.
- 8A Describe characteristics and give examples of pure competition, monopolistic competition, oligopoly, and monopoly.
Unit 3 Essential Standard
6.A Analyze the costs and benefits of the purchase, use or disposal of personal and business property.
9.A Interpret economic data, including unemployment rate, gross domestic product, gross domestic product per capita as a measure of national wealth, and rate of inflation.
- A Explain the functions of financial institutions and how they affect households and businesses
Unit 4 Essential Standard
- A Describe the functions of money
- B Analyze the three basic tools used to implement U.S monetary policy, including reserve requirements, the discount rate and the federal funds rate target, and open-market operations.
- B Analyze the costs and benefits of U.S economic policies, rules, and regulations related to the economic goals of economic growth, stability, full employment, freedom, security, equity (equal opportunity versus equal outcome), and efficiency
Unit 5 Essential Standard
- D Examine the types of accounts available to consumers from financial institutions and the risks, monetary costs, and benefits of maintaining these accounts
- A Assess ways to be a wise investor in the stock market and in other personal investment options such as developing a personal retirement plan