Markets

1. Evaluate the effects of specialization, trade and interdependence on the economic system of the United States.

2. Analyze the development and impacts of labor unions, farm organizations and business organizations on the U.S. economy.

Government and the Economy

3. Demonstrate how U.S. governmental policies, including taxes, antitrust legislation and environmental regulations affect individuals and businesses.

4. Explain the reasons for the creation of the Federal Reserve System and its importance to the economy.

5. Analyze the impact of the Great Depression and World War II on the economy of the United States and the resulting expansion of the role of the federal government.

1. Explain the effects of shortages, surpluses and government-enforced controls on prices.

2. Explain ways that people respond to incentives when allocating their scarce resources in their roles as producers, consumers, savers, workers and investors.

3. Explain the impact of inflation on economic behavior.

Production, Distribution and Consumption

4. Describe the functions of the components that make up an economic system and describe the relationships among them including:
a.   Business;

b.   Productive resources;

c.   Financial institutions;

d.   Government;

e.   Consumers.

5. Identify factors that cause changes in economic growth including the effects of supply and demand on the labor market.

6. Identify indicators that provide information to consumers on the current value or purchasing power of money with a focus on the:
a.   Consumer Price Index;

b.   Unemployment rate;

c.   Gross Domestic Product (GDP).

Markets

7. Explain how countries use their comparative advantage to produce goods and services for trade with other countries.

8. Explain the effects of specialization, interdependence and trade on the United States and other countries.

9. Explain how changes in exchange rates affect consumers and producers.

Government and the Economy

10. Analyze issues related to the use of different types of taxes to fund public goods and services including:
a.   Proportional tax;

b.   Progressive tax;

c.   Regressive tax.

Personal Finance

11. Explain why incomes will differ in the labor market depending on supply and demand for skills, abilities and education levels.

12. Explain the role of individuals in the economy as producers, consumers, savers, workers and investors.

13. Explain the consequences of the economic choices made by individuals and the tools which they use to manage their financial resources including:
a.   Budgets;

b.   Savings;

c.   Investments;

d.   Credit;

e.   Philanthropy.

14. Describe how interest rates affect savers and borrowers.

1. Compare how values and beliefs influence economic decisions in different communities.

2. Explain the impact of marginal cost/marginal benefit analysis on decision-making.

3. Select a current issue; identify the costs and benefits of various choices to determine the impact of personal and social economic decisions on the allocation of productive resources.

Production, Distribution andConsumption

4. Use the circular flow model to explain the flow of money, goods, services and productive resources in the economy.

Markets

5. Identify reasons for and the impacts of multinational economic organizations:
a.   Organization of the Petroleum Exporting Countries (OPEC);

b.   European Monetary Union;

c.   North American Free Trade Agreement (NAFTA);

d.   World Trade Organization (WTO);

e.   World Bank.

Government and the Economy

6. Analyze economic policy decisions made by governments that have resulted in intended and unintended consequences.

7. Identify public policies that may cost more than the benefits they generate, assess who enjoys the benefits, who bears the cost and explain why the policies exist.