Economic Standards

AZ Concept PO Standard Grade Level Key Terms
C3: Macroeconomics PO 4 Describe how scarcity influences the choices (e.g., war time rationing, women in the work force, reallocation of resources) made by governments and businesses. 7 scarcity
C1: Foundations PO 4 Describe the characteristics of a market economy: a. property rights 7 property rights
C1: Foundations PO 4 Describe the characteristics of a market economy: b. freedom of enterprise 7
C1: Foundations PO 4 Describe the characteristics of a market economy: c. competition 7 market economy, competition
C1: Foundations PO 4 Describe the characteristics of a market economy: d. consumer choice 7 market economy
C1: Foundations PO 4 Describe the characteristics of a market economy: e. limited role of government 7 market economy
C2: Microeconomics PO 4 Describe the role of entrepreneurs (e.g., Carnegie, Ford, Rockefeller, J. P. Morgan, Vanderbilt) in the free enterprise system. 7 entrepreneurs
C5: Personal Finance PO 4 Describe types of personal investments (e.g., saving accounts, stocks, bonds). 7
C5: Personal Finance PO 4 Describe various forms of credit. (e.g., personal loans, credit cards, lines of credit, mortgages, auto loans). 8
C2: Microeconomics PO 4 Describe ways in which entrepreneurs take risks to develop new goods and services. 5
C1: Foundations PO 4 Discuss differences between needs and wants. K
C2: Microeconomics PO 4 Discuss how profit is an incentive to entrepreneurs. 4
C1: Foundations PO 4 Evaluate the economic implications of current events from a variety of sources (e.g., magazine articles, newspaper articles, radio, television reports, editorials, Internet sites) 9, 10, 11, 12
C1: Foundations PO 4 Give examples of trade in the local community (e.g., farmers supply the grocer) 3
C4: Global Economics PO 4 Identify interdependence (e.g., North American Free Trade Agreement, European Union, International Monetary Fund/ World Bank) between nations. 8
C1: Foundations PO 4 Interpret how trade promoted economic growth throughout U.S. history. 5
C1: Foundations PO 4 Recognize that people are buyers and sellers of goods and services. 1
C1: Foundations PO 4 Recognize that people trade for goods and services. 2
C5: Personal Finance PO 5 Analyze the, advantages, disadvantages, and alternatives to consumer credit. 8
C1: Foundations PO 5 Compare the use of barter and money in the exchange for goods and services (e.g., trade a toy for candy, buying candy with money). 2
C2: Microeconomics PO 5 Describe risks that are taken by entrepreneurs. 4
C2: Microeconomics PO 5 Describe the function of private business in producing goods and services. 7
C2: Microeconomics PO 5 Describe the function of private business in producing goods and services. 5
C3: Macroeconomics PO 5 Describe the functions of the Federal Reserve System (e.g., banking regulation and supervision, financial services, monetary policy) and their influences on the economy. 9, 10, 11, 12
C2: Microeconomics PO 5 Describe the impact of entrepreneurs (e.g., Bill Gates, Martha Stewart, Oprah Winfrey, Ted Turner Donald Trump) in the free enterprise system. 8 entrepreneurs

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