This course focuses on the study of economic problems and the methods by which
societies solve them. Characteristics of the market economy of the United States
and its function in the world and methods of applying economics to one's life
will be explored.
* This course is a core elective that may be offered for either 0.5 units of
social studies or applied technology education (ATE) credit. Persons who teach
this course are required to have a social studies, business, or marketing composite
with a minimum of six semester hours in economics. The credentials of the instructor
do not determine the credit options for students. Students may decide to take
this class for social studies, business, or marketing credit (but not all).
However, to generate ATE add-on dollars, a social studies teacher must also
have an approved ATE endorsement.
Core Standards of the Course
Students will demonstrate critical thinking skills through observing, reading, writing, listening, speaking and problem solving.
Develop and apply observation, writing, reading, speaking listening, reasoning, analysis, interpretive, research, and presentation skills in economics
Identify the role of an economist in industry and government.
Explore the educational paths recommended to be a business or social economist
Show how economic knowledge can be used in any occupation.
Explore career opportunities in economics
Students will apply a geographical view of economics and how it influences and relates to the environment, resources, societies, and global connections.
Use map and globe skills to identify and analyze economic resources, environments, and scenarios
Identify examples of natural, human, and capital resources
Explain environmental problems existing in three different countries and the economic impact
Locate historical and/or current regions where examples of the words major economic systems can be found, i.e., traditional, market, mixed market, command.
Plan and develop alternative uses of environments and resources.
Use natural resources and population density maps to predict the potential economic activity of a region.
Explain how major economic indicators such as gross national product, unemployment, stock market, and consumer price index reflect the interaction among nations.
Explain the impact of a current environmental issue.
Students will demonstrate the economic impact of current or historical ideas, attitudes, events, movements, technology and governments and how they have influenced humanity.
Demonstrate that historical interpretation and knowledge of economic systems are socially influenced.
Identify and compare examples of U.S. taxation throughout different historical periods with the current policies.
Explain the role of the Invisible hand and the profit motive in redirecting self-interested behavior toward serving the public interest.
Identify and describe selected periods or movements of historical change within and across cultures.
Use ideas, theories, and modes of inquiry drawn from history in the analysis of contemporary social arrangements
Cite examples of how the philosophy of capitalism has impacted attitudes toward private property, private enterprise, and freedom of choice.
Illustrate the relationship between households, firms, government, and the international sector using the concept of the circular flow of economics.
Explain how free enterprise answers the basic economic questions of what, how, when, and for whom goods and services are produced.
Students will demonstrate why and how commonalities and differences of ideas, attitudes, choices, and technologies influence the interaction and behavior of individual groups, institutions, and cultures. Explain why individuals, groups, and institutions respond to change in a particular way on the basis of shared assumptions and technologies.
Identify and describe both current and historical examples of the interaction and interdependence of individuals and societies.
Explain the operation of supply and demand in the mixed-market economy of the United States.
Explain why individuals, groups, and institutions respond to change in a particular way on the basis of shared assumptions and technologies.
Compare and contrast the ways in which cultural variation within and among societies helps to increase differences in the economic value of resources.
Explain how change in personal life situations helps to shape personal economic decisions.
Give examples of consumer behavior responding to increased and decreased interest rate changes.
Describe the various forms and roles institutions take in furthering both continuity and change.
Compare and contrast the ways in which government economic policies both impede and promote economic growth within society.
Students will demonstrate why societies organize available resources for the production, distribution, and consumption of goods and services.
Explain how the scarcity of productive resources including, natural, human, and capital goods requires the development of economic systems to make basic decision about how goods and services are to be produced and distributed.
List and describe the primary factors of production.
Evaluate the trade-offs involved in alternative uses of resources using the production possibilities curve.
Identify the principal elements of scarcity in the context of unlimited wants and limited resources.
Explain opportunity cost, cost/benefit, and margin.
Compare and contrast the various economic institutions that comprise economic systems: households, firms, banks, government agencies, labor unions, corporations, and the stock market.
Analyze the advantages and disadvantages of the four types of market structures; i.e., pure monopoly, oligopoly, monopolistic competition, pure competition.
Explain the relationship between financial institutions and the federal reserve system in the creation and control of the money supply.
Compare and contrast the basic forms of business ownership.
Explain the role of entrepreneurs in organizing and allocating economic resources.
Apply economic concepts and reasoning to social developments and issues.
Identify and discuss major economic indicators; e.g., gross national product, inflation, unemployment, price indexes, stock and bond market indexes.
Describe the nature and causes of business cycles.
Explain the relationship between saving, investment, and economic growth.
Explain the relationship among sustainable economic growth, environmental issues, and other social goals.
Students will demonstrate why and how lifelong learning, collaboration, and responsible citizenship are necessary to promote personal and public good
Demonstrate the characteristics of lifelong learning in school activities.
Organize resources and time efficiently.
Analyze the influence of economic institutions and mass communication on an individual's perception of the world.
Demonstrate collaboration in working with others to achieve specified results.
Listen with respect to the ideas and views of others.
Demonstrate the ability to resolve conflicts positively.
Explain how the major groups in a capitalist economy are independent entrepreneurs, workers, and consumers.
Demonstrate an understanding of, and a reasoned commitment to, the rule of law.
Respect and defend individual rights and property.
Demonstrate individual economic responsibility.
Recognize how individual economic choices and actions affect self, family, and community.
Analyze the causes, effects, strengths, and problems of the free enterprise system.
Analyze historical and contemporary examples in which individuals demonstrated respect and support for the rights, responsibilities, and dignity of all people.
have been produced by and for the teachers of the State of Utah. Copies
of these materials may be freely reproduced for teacher and classroom use.
When distributing these materials, credit should be given to Utah State
Office of Education. These materials may not be published, in whole or part,
or in any other format, without the written permission of the Utah State
Office of Education, 250 East 500 South, PO Box 144200, Salt Lake City,
For more information about this core curriculum, contact the USOE Specialist,
or visit the
CTE/Economics & Entrepreneurship Education Home Page.
For general questions about Utah's Core Curriculum, contact the USOE Curriculum Director,
MARY SHUMWAY .
UEN Contact Info: 801-581-2999 | 800-866-5852 |