Economic Standards

AZ Concept PO Standard Grade Level Key Terms
C2: Microeconomics PO 2 Describe how competition, markets, and prices influence peoples’ behavior. 5 competition and market structure
C2: Microeconomics PO 2 Describe how (private) investment in human capital such as health (e.g. immunizations), education (e.g., college), and training of people (e.g., on the job experience), leads to economic growth. 7 human capital
C2: Microeconomics PO 2 Describe how markets function: a. laws of supply and demand 9, 10, 11, 12 financial markets
C2: Microeconomics PO 2 Describe how markets function: b. how a market price is determined 9, 10, 11, 12
C2: Microeconomics PO 2 Describe how markets function: c. graphs that demonstrate changes in supply and demand 9, 10, 11, 12
C2: Microeconomics PO 2 Describe how markets function: d. how price ceilings and floors cause shortages or surpluses 9, 10, 11, 12
C2: Microeconomics PO 2 Describe how markets function: f. theory of production and the role of cost 9, 10, 11, 12
C5: Personal Finance PO 2 Describe how scarcity influences personal financial choices (e.g., buying on-margin, budgeting, saving, investing, credit). 7 scarcity, saving and investing
C1: Foundations PO 2 Describe how specialization (e.g., division of labor) improved standards of living in the three colonial regions and the Pre-Civil War North and South. 5 division of labor/specialization
C4: Global Economics PO 2 Describe the effects of international trade on the United States and other nations: g. economic connections among different regions, including changing alignments in world trade partners 9, 10, 11, 12
C4: Global Economics PO 2 Describe the effects of international trade on the United States and other nations: a. how people and nations gain through trade 9, 10, 11, 12
C4: Global Economics PO 2 Describe the effects of international trade on the United States and other nations: b. how the law of comparative advantage leads to specialization and trade 9, 10, 11, 12
C4: Global Economics PO 2 Describe the effects of international trade on the United States and other nations: c. effects of protectionism, including tariffs and quotas on international trade and on a nation’s standard of living 9, 10, 11, 12
C4: Global Economics PO 2 Describe the effects of international trade on the United States and other nations: d. how exchange rates work and how they affect international trade 9, 10, 11, 12
C4: Global Economics PO 2 Describe the effects of international trade on the United States and other nations: e. how the concepts of balance of trade and balance of payments are used to measure international trade 9, 10, 11, 12
C4: Global Economics PO 2 Describe the effects of international trade on the United States and other nations: f. factors that influence the major world patterns of economic activity including the differing costs of production between developed and developing countries 9, 10, 11, 12
C4: Global Economics PO 2 Describe the effects of international trade on the United States and other nations: h. identify the effects of trade agreements (e.g.,North American Free Trade Agreement) 9, 10, 11, 12
C5: Personal Finance PO 2 Describe types of personal investments (e.g., saving accounts, stocks, mutual funds, bonds, retirement funds, land). 8
C2: Microeconomics PO 2 Describe why (e.g., schools, fire, police, libraries) state and local governments collect taxes. 4
C1: Foundations PO 2 Determine how scarcity, opportunity costs, and trade-offs influence decision-making. 6 scarcity, opportunity cost, trade-offs
C1: Foundations PO 2 Discuss that opportunity cost occurs when people make choices and something is given up (e.g., if you go to the movies, you can’t also go to the park). 2 opportunity cost
C5: Personal Finance PO 2 Explain how interest is the price paid to borrow money. 6
C3: Macroeconomics PO 2 Explain the effects of inflation and deflation on different groups (e.g., borrowers v. lenders, fixed income/cost of living adjustments). 9, 10, 11, 12 inflation
C2: Microeconomics PO 2 Explain the impact of government investment in human capital: a. health (e.g., immunizations) 8 human capital
C2: Microeconomics PO 2 Explain the impact of government investment in human capital: b. education (e.g., college grants, loans) 8 human capital

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