Economic Standards

AZ Concept PO Standard Grade Level Key Terms
C2: Microeconomics PO 8 Describe the government’s investment in human capital: a. health 7 human capital
C2: Microeconomics PO 8 Describe the government’s investment in human capital: b. education 7 human capital
C2: Microeconomics PO 8 Describe the government’s investment in human capital: c. training of people 7 human capital
C5: Personal Finance PO 8 Identify the benefits of future financial planning. 8
C2: Microeconomics PO 9 Describe how protection of private property rights provides incentives to conserve and improve property (e.g., resale market). 8 incentives
C2: Microeconomics PO 9 Describe the government’s investment in physical capital (e.g., NASA, transportation). 7
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
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 Determine how inflation, unemployment, and gross domestic product statistics are used in policy decisions. 9, 10, 11, 12 inflation
C5: Personal Finance PO 1 Explain how education, career choices, and family obligations affect future income. 9, 10, 11, 12
C5: Personal Finance PO 2 Analyze how advertising influences consumer choices. 9, 10, 11, 12
C1: Foundations PO 2 Analyze production possibilities curves to describe opportunity costs and trade-offs. 9, 10, 11, 12 production possibilities curve, opportunity cost, trade-offs
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

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