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Tuesday, February 8, 2011
Econ Standards for Unit 2 --Honors and On Level
SSEF5
The student will describe the roles of government in a market economy.
Element: SSEF5.a
Explain why government provides public goods and services, redistributes income, protects property rights and resolves market failures.
Element: SSEF5.b
Give examples of government regulation and deregulation and their effects on consumers and producers.
SSEF1
The student will explain why limited productive resources and unlimited wants result in scarcity, opportunity costs and trade offs for individuals, businesses and governments.
Element: SSEF1.a
Define scarcity as a basic condition which exists when limited productive resources exceed unlimited wants.
Element: SSEF1.b
Define and give examples of productive resources as land (natural), labor (human), capital (capital goods), entrepreneurship.
Element: SSEF1.c
List a variety of strategies for allocating scarce resources.
Element: SSEF1.d
Define opportunity cost as the next best alternative given up when individuals, businesses and governments confront scarcity by making choices. SSEF2
The student will give examples of how rational decision making entails comparing the marginal benefits and the marginal costs of an action.
Element: SSEF2.a
Illustrate by means of a production possibilities curve the trade offs between two options.
SSEMI3
The student will explain how markets, prices and competition influence economic behavior.
Element: SSEMI3.a
Identify and illustrate on a graph, factors that cause changes in market supply and demand.
Element: SSEMI3.b
Explain and illustrate on a graph how price floors create surpluses and price ceilings create shortages.
Element: SSEMI3.c
Define price elasticity of demand and supply.
The student will describe the roles of government in a market economy.
Element: SSEF5.a
Explain why government provides public goods and services, redistributes income, protects property rights and resolves market failures.
Element: SSEF5.b
Give examples of government regulation and deregulation and their effects on consumers and producers.
SSEF1
The student will explain why limited productive resources and unlimited wants result in scarcity, opportunity costs and trade offs for individuals, businesses and governments.
Element: SSEF1.a
Define scarcity as a basic condition which exists when limited productive resources exceed unlimited wants.
Element: SSEF1.b
Define and give examples of productive resources as land (natural), labor (human), capital (capital goods), entrepreneurship.
Element: SSEF1.c
List a variety of strategies for allocating scarce resources.
Element: SSEF1.d
Define opportunity cost as the next best alternative given up when individuals, businesses and governments confront scarcity by making choices. SSEF2
The student will give examples of how rational decision making entails comparing the marginal benefits and the marginal costs of an action.
Element: SSEF2.a
Illustrate by means of a production possibilities curve the trade offs between two options.
SSEMI3
The student will explain how markets, prices and competition influence economic behavior.
Element: SSEMI3.a
Identify and illustrate on a graph, factors that cause changes in market supply and demand.
Element: SSEMI3.b
Explain and illustrate on a graph how price floors create surpluses and price ceilings create shortages.
Element: SSEMI3.c
Define price elasticity of demand and supply.
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