Economic Standards

AZ Concept PO Standardsort descending Grade Level Key Terms
C1: Foundations PO 1 Analyze the implications of scarcity: a. limited resources and unlimited human wants influence choice at individual, national, and international levels 9, 10, 11, 12 limited resources, unlimited wants
C1: Foundations PO 1 Analyze the implications of scarcity: b. factors of production (e.g., natural, human, and capital resources, entrepreneurship, technology) 9, 10, 11, 12
C1: Foundations PO 1 Analyze the implications of scarcity: c. marginal analysis by producers, consumers, savers, and investors 9, 10, 11, 12 scarcity
C4: Global Economics PO 1 Analyze the similarities and differences among economic systems: a. characteristics of market, command, and mixed economic systems, including roles of production, distribution, and consumption of goods and services 9, 10, 11, 12
C4: Global Economics PO 1 Analyze the similarities and differences among economic systems: b. benefits and costs of market and command economies 9, 10, 11, 12
C4: Global Economics PO 1 Analyze the similarities and differences among economic systems: c. characteristics of the mixed-market economy of the US, including such concepts as private ownership, profit motive, consumer sovereignty, competition, and government regulation 9, 10, 11, 12
C4: Global Economics PO 1 Analyze the similarities and differences among economic systems: d. role of private property in conserving scarce resources and providing incentives in a market economy 9, 10, 11, 12 incentives
C4: Global Economics PO 1 Compare how private property rights differ in market (capitalism) economies versus command (communist) economies. 8
C5: Personal Finance PO 1 Compare the cost and benefits of using credit. 6 credit report
C5: Personal Finance PO 1 Describe how interest is an incentive to saving money. 4 saving and investing
C5: Personal Finance PO 1 Describe how scarcity influenced the historical times studied. 7 scarcity
C2: Microeconomics PO 1 Describe how the interdependence of both households and firms is affected by trade, exchange, money, and banking: a. why voluntary exchange occurs only when all participating parties expect to gain from the exchange 9, 10, 11, 12
C2: Microeconomics PO 1 Describe how the interdependence of both households and firms is affected by trade, exchange, money, and banking: b. role and interdependence of households, firms, and government in the circular flow model of economic activity 9, 10, 11, 12
C2: Microeconomics PO 1 Describe how the interdependence of both households and firms is affected by trade, exchange, money, and banking: c. role of entrepreneurs in a market economy and how profit is an incentive that leads entrepreneurs to accept risks of business failure 9, 10, 11, 12
C2: Microeconomics PO 1 Describe how the interdependence of both households and firms is affected by trade, exchange, money, and banking: d. financial institutions and securities markets 9, 10, 11, 12
C2: Microeconomics PO 1 Describe how the interdependence of both households and firms is affected by trade, exchange, money, and banking: e. importance of rule of law in a market economy for enforcement of contracts 9, 10, 11, 12
C3: Macroeconomics PO 1 Describe the effects of inflation (e.g., higher prices, rising interest rates, less business activity) on society. 7 inflation
C3: Macroeconomics PO 1 Determine how inflation, unemployment, and gross domestic product statistics are used in policy decisions. 9, 10, 11, 12 inflation
C5: Personal Finance PO 1 Discuss reasons for personal savings. 1 saving and investing
C5: Personal Finance PO 1 Discuss costs and benefits of personal spending and saving choices. 3
C5: Personal Finance PO 1 Discuss costs and benefits of personal savings. 2 saving and investing
C2: Microeconomics PO 1 Discuss different ways individuals can earn money. 3
C1: Foundations PO 1 Discuss different types of jobs that people do. K
C1: Foundations PO 1 Discuss how scarcity requires people to make choices due to their unlimited needs and wants with limited resources. 2 choice, limited resources
C1: Foundations PO 1 Discuss the difference between basic needs and wants. 1

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