-
Develop a framework of economic decision making
Assessment Strategies
Oral, Written or Graphic Assessment
Criteria
use marginal (Cost-Benefit) analysis in decision-making
assess the effect of economics on contemporary public issues
relate the circular flow model to production possibilities
use economic terminology
use economic models for analysis
explain the relationship between scarcity and economic value
analyze the concept of efficiency
construct a Production of Possibilities Curve (PPC)
analyze the Production Possibilities Curve (PPC) to identify trade offs
evaluate opportunity cost
compare and contrast economic systems
analyze goals of market participants
-
Apply supply and demand analysis
Assessment Strategies
Oral, Written, Graphic and/or Skill Assessment
Criteria
assess the role price plays in a market economy
apply supply analysis to price determination
apply demand analysis to price determination
identify the determinants of supply
identify the determinants of demand
use supply and demand analysis to predict market outcomes
analyze the impact of various institutions on economic outcomes
examine the consequences of government intervention
-
Analyze market failures within a capitalistic system
Assessment Strategies
Oral, Written, Graphic and/or Skill Assessment
Criteria
identify market failures
determine the causes of market failures
differentiate between positive and negative externalities
differentiate between public and private goods
evaluate potential solutions to market failures
analyze accumulation of wealth
analyze the role of government in addressing market failure
-
Compare and contrast market structures
Assessment Strategies
Oral, Written, Graphic and/or Skill Assessment
Criteria
identify the characteristics for perfect competition
identify the characteristics for monopolistic competition
identify the characteristics of an oligopoly
identify the characteristics of a monopoly
analyze the similarities and differences among market structures
analyze how market structures affect consumer decision making
analyze how market structures affect business decision making
-
Measure macroeconomic performance
Assessment Strategies
Oral, Written, Graphic and/or Skill Assessment
Criteria
define Gross Domestic Product
define economic growth
define unemployment
define inflation
predict fluctuations in the business cycle using macroeconomic variables
identify macroeconomic outcomes using aggregate demand and aggregate supply model
identify macroeconomic failures using aggregate demand and aggregate supply model
describe the role of government in correcting macroeconomic failures
-
Analyze fiscal policy
Assessment Strategies
Oral, Written, Graphic and/or Skill Assessment
Criteria
identify the tools of fiscal policy
explain how fiscal policy tools affect economic growth
explain how fiscal policy tools affect unemployment
explain how fiscal policy tools affect inflation
analyze pros and cons of selected fiscal policy
apply fiscal policy tools to various real world scenarios
compare and contrast budget deficit and national debt
analyze the impact of fiscal policy on a country’s budget
-
Analyze monetary policy
Assessment Strategies
Oral, Written, Graphic and/or Skill Assessment
Criteria
define the functions of money
identify the tools of monetary policy
explain how monetary policy tools affect economic growth
explain how monetary policy tools affect unemployment
explain how monetary policy tools affect inflation
analyze pros and cons of selected monetary policy
compare and contrast fiscal and monetary policy
describe the role of the Federal Reserve system in implementing monetary policy
explain the functions of the Federal Reserve system
explain the composition of the Federal Reserve system
-
Assess the impact of the globalization of economies
Assessment Strategies
Oral, Written, Graphic and/or Skill Assessment
Criteria
explain rationale for trade barriers
analyze the basis for international trade
compare alternative economic systems
identify barriers to trade
convert dollars to other currency(ies)