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Develop a framework of economic decision making
Assessment Strategies
Oral, written, and/or graphic formative and summative assessments
Criteria
identify trade-offs between choices (opportunity costs)
use marginal analysis in decision making
identify the factors of production
examine the concept of efficiency
compare and contrast economic systems
assess the effect of economics on contemporary public issues
analyze the Production Possibilities Frontier
distinguish between normative and positive analysis
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Apply supply and demand analysis
Assessment Strategies
Oral, written, and/or graphic formative and summative assessments
Criteria
assess the role price plays in a market economy
identify the determinants of demand
distinguish between changes in demand and changes in quantity demanded
identify the determinants of supply
distinguish between changes in supply and changes in quantity supplied
identify the equilibrium price and quantity
use supply and demand analysis to predict market outcomes
analyze the impact of price ceilings and price floors on market participants
analyze the impact of taxes and subsidies on market participants
identify consumer surplus and producer surplus
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Analyze market failures within economic systems
Assessment Strategies
Oral, written, and/or graphic formative and summative assessments
Criteria
identify market failures
determine the causes of market failures
differentiate between positive and negative externalities
differentiate between public and private goods
explain the importance of common resources
evaluate potential solutions to market failures
analyze the role of government in addressing market failure
analyze trends in income and wealth inequality
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Explore the role of demand and supply elasticities in economic applications
Assessment Strategies
Oral, written, and/or graphic formative and summative assessments
Criteria
calculate price elasticity of demand
apply the concept of price elasticity of demand to related economic topics
apply the concept of cross-price elasticity of demand to related economic topics
apply the concept of income elasticity of demand to related economic topics
calculate price elasticity of supply
apply the concept of price elasticity of supply to related economic topics
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Examine models of consumer choice and behavior
Assessment Strategies
Oral, written, and/or graphic formative and summative assessments
Criteria
define total and marginal utility
explain the law of (eventually) diminishing marginal utility
analyze utility-maximization behavior
compare and contrast traditional consumer choice models with behavioral economic ideas
explore key findings in behavioral economics and their implications for consumer behavior and policy
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Examine production and cost structures of businesses
Assessment Strategies
Oral, written, and/or graphic formative and summative assessments
Criteria
distinguish between the short-run and long-run
determine the causes and consequences of diminishing marginal productivity of variable inputs
explain the relationship between marginal productivity and business costs
define economies and diseconomies of scale
differentiate between accounting costs and economic costs
distinguish between fixed costs and variable costs and their impact on short-run and long-run decision making
calculate total, average, and marginal costs
calculate total and marginal revenue
explain profit-maximizing production choices using marginal analysis
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Examine profit-maximizing behavior in perfectly competitive markets
Assessment Strategies
Oral, written, and/or graphic formative and summative assessments
Criteria
identify the characteristics of perfectly competitive markets
graph revenue and cost curves in perfectly competitive markets
analyze short-run profit-maximization using marginal analysis
determine the short-run break-even price and shut-down price
analyze long-run profit-maximization and the entry and exit of firms
define economic efficiency conditions
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Examine profit-maximizing behavior in imperfectly competitive markets
Assessment Strategies
Oral, written, and/or graphic formative and summative assessments
Criteria
identify the characteristics of monopolistic competition, oligopoly, and monopoly
analyze the similarities and differences among market structures
graph revenue and cost curves in monopolistic markets
identify the impact of imperfectly competitive markets on consumer and producer surplus
identify "dead weight loss" from imperfectly competitive markets
identify the characteristics of natural monopolies and the role of government regulation
examine oligopoly markets using basic models of game theory
explore anti-trust policies and measures
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Assess the impact of international trade
Assessment Strategies
Oral, written, and/or graphic formative and summative assessments
Criteria
analyze the basis for international trade
examine the international-trade model of comparative advantage
explore protectionist arguments opposing international trade
identify barriers to trade