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Develop analytic skills central to economic thinking
Assessment Strategies
on a written test
by completing class and homework assignments
through class discussions
by utilizing graphical analysis
Criteria
learner distinguishes between normative and positive analysis
learner identifies trade-off between choices(opportunity costs)
learner constructs a production possibility curve
learner identifies and gives examples of marginal analysis
learner identifies and defines law of diminishing returns
learner defines full employment and full production
learner identifies the four economic resources and gives examples
learner explains the law of increasing costs
learner defines full emploment and full production
learner explains the law of increasing costs and provides examples
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Apply supply and demand analysis to price determination
Assessment Strategies
on a written test
by completing class and homework assignments
through class discussions
by utilizing graphical analysis
Criteria
learner identifies equilibrium price and quantity
learner identifies the factors determining Demand
learner identifies factors determining Supply
learner analyzes the impacts of price ceilings and price floors
learner distinguishes between changes in demand and changes in quantity demanded
learner distinguishes between changes in supply and changes in quantity supplied
learner graphs supply and demand curves
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Calculate maximum profit as total revenue minus total cost
Assessment Strategies
on a written test
by completing class and homework assignments
through class discussions
by utilizing graphical analysis
Criteria
learner calculates total revenue and marginal revenues in various markets
learner applies the concept of demand elasticity
learner calculates supply elasticity
learner distinguishes between fixed and variable costs
learner defines average fixed, total and variable costs
learner identifies profit maximization level
learner distinguishes short run and long run and the decisions in both
learner graphs AFC,AVC, ATC and MC cost curves
learner defines economies and diseconomies of scale
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Examine consumer choice models
Assessment Strategies
on a written test
by completing class and homework assignments
through class discussions
by utilizing graphical analysis
Criteria
learner calculates demand elasticity
learner applies the concept of demand elasticity to related economic topics
learner applies the concept of diminishing marginal returns to consumer choices
learner identifies determinants of elasticity
learner explains elasticity and total revenue approach to determine elasticity
learner applies the concept of demand elasticity to related economic topics
learner identifies and defines consumer surplus
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Differentiate among market structures
Assessment Strategies
on a written test
by completing class and homework assignments
through class assignments
by utilizing graphical analysis
Criteria
learner identifies characteristics of markets
learner calculates different types of profit found in various markets
learner graphs market models
learner identifies market concentration using market concentration ratios
learner identifies entry barriers in non competitive markets
learner identifies points of profit maximization
learner defines economic and accounting profits
learner explains types of monopolies
learner defines price discrimination and gives examples
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Evaluate government role in a market economy
Assessment Strategies
on a written test
by completing class and homework assignments
through class discussions
by utilizing graphical analysis
Criteria
learner identifies characteristics of a planned economy and a market economy
learner identifies types of market failures
learner provides examples of market failure
learner explains the effect of taxes on the market
learner explains the tax structures and their consequences
learner identifies and explains the effects of price controls on the market
learner explains the impact of price floors and price ceilings
learner explains the impact of government subsidies
learner reviews models that measure income distribution
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Analyze the markets for the factors of production
Assessment Strategies
on a written test
by completing class and homework assignments
through class discussion
by utilizing graphical analysis
Criteria
learner identifies the factors of production
learner calculates marginal revenue
learner explains the history of the labor movement
learner determines the causes of wage differentiation
learner defines derived demand
learner identifies changes in resource demand
learner explains and gives examples of the substitution effect
learner explains output effect and gives examples
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Identify interactions between domestic and global markets
Assessment Strategies
on a written test
by completing class and homework assignments
through class discussion
by utilizing graphical analysis
Criteria
learner explains comparative advantage
learner identifies trade agreements and organizations
learner identifies arguments to support free trade
learner examines protectionist arguments
learner calculates exchange rates
learner identifies causes for trade imbalance
learner defines absolute advantage
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Intergrate economic models with real world applications
Assessment Strategies
on a written test
by completing class and work assignments
through class discussions
by utilizing graphical analysis
Criteria
learner applies economic principles to current events
learner explains economic principles and their effects on market participants