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School City of Hobart Economics This course examines the allocation of scarce resources and the economic reasoning used by people as consumers, producers, savers, investors, workers, voters, and as government agencies. Key elements include the study of scarcity, supply and demand, market structures, the role of government, national income determination, money and the role of financial institutions, economic stabilization, and trade. |
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Scarcity and Economic Reasoning
The learner will be able to understand that productive resources are limited; therefore, people cannot have all the goods and services they want. As a result, they must choose some things and give up others.
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E.1.1
The learner will be able to define each of the productive resources (natural, human, capital) and explain why they are necessary for the production of goods and services. (Geography).
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E.1.2
The learner will be able to explain how consumers and producers confront the condition of scarcity, by making choices which involve opportunity costs, and tradeoffs.
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E.1.3
The learner will be able to identify and explain the broad economic and social goals, such as freedom, efficiency, equity, security, growth, price stability, and full employment. (Civics and Government).
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E.1.4
The learner will be able to describe how people respond predictably to positive and negative incentives.
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E.1.5
The learner will be able to predict how interest rates will act as an incentive for savers and borrowers.
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E.1.6
The learner will be able to recognize that voluntary exchange occurs when all participating parties expect to gain.
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E.1.7
The learner will be able to compare and contrast how the various economic systems (traditional, market, command, mixed) answer the questions: What to produce? How to produce it? And for whom to produce.
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E.1.8
The learner will be able to describe how clearly defined and enforced property rights are essential to a market economy. (Civics and Government).
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E.1.9
The learner will be able to use a production possibilities curve to explain the concepts of choice, scarcity, opportunity cost, tradeoffs, unemployment, productivity, and growth.
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E.1.10
The learner will be able to use a decision-making model to analyze a public policy issue affecting the student's community.
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E.1.11
The learner will be able to formulate a savings or financial investment plan for a future goal.
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Supply and Demand
The learner will be able to understand the role that supply and demand, prices, and profits play in determining production and distribution in a market economy.
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E.2.1
The learner will be able to define supply and demand.
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E.2.2
The learner will be able to identify factors that cause changes in market supply and demand.
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E.2.3
The learner will be able to describe the role of buyers and sellers in determining the equilibrium price.
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E.2.4
The learner will be able to describe how prices send signals to buyers and sellers.
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E.2.5
The learner will be able to recognize that consumers ultimately determine what is produced in a market economy (consumer sovereignty).
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E.2.6
The learner will be able to explain the function of profit in a market economy as an incentive for entrepreneurs to accept the risks of business failure.
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E.2.7
The learner will be able to demonstrate how supply and demand determine equilibrium price and quantity in the product, resource, and financial markets.
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E.2.8
The learner will be able to demonstrate how changes in supply and demand influence equilibrium price and quantity in the product, resource, and financial markets.
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E.2.9
The learner will be able to analyze how changes in the price of certain goods, such as gasoline, impact the lives of people in the community. (Civics and Government; Individuals, Society, and Culture).
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E.2.10
The learner will be able to demonstrate how government wage and price controls, such as rent controls and minimum wage laws, create shortages and surpluses. (Civics and Government).
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E.2.11
The learner will be able to use concepts of price elasticity of demand and supply to explain and predict changes in quantity as price changes.
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E.2.12
The learner will be able to illustrate how investment in factories, machinery, new technology, and the health, education, and training of people increases productivity and raises future standards of living. (Individuals, Society, and Culture).
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E.2.13
The learner will be able to explain how financial markets, such as the stock market, channel funds from savers to investors.
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Market Structures
The learner will be able to understand the organization and role of business firms and analyze the various types of market structures in the United States economy.
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E.3.1
The learner will be able to compare and contrast the following forms of business organization: sole proprietorship, partnership, and corporation.
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E.3.2
The learner will be able to identify the three basic ways that firms finance operations (retained earnings, stock issues, and borrowing), and explain the advantages and disadvantages of each.
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E.3.3
The learner will be able to recognize that economic institutions such as labor unions, non-profit organizations, and cooperatives evolve in market economies to help individuals accomplish their goals. (Individuals, Society, and Culture).
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E.3.4
The learner will be able to identify the basic characteristics of the four market structures: monopoly, oligopoly, monopolistic competition, and pure competition.
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E.3.5
The learner will be able to explain how competition among many sellers lowers costs and prices and encourages producers to produce more.
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E.3.6
The learner will be able to demonstrate how firms determine price and output through marginal analysis.
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E.3.7
The learner will be able to explain ways that firms engage in price and non-price competition.
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E.3.8
The learner will be able to identify laws and regulations adopted in the United States to promote competition among firms. (Civics and Government).
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E.3.9
The learner will be able to identify laws and regulations adopted in the United States to promote competition among firms. (Civics and Government).
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E.3.10
The learner will be able to explain how cartels affect product price and output.
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E.3.11
The learner will be able to describe how the earnings of workers are determined by the market value of the product produced and workers' productivity.
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The Role of Government
The learner will be able to understand the roles of government in a market economy are allocation of resources, redistribution of income, protection of property rights, and resolution of market failures.
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E.4.1
The learner will be able to explain the basic functions of government in a market economy. (Civics and Government).
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E.4.2
The learner will be able to explain how government responds to market failures by providing public goods and services. (Civics and Government).
