Social Studies - Economics

Social Studies

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·	American Civics
·	American Cultures
·	Economics
·	Problems of Democracy

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Bloomsburg Area School District

Social Studies 9-12

Social Studies - Economics

Goals and Descriptions

Economic Interdependence | Economic Systems | Markets and the Functions of Governments | Scarcity and Choice | Work and Earnings

Economic Systems

Economics: Evaluate
The learner will be able to evaluate the strengths and weaknesses of traditional, command and market economies CONTRNT: appraise economic systems; compare and contrast economies found in the spectrum of economic systems.

Strand	Scope	Source
Economics	Master	PA Academic Standards for Economics, 6.1.12.A

Economics: Analyze
The learner will be able to analyze the impact of traditional, command and market economies on the United States economy CONTENT: compare and contrast economies found in the spectrum of economic systems.

Strand	Scope	Source
Economics	Master	PA Academic Standards for Economics, 6.1.12.B

Economic Indicators: Assess
The learner will be able to assess the strength of the regional, national and/or international economy and compare it to another time period based upon economic indicators CONTENT: state how Gross Domestic Product (GDP) is the measure of the nation's total economic output; infer why Gross National Product (GNP) is a better measure of total income than GDP; explore changes in the level of prices (price index); list five kinds of employment and unemployment.

Strand	Scope	Source
Economics	Master	PA Academic Standards for Economics, 6.1.12.C

Historical Examples: Describe
The learner will be able to describe historical examples of expansion, recession, and depression internationally CONTENT: identify basic economic concepts; detect the phases and fluctuations of the business cycle.

Strand	Scope	Source
Economics	Master	PA Academic Standards for Economics, 6.1.12.D

Economic Indicators: Assess
The learner will be able to explain how economic indicators reflect changes in the economy. ie: Consumer Price Index (CPI), Gross Domestic Product (GDP), Unemployment Rate.

Strand	Scope	Source
Economics	Master	PA Academic Standard for Economics 6.1.9.C

Economic Institutions: identify
The learner will be able to explain the structure and purpose of the Federal Reserve System.

Strand	Scope	Source
Economics	Master	PA Academic Standards for Economics 6.2.9.C

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Markets and the Functions of Governments

Economy: Analyze
The learner will be able to analyze the flow of products, resources and money in a mixed economy CONTENT: relate the theory of production; discuss how prices act as signals to both producers and consumers; explain the operations and impact of fiscal policy.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.2.12. A

Noncompetitive Markets: Evaluate
The learner will be able to evaluate the operation of noncompetitive markets CONTENT: appraise economic systems.

Strand	Scope	Source
Consumers	Master	PA Academic Standards for Economics, 6.2.12.B

Federal Reserve System: Analyze
The learner will be able to analyze policies designed to raise or lower interest rates and how the Federal Reserve Board influences interest rates CONTENT: recognize the role of government in regulating economic activity; trace the evolution of money, portray the structure of the Federal Reserve System; clarify how banks use fractional reserves in its operations; relate how monetary and banking policy influence the economy; recognize why monetary policy sometimes conflicts with other economic policy.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.2.12.C

Economic Institutions: Evaluate
The learner will be able to evaluate changes in economic institutions over time (e.g., stock markets, non-government organizations) CONTENT: prioritize the major regulatory responsibilities of the Fed.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.2.12.D

Supply/Demand: Predict
The learner will be able to predict how changes in supply and demand affect equilibrium price and quantity sold CONTENT: deomonstrate the law of demand and elasticity of demand; explain the meaning and concept of supply; analyze the importance of aggregate supply and demand.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.2.12.E

Prices Changes: Analyze
The learner will be able to identify and analyze forces that can change price: Government actions, Weather conditions, International events CONTENT: depict business growth and expansion; discuss how prices act as signals to both producers and consumers; recognize the role of government in regulating economic activity; relate how monetary and banking policy influence the economy; summarize how inflation is measured; explain the operations and impact of fiscal policy.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.2.12.F

Tax Systems: Evaluate
The learner will be able to evaluate types of tax systems: Progressive, Proportional, Regressive.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.2.12.G

Gov't Involvement: Evaluate
The learner will be able to evaluate the economic roles of governments: Macroeconomics (e.g., tariffs and quotas, exchange rates, trade balance), Microeconomics (e.g., price controls, monopolies, cartels) CONTENT: describe and explain the purpose of nonprofit organizations and how government regulates the same; recognize the role of government in regulating economic activity; explain the operations and impact of fiscal policy.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.2.12.H

Goods/Services: Gov't/Evaluate
The learner will be able to evaluate government decisions to provide public goods CONTENT: examine the social costs of economic instability.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.2.12.I

Taxation: Evaluate
The learner will be able to evaluate the social, political and economic changes in tax policy using cost/benefit analysis CONTENT: explain the operations and impact of fiscal policy.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.2.12.J

Media: Impact/Analyze
The learner will be able to analyze the impact of media on decision-making of consumers, producers and policymakers CONTENT: apply the economic way of thinking.

Strand	Scope	Source
Consumers	Master	PA Academic Standards for Economics, 6.2.12.K

Exchange Rate: Analyze
The learner will be able to analyze how policies and international events may change exchange rates CONTENT: evaluate the advantages and disadvantages of early banking and monetary standards; analyze the impact of international trade in today's economy; identify the obstacles to economic development.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.2.12.L

Economic Institutions: Evaluate
The learner will be able to define economic institutions (e.g. banks, labor unions).

