Economics
Course Introduction
Core Standards of the Course
Strand 1
Students will understand the economic condition of scarcity where individuals, businesses, governments, societies, and nations must make choices in attempting to satisfy unlimited wants and needs using scarce resources.
Standard 1:
Define economics using the main ideas that wants and needs are unlimited but resources are limited, resulting in scarcity.
Standard 2:
Compare and contrast the concepts of opportunity cost and trade-offs using production possibilities curves.
Standard 3:
List the three basic economic questions (what will be produced, how will it be produced, and for whom it will be produced)
Standard 4:
Use marginal analysis to illustrate the six-step decision making process.
Strand 2
Students will understand that resources and goods/services are allocated by voluntary exchange and that economic markets are characterized by supply and demand, competition, incentives, and private property rights.
Standard 1:
Define markets and explain how they allocate scarce resources.
Performance Skills
Construct a circular flow model demonstrating the process of voluntary exchange among businesses/producers, households/consumers, and government.
Standard 2:
Determine why incentives, competition, voluntary exchange and property rights are important components of market economies.
Standard 3:
Discuss the laws of supply and demand and explain price determination.
Standard 4:
Compare and contrast different market structures.
Standard 5:
Discuss various economic theories and the economists who developed those theories as they relate to market economies.
Strand 3
Students will recognize how fiscal and monetary policies assist individuals and groups in pursuit of economic well-being.
Standard 1:
Analyze how policymakers use fiscal policy to accomplish their goals regarding the U.S. economy.
Standard 2:
Identify the four phases (peak, expansion, contraction, and trough) of the business cycle and examine the role of economic indicators in determining the level of business activity.
Performance Skills
Create and label a business cycle graphic.
Standard 3:
Define how the Federal Reserve uses monetary policy to control the fluctuation of the money supply.
Standard 4:
Describe the functions of money and explain the role of financial institutions
Standard 5:
Examine the role of entrepreneurs, businesses, and producers in market economies.
Strand 4
Students will recognize how to increase productivity and the standard of living.
Standard 1:
Students will examine sources and types of funding.
Standard 2:
Discuss the role of ethics in choices made by individuals, businesses, societies, governments, and nations.
Performance Skills
Evaluate a current ethical scenario.
Strand 5
Students will understand the economic impact of a changing global economy.
Standard 1:
Summarize the costs and benefits of international trade.
Standard 2:
Use absolute advantage and comparative advantage to make trade decisions.
Standard 3:
Explore the effects of currency exchange rates on international trade and travel.
Standard 4:
Examine the challenges that nations and the world face as economies throughout the world develop and change.
http://www.uen.org - in partnership with Utah State Board of Education (USBE) and Utah System of Higher Education (USHE). Send questions or comments to USBE Specialist - Racheal Routt and see the CTE/Business, Finance and Marketing website. For general questions about Utah's Core Standards contact the Director - THALEA LONGHURST. These materials 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 Board 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 Board of Education, 250 East 500 South, PO Box 144200, Salt Lake City, Utah 84114-4200.