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E.4.3
The learner will be able to describe major revenue and expenditure categories and their respective proportions of local, state, and federal budgets. (Civics and Government).
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E.4.4
The learner will be able to explore the ways that tax revenue is used in the community. (Civics and Government).
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E.4.5
The learner will be able to identify taxes paid by students. (Civics and Government).
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E.4.6
The learner will be able to define progressive, proportional, and regressive taxation. (Civics and Government).
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E.4.7
The learner will be able to determine whether different types of taxes (including income, sales, and social security) are progressive, proportional, or regressive. (Civics and Government).
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E.4.8
The learner will be able to describe how costs of government policies may exceed benefits, because social or political goals other than economic efficiency are being pursued. (Civics and Government).
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E.4.9
The learner will be able to predict possible future effects of the national debt on the individual and the economy. (Civics and Government).
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E.4.10
The learner will be able to predict how changes in federal spending and taxation would affect budget deficits and surpluses and the national debt. (Civics and Government).
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National Economic Performance
The learner will be able to understand the means by which economic performance is measured.
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E.5.1
The learner will be able to define aggregate supply and demand, gross domestic product (GDP), economic growth unemployment, and inflation.
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E.5.2
The learner will be able to explain how gross domestic product (GDP), economic growth, unemployment, and inflation are calculated.
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E.5.3
The learner will be able to explain the limitations of using GDP to measure economic welfare.
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E.5.4
The learner will be able to explain the four phases of the business cycle.
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E.5.5
The learner will be able to analyze the impact of events in United States history, such as wars and technological developments on business cycles. (History).
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E.5.6
The learner will be able to identify the different causes of inflation, and explain who gains and loses because of inflation.
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E.5.7
The learner will be able to analyze the impact of inflation on students' economic decisions.
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E.5.8
The learner will be able to recognize that a country's overall level of income, employment, and prices are determined by the individual spending and production decisions of households, firms, and government. (Civics and Government; Individuals, Society, and Culture).
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E.5.9
The learner will be able to illustrate and explain how the relationship between aggregate supply and aggregate demand is an important determinant of the levels of unemployment and inflation in an economy.
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E.5.10
The learner will be able to analyze the unemployment rate in the community.
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E.5.11
The learner will be able to propose solutions for addressing issues of unemployment in the community.
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Money and the Role of Financial Institut
The learner will be able to understand the role of money and financial institutions in a market economy.
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E.6.1
The learner will be able to explain the basic functions of money.
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E.6.2
The learner will be able to identify the composition of the money supply of the United States.
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E.6.3
The learner will be able to explain the role of banks and other financial institutions in the economy of the United States.
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E.6.4
The learner will be able to describe the organization and functions of the Federal Reserve System.
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E.6.5
The learner will be able to compare and contrast credit, savings, and investment services available to the consumer from financial institutions.
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E.6.6
The learner will be able to demonstrate how banks create money through the principle of fractional reserve banking.
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E.6.7
The learner will be able to research and monitor financial investments, such as stocks, bonds, and mutual funds.
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E.6.8
The learner will be able to formulate a credit plan for purchasing a major item comparing different interest rates.
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Economic Stabilization
The learner will be able to understand economic stabilization policies and how they impact the economy.
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E.7.1
The learner will be able to define and explain fiscal and monetary policy.
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E.7.2
The learner will be able to define the tools of fiscal and monetary policy.
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E.7.3
The learner will be able to describe the negative impacts of unemployment and unintended inflation on an economy and how individuals and organizations try to protect themselves. (Individuals, Society, and Culture).
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E.7.4
The learner will be able to illustrate and explain cost-push and demand-pull inflation.
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E.7.5
The learner will be able to explain how monetary policy affects the level of inflation in the economy.
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E.7.6
The learner will be able to analyze how the government uses taxing and spending decisions (fiscal policy) to promote price stability, full employment, and economic growth. (Civics and Government).
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E.7.7
The learner will be able to analyze how the Federal Reserve uses monetary tools to promote price stability, full employment, and economic growth. (Civics and Government).
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E.7.8
The learner will be able to articulate how a change in monetary or fiscal policy can impact a student's purchasing decision.
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Trade
The learner will be able to understand why individuals, businesses, and governments trade goods and services and how trade affects the economies of the world.
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E.8.1
The learner will be able to explain the benefits of trade among individuals, regions, and countries. (Geography; Individuals, Society, and Culture).
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E.8.2
The learner will be able to define and distinguish between absolute and comparative advantage.
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E.8.3
The learner will be able to define trade barriers, such as quotas and tariffs. (Civics and Government).
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E.8.4
The learner will be able to explain why countries sometimes erect barriers to trade. (Civics and Government).
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E.8.5
The learner will be able to explain the difference between balance of trade and balance of payments.
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E.8.6
The learner will be able to compare and contrast labor productivity trends in the United States and other developed countries.
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E.8.7
The learner will be able to explain how most trade occurs because of a comparative advantage in the production of a particular good or service.
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E.8.8
The learner will be able to explain how changes in exchange rates impact the purchasing power of people in the United States and other countries. (Individuals, Society, and Culture).
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E.8.9
The learner will be able to evaluate the arguments for and against free trade.
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E.8.10
The learner will be able to identify skills individuals need to be successful in the workplace. (Individuals, Society, and Culture).
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