Course: Economics
1		Topic: Scarcity Opportunity Cost Standard: Defines and applies the concepts of scarcity, decision-making, choice, and opportunity cost to problem situations.
2		Topic: Supply and Demand Standard: Relates the concept of supply and demand to scarcity.

3

Topic: Factors of Production Standard: Explains how the four factors of production are utilized in the production process: land, labor, capital, entrepreneurship.

4

Topic: Specialization Standard: Relates specialization to efficient use of resources, and to domestic economic growth.

5

Topic: Specialization Standard: Explains how specialization, savings, investment in capital goods (technology) and investment in human capital (labor) influence productivity and economic development.

6

Topic: Factors of Production Standard: Discusses how the ownership of productive resources (land, labor, capital, technology and entrepreneurship) influences income distribution.

7

Topic: Allocation of Resources Standard: Identifies the three questions facing every economic system and analyzes how our society has organized to answer these questions. - What will be produced? - How will it be produced? - For whom will it be produced?

8

Topic: Characteristics of Economic Systems Standard: Identifies characteristics of the American economic system and analyzes the role of economic incentives for producers and consumers (e.g., equality of opportunity vs. equality of distribution of wealth).

9

Topic: Types of Economic Systems Standard: Differentiates among traditional, command, market and mixed economic systems with regard to ownership of property, distribution of income, and role of government and economic incentives.

10

Topic: Microeconomics Consumers Households Businesses Standard: Defines the term microeconomics and lists elements in the microeconomy (e.g., consumers, households, and businesses).

11

Topic: Price Determination Standard: Identifies how supply and demand determine prices.

12

Topic: Economic Exchange Standard: Uses a historical perspective to explain how economic transactions have been and are facilitated, by using barter, money credit cards, ATM machines, electronic transfers, etc.

13

Topic: Circular Flow Standard: Illustrates the economic relationship among households, businesses and governments by using a diagram of the circular flow of resources, goods, services and money payments through markets.

14

Topic: Types of Businesses Standard: Compares and contrasts the various forms of business organizations, the advantages and disadvantages of each and the sources of funding for these various enterprises. - sole proprietorship - partnership, and - corporations.

15

Topic: External Economic Factors Standard: Analyzes the economic impact of the following problems: - natural disasters - financial disasters - environmental issues - downsizing, and - crime.

16

Topic: Types of Market Structure Standard: Identifies and gives examples of various types of market structures (competition, monopolistic competition, monopoly and oligopoly).

17

Topic: Influence of Organized Labor Standard: Describes the impact of organized labor on the American economy.

18

Topic: Current Labor Issues Standard: Identifies and analyzes current issues facing organized labor.

19

Topic: Career Opportunities Standard: Compares job qualifications, personal qualities, educational training and income benefits associated with various careers.

20

Topic: Banking Functions Standard: Describes banking functions. - saving - investing, and - borrowing and lending rates.

21		Topic: Consumer Issues Standard: Discusses criteria for selecting institutions to meet individual and family financial needs - home loans - consumer loans - credit cards - finance companies, and - interest rates (simple/compound).
22		Topic: Role of Regulatory Agencies Standard: Identifies and evaluates the effects of government regulation on consumers and producers in the American economy.

23

Topic: Macroeconomics Key Economic Indicators Standard: Explains how the key indicators of economic performance measure the general condition and direction of the economy -GDP -consumer price index (CPI) and -unemployment rate.

24

Topic: Aggregate Supply and Demand Standard: Explains how aggregate supply and demand reflect the overall activity of the economy.

25

Topic: Types of Unemployment Standard: Explains causes and effects of unemployment and distinguishes among the basic types of unemployment.

26

Topic: Minority Issues Standard: Explains the impact of women and minorities in the economy. -wage earners -entrepreneurial/managerial -savings & investment/debt -consumerism -education, and -child rearing

27

Topic: Business Cycle Economic Cycle Standard: Identifies and analyzes the nature and causes of inflation and deflation and describes their impact on economic decisions made by businesses and households.

28

Topic: Role of Federal Reserve Monetary Policy Standard: Describes and explains the organization of the Federal Reserve System and how it regulates the money supply. - reserve requirement - discount rate, and - open-market operations.

29

Topic: Fiscal Policy Standard: Explains how the federal government's taxing, spending and borrowing policies affect the consumer, the producer and the overall economy. -productivity -Inflation/recession -national debt, and -types of taxation

30

Topic: International Trade Standard: Explains why countries trade and how economic specialization promotes interdependence among nations.

31

Topic: International Trade Issues Standard: Identifies and analyzes some of the issues associated with international trade. exchange rates balance of payments most favored nation status, and trade agreements