Strand	Scope	Source
Consumers	Master	PA Academic Standards for Economics 6.2.9.C

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Scarcity and Choice

Scarcity: Analyze
The learner will be able to analyze actions taken as a result of scarcity issues in the regional, national and international economies CONTENT: examine, describe and explain scarcity and the science of economics; illustrate the basic problems created by trade deficits and its main solutions.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.3.12.A

Choice: Evaluate
The learner will be able to evaluate the economic reasoning behind a choice CONTENT: understand and evaluate tradeoffs and opportunity costs; explain Malthus' views on population growth.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.3.12.B

Resources: Evaluate
The learner will be able to evaluate the allocation of resources used to produce goods and services CONTENT: examine, describe and explain the science of economics.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.3.12.C

Decisions: Evaluate
The learner will be able to evaluate regional, national or international economic decisions using marginal analysis CONTENT: analyze competition and market structures; describe the meaning of absolute and comparative advantage; review how prices help conserve natural resources.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.3.12.D

Decisions: Analyze
The learner will be able to analyze the opportunity cost of decisions by individuals, businesses, communities and nations CONTENT: understand and evaluate tradeoffs and opportunity costs; describe the factors affecting future population growth.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.3.12.E

Incentives: Evaluate
The learner will be able to evaluate in terms of marginal analysis how incentives influence decisions of consumers, producers and policy makers CONTENT: examine and evaluate economic performance.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.3.12.F

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Economic Interdependence

Specialization: Analyze
The learner will be able to analyze how specialization may increase the standard of living CONTENT: describe. explain and outline economic growth and the factors of economic growth.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.4.12.A

Trade: Analyze
The learner will be able to analyze the relationships between trade, competition and productivity CONTENT: relate the theory of production; explain how international trade can be restricted to protect special interests.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.4.12.B

Trade Barriers: Evaluate
The learner will be able to evaluate how a nation might benefit by lowering or removing trade barriers CONTENT: examine and evaluate economic performance; explain how international trade can be restricted to protect special interests.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.4.12.C

Resources: Explain
The learner will be able to explain how the location of resources, transportation and communication networks and technology have affected international economic patterns CONTENT: discuss the framework for/of economic development.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.4.12.D

Consumers: Analyze
The learner will be able to analyze how United States consumers and producers participate in the global production and consumption of goods or services CONTENT: identify the obstacles to economic development.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.4.12.E

Opportunity Costs: Evaluate
The learner will be able to evaluate how trade is influenced by comparative advantage and opportunity costs CONTENT: describe the meaning of absolute and comparative advantage.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.4.12.F

Economic Activities: Evaluate
The learner will be able to evaluate characteristics and distribution of international economic activities: Primary extractive industries (i.e., farming, fishing, forestry, mining), Secondary - materials processing industries (i.e., manufacturing)· Tertiary, service industries (e.g., retailing, wholesaling, finance, real estate, travel and tourism, transportation) CONTENT: discuss the work for/of economic development.

Strand	Scope	Source
Economic Terms	Master	PA Academic Standards for Economics, 6.4.12.G

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Work and Earnings

Wages: Analyze
The learner will be able to analyze the factors influencing wages: Demand for goods and services produced, Labor unions, Productivity, Education/skills CONTENT: demonstrate the law of demand and elasticity of demand; discuss poverty and the distribution of income in an economy; apply the economic way of thinking.

Strand	Scope	Source
Employment	Master	PA Academic Standards for Economics, 6.5.12.A

Productivity: Evaluate
The learner will be able to evaluate how changes in education, incentives, technology and capital investment alter productivity CONTENT: relate the theory of production; apply the economic way of thinking.

Strand	Scope	Source
Employment	Master	PA Academic Standards for Economics, 6.5.12.B

Business: Analyze
The learner will be able to analyze the costs and benefits of organizing a business as a sole proprietorship, partnership or corporation CONTENT: describe how businesses are organized.

Strand	Scope	Source
Business	Master	PA Academic Standards for Economics, 6.5.12.C

Profits/Losses: Analyze
The learner will be able to analyze the role of profits and losses in the allocation of resources in a market economy CONTENT: explore and describe capitalism and free enterprise.

Strand	Scope	Source
Business	Master	PA Academic Standards for Economics, 6.5.12.D

Wealth: Compare/Nations
The learner will be able to compare distribution of wealth across nations CONTENT: depict business growth and expansion; state how Gross Domestic Product (GDP) is the measure of the nation's total economic output; describe, explain and outline economic growth and the factors of economic growth.

Strand	Scope	Source
Earnings	Master	PA Academic Standards for Economics, 6.5.12.E

Entrepreneurship: Assess
The learner will be able to assess the impact of entrepreneurs on the economy CONTENT: explore and describe capitalism and free enterprise.

Strand	Scope	Source
Business	Master	PA Academic Standards for Economics, 6.5.12.F

Saving: Analyze
The learner will be able to analyze the risks and returns of various investments: Stocks, Bonds, Mutual Funds, Savings Bonds, Retirement Savings (e.g., Individual Retirement Account (IRA), Keogh, 401K), Savings accounts (e.g., passbook, certificate of deposit) CONTENT: outline the development of modern commercial banks.

Strand	Scope	Source
Earnings	Master	PA Academic Standards for Economics, 6.5.12.G

Interest Rates: Evaluate
The learner will be able to evaluate benefits and costs of changes in interest rates for individuals and society CONTENT: prioritize the major regulatory responsibilities of the Fed.

Strand	Scope	Source
Business	Master	PA Academic Standards for Economics, 6.5.12.H

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