Stefan has a green box.

Content Standard E9.0 - The Market Economy - Students will understand how scarcity and incentives affect choices, how markets work, why markets form, how supply and demand interact to determine the market price, and how changes in prices act as economic signals to coordinate trade.

Incentives, Choices, & Cost

• E9.[9-12].1 Analyze choices and incentive systems used by parents, teachers, employers and government using the concepts of:
  • Total benefits and opportunity costs
  • Impact of marginal costs and marginal benefits
  • Effectiveness

Consumers

• E9.[9-12].2 Analyze how consumers adjust their purchases in response to price changes using the concept of price elasticity.

Producers

• E9.[9-12].3 Assess how producers might adjust their sales decisions in response to price changes using the concept of price elasticity.

Employees

• E9.[9-12].4 Evaluate career paths considering:
  • Specific skills required
  • Wages
  • Impact of skills on wages
  • Response of wages to market demand

Markets & Prices

• E9.[9-12].5 Analyze markets using the concepts of supply and demand, including:
  • Impact of changes in supply on prices
  • Impact of changes in demand on prices
  • Impact of price controls

Content Standard E10.0 - The U.S. Economy As A Whole - Students will identify indicators used to measure economic performance, understand key aspects of how the economy acts as a system, and understand the roles of money, interest rates, savers, and borrowers, financial institutions, and the central bank in our economy.

Forms & Functions of Money

• E10.[9-12].1 Describe the nation's current money supply measures, including M1 and M2.
• E10.[9-12].2 Explain the three functions of money: medium of exchange, store of value, unit of account.

Interest, Saving, Borrowing

• E10.[9-12].3 Explain why a real interest rate accurately measures the benefit of saving or the cost of borrowing, and indicate ways a high interest rate could be detrimental or beneficial.
• E10.[9-12].4 Explain what a credit rating is and how it affects access to loans.

Financial Institutions

• E10.[9-12].5 Compare the risks and rewards of using the services offered by different financial institutions.

Circular Flow

• E10.[9-12].6 Explain how the circular flow can affect the nation's income.

Economic Growth

• E10.[9-12].7 Analyze the potential production of goods and services for a nation as determined by its resources and technology.

Inflation

• E10.[9-12].8 Explain how the Federal Reserve influences bank loans, the economy's inflation rate, and economic activity in general, using the reserve requirement, discount rate, and open market operations.

Unemployment

• E10.[9-12].9 Explain how government fiscal policy may affect the rate of unemployment by influencing production, employment, and price levels.

Per Capita Measures

• E10.[9-12].10 Describe how U.S. living standards have changed over time real GDP per capita as a measure of the standard of living.

Economic Performance Indicators

• E10.[9-12].11 Define recession and examine the U.S. economy over time using the change in real GDP.
• E10.[9-12].12 Discuss the effects of inflation on the U.S. economy using the consumer price index.
• E10.[9-12].13 Compare the unemployment rates for groups of people who differ by age, sex, ethnicity, occupation, and education.
• E10.[9-12].14 Demonstrate knowledge of when, why, and how interest rate levels have experienced relative highs and relative lows throughout U.S. history.

Financial Institutions, Credit, & Interest Rates

• E10.[9-12].15 Explain how interest rates are determined using supply and demand.

Content Standard E11.0 - The Dynamic Economy - Students will identify the causes of economic change, explain how the U.S. economic system responds to those changes; and explain how other economic systems respond to change.

Organizations

• E11.[9-12].1 Identify the roles of organizations in a market economy, including:
  • For-profit organizations
  • Not-for-profit organizations
  • Labor unions

Investment

• E11.[9-12].2 Analyze the past, present, and future role of investment in enhancing economic growth and raising living standards.

Entrepreneurship

• E11.[9-12].3 Evaluate how entrepreneurs affect the economy by solving problems, taking risks, and taking advantage of opportunities to earn profits.

Specialization & Interdependence

• E11.[9-12].4 Judge the pros and cons of specialization and interdependence.

Competition

• E11.[9-12].5 Explain how individual self-interest, channeled through the marketplace, can increase the overall standard of living.

Role of Government

• E11.[9-12].6 Analyze the role of government in a market economy regarding:
  • Public goods
  • externalities
  • Monopoly power
  • Redistribution of income
  • Definition and protection of property rights

Rise of Democratic Capitalism

• E11.[9-12].7 Describe the rise of national economies, the emergence of free markets and democratic capitalism.

Comparative Systems

• E11.[9-12].8 Illustrate the idea that real world economies tend to be mixed economies containing elements of:
  • capitalism
  • socialism
  • command allocations of resources
  • market allocations of resources

Resource Allocation

• E11.[9-12].9 Compare the benefits and costs of allocating resources through markets or government.
• E11.[9-12].10 Discuss how an economy's price system determines what goods and services will be produced, how they will be produced, and who will receive them.

Content Standard E12.0 - The International Economy - Students will explore trends in international trade, the impact of trade on the U.S. economy, and the role of exchange rates.

International Interdependence

• E12.[9-12].1 Describe how the economic characteristics of other countries and their economic events affect the United States.

Exchange Rates

• E12.[9-12].2 Determine how a change in exchange rates affects the ability of residents of one country to consume products from other countries.

Globalization

• E12.[9-12].3 Assess the impact of globalization on the U.S. and world economies.

Restricted Trade

• E12.[9-12].4 Analyze the pros and cons of international trade, comparing free trade with restricted trade.