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Develop a rationale for Economics
Assessment Strategies
Oral, Written, Graphic and/or Skill Assessment
Criteria
define economics
distinguish between microeconomics and macroeconomics
distinguish between positive and normative economics
identify trade-offs between choices (opportunity costs)
construct a production possibility curve and explain trade-offs
define and give examples of marginal analysis
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Use supply and demand analysis
Assessment Strategies
Oral, Written, Graphic and/or Skill Assessment
Criteria
describe the concepts of supply and demand
draw supply and demand curves
draw and explain changes in demand, supply, quantity demanded, and quantity supplied
analyze the effects of changes in supply and demand on equilibrium price and quantity
identify and draw price floors and price ceilings and explain why they exist
draw aggregate demand and supply curves showing macro equilibrium on the AD/AS model
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Identify the principle goals and tools of macroeconomics analysis
Assessment Strategies
Oral, Written, Graphic and/or Skill Assessment
Criteria
identify major macroeconomics goals, such as economic growth, full employment, and price stability
describe the functions of economic systems and explain how the different types of systems operate
define key measures of macroeconomics performance such as the unemployment rate and CPI
define and explain business cycles
evaluate the limitations and shortcomings of key macroeconomics measures
explain the relationship between total expenditure and the GDP
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Explain the Macroeconomics concerns of Unemployment, Inflation and Growth
Assessment Strategies
Oral, Written, Graphic and/or Skill Assessment
Criteria
explain the goals of economic systems
define unemployment
identify types of unemployment
explain how the unemployment rate is calculated
define inflation
identify the causes and types of inflation
recognize who gains and who loses when inflation occurs
explain economic growth
identify how economic growth is measured
identify factors that will create economic growth
explain the unemployment rate and inflation trade-off
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Analyze the structure of fiscal policy
Assessment Strategies
Oral, Written, Graphic and/or Skill Assessment
Criteria
define fiscal policy
identify goals of fiscal policy
explain the appropriate fiscal action to curb recession
explain the appropriate fiscal policy action to curb inflation
identify cost and benefits of fiscal policy action
distinguish between the budget deficit and the national debt
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Explain the role of money and banking practiced in the US.
Assessment Strategies
Oral, Written, Graphic and/or Skill Assessment
Criteria
identify the categories of money used by the Federal Reserve System
describe the functions of money
explain how banks create money
identify ways the Federal Reserve System controls the quantity of money
explain impact of interest rates
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Analyze the structure of Monetary Policy action
Assessment Strategies
Oral, Written, Graphic and/or Skill Assessment
Criteria
define monetary policy
describe the history, organization and functions of the Federal Reserve System
identify role the FED plays in carrying out monetary policy
explain monetary policy actions to curb inflation
explain monetary policy actions to curb a recession
evaluate the advantages and disadvantages of monetary policy
draw and explain the effects of monetary policy on the aggregate demand and aggregate supply model
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Critique specific macroeconomics issues and principles affecting economic growth and productivity
Assessment Strategies
Oral, Written, Graphic and/or Skill Assessment
Criteria
define economic growth
identify how economic growth is determined
define GDP and per capita GDP
define productivity
explain factors that can lead to productivity
identify how public policy can affect economic growth
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Examine the implications of the global economy
Assessment Strategies
Oral, Written, Graphic and/or Skill Assessment
Criteria
define trade surplus and trade deficit
explain the economic basis for trade
define and give examples of comparative advantage in trade
identify trade barriers and reasons for them
provide arguments for free trade
define exchange rates
explain how exchange rates can affect international trade
define balance of payments
describe a country's balance of payments accounts and explain what determines the amount of international borrowing and lending
identify major trading partners of U.S. and Wisconsin
identify international economic institutions
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Identify the implications of poverty and unequal income distribution
Assessment Strategies
Oral, Written, Graphic and/or Skill Assessment
Criteria
distinguish between relative and absolute poverty
explain how the government calculates the poverty threshold
identify the poverty threshold
recognize who are the poor in the U.S. based on census data
identify the level of income inequality in the U.S.
identify factors that lead to income inequality
recognize why some inequality is good
explain theories regarding trends in income distribution
analyze government policies and their effect on income distribution and poverty
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Analyze the economics of developing countries and the conflict between sustainable growth and the environment
Assessment Strategies
Oral, Written, Graphic and/or Skill Assessment
Criteria
recognize issues in economic development
identify strategies for economic development
describe the effect of economic growth on living standards and the environment
recognize the differences between renewable and nonrenewable resources
identify methods and policies to ensure sustainable growth
explain and evaluate the role of different organizations involved in economic growth
identify positive and negative externalities impacting society
identify positive and negative externalities impacting the environment caused by economic growth