AZ Standards Grade 7

Concept PO Standard Key Terms
C1: Foundations PO 2 Analyze how scarcity, opportunity costs, and trade-offs influence decision making. scarcity, opportunity cost, trade-offs
C3: Macroeconomics PO 2 Analyze the effects (e.g., inflation, unemployment) of the Great Depression
C3: Macroeconomics PO 3 Analyze the government’s role (e.g., FDIC, Securities and Exchange Commission) in national economic recovery.
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. human capital
C5: Personal Finance PO 3 Describe how income for most people is determined by the value of the goods and services they sell.
C2: Microeconomics PO 3 Describe how investment in physical capital (e.g., factories, machinery, new technology) leads to economic growth. economic growth
C5: Personal Finance PO 1 Describe how scarcity influenced the historical times studied. scarcity
C5: Personal Finance PO 2 Describe how scarcity influences personal financial choices (e.g., buying on-margin, budgeting, saving, investing, credit). scarcity, saving and investing
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. scarcity
C2: Microeconomics PO 6 Describe how the interaction between buyers and sellers determines market prices.
C1: Foundations PO 4 Describe the characteristics of a market economy: a. property rights property rights
C2: Microeconomics PO 8 Describe the government’s investment in human capital: a. health human capital
C1: Foundations PO 4 Describe the characteristics of a market economy: b. freedom of enterprise
C1: Foundations PO 4 Describe the characteristics of a market economy: c. competition market economy, competition
C1: Foundations PO 4 Describe the characteristics of a market economy: d. consumer choice market economy
C1: Foundations PO 4 Describe the characteristics of a market economy: e. limited role of government market economy
C3: Macroeconomics PO 1 Describe the effects of inflation (e.g., higher prices, rising interest rates, less business activity) on society. inflation
C2: Microeconomics PO 5 Describe the function of private business in producing goods and services.
C2: Microeconomics PO 8 Describe the government’s investment in human capital: b. education human capital
C2: Microeconomics PO 8 Describe the government’s investment in human capital: c. training of people human capital
C2: Microeconomics PO 9 Describe the government’s investment in physical capital (e.g., NASA, transportation).
C2: Microeconomics PO 10 Describe the government’s role in economic recovery for the individual (e.g., farm subsidy, securities, Social Security, exchange regulations). role of government
C2: Microeconomics PO 4 Describe the role of entrepreneurs (e.g., Carnegie, Ford, Rockefeller, J. P. Morgan, Vanderbilt) in the free enterprise system. entrepreneurs
C5: Personal Finance PO 4 Describe types of personal investments (e.g., saving accounts, stocks, bonds).
C1: Foundations PO 1 Explain how limited resources and unlimited human wants cause people to choose some things and give up others. limited resources, unlimited wants
C2: Microeconomics PO 7 Explain how the (unequal) distribution of income affects public policy and standards of living.
C4: Global Economics PO 1 Explain how voluntary exchange benefits buyers and sellers.
C1: Foundations PO 3 Identify how governments and businesses make choices based on the availability of resources. role of government
C2: Microeconomics PO 1 Identify the functions and relationships among various institutions (e.g., business firms, banks, government agencies, labor unions, corporations) that make up an economic system.
C4: Global Economics PO 2 Identify the patterns of economic interaction (e.g., national debt, balance of trade) between countries.