Economic Standards

AZ Concept PO Standard Grade Level Key Terms
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
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
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 PO 2. Describe how markets function: e. comparison of monopolistic and competitive behaviors 9, 10, 11, 12
C2: Microeconomics PO 3 Describe how government policies influence the economy: a. need to compare costs and benefits of government policies before taking action 9, 10, 11, 12
C2: Microeconomics PO 3 Describe how government policies influence the economy: b. use of federal, state & local government spending to provide national defense; address environmental concerns; define & enforce property, consumer & worker rights; regulate markets; & provide good 9, 10, 11, 12
C2: Microeconomics PO 3 Describe how government policies influence the economy: c. effects of progressive, proportional, and regressive taxes on different income groups 9, 10, 11, 12 regressive tax, proportional tax, progressive tax
C2: Microeconomics PO 3 Describe how government policies influence the economy: d. role of self-interest in decisions of voters, elected officials, and public employees 9, 10, 11, 12
C1: Foundations PO 3 Describe the characteristics of the mixed-market economy of the United States: a. property rights 9, 10, 11, 12
C1: Foundations PO 3 Describe the characteristics of the mixed-market economy of the United States: b. profit motive 9, 10, 11, 12
C1: Foundations PO 3 Describe the characteristics of the mixed-market economy of the United States: c. consumer sovereignty 9, 10, 11, 12
C1: Foundations PO 3 Describe the characteristics of the mixed-market economy of the United States: d. competition 9, 10, 11, 12
C1: Foundations PO 3 Describe the characteristics of the mixed-market economy of the United States: e. role of the government 9, 10, 11, 12
C1: Foundations PO 3 Describe the characteristics of the mixed-market economy of the United States: f. rational self-interest 9, 10, 11, 12 rational self-interest
C1: Foundations PO 3 Describe the characteristics of the mixed-market economy of the United States: g. invisible hand 9, 10, 11, 12 invisible hand
C3: Macroeconomics PO 3 Describe the economic and non-economic consequences of unemployment. 9, 10, 11, 12
C5: Personal Finance PO 3 Determine short- and long-term financial goals and plans, including income, spending, saving, and investing. 9, 10, 11, 12 saving and investing

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