Common Planner
K–12 Standards

Grade 12: Economics

Other Alabama Social Studies AAS sets

ECONOMICS

  • 1

    Define scarcity, land, and opportunity costs; understand the concepts of resources and wants and needs; recognize that productive resources are limited and why individuals, businesses, and governments have to make choices in order to meet needs and wants.SS.E.AAS.12.1

    1. a

      Categorize examples of productive resources.SS.E.AAS.12.1a

  • 2

    Understand the concepts of costs and benefits; identify the trade-offs involved in economic decisions; recognize the associated costs and benefits of a given situation.SS.E.AAS.12.2

  • 3

    Understand that economic systems answer the three basic economic questions of what to produce, how to produce, and for whom to produce; identify how the three basic economic questions are answered in a mixed market economy.SS.E.AAS.12.3

    1. a

      Identify examples of different types of economic systems.SS.E.AAS.12.3a

  • 4

    Recognize the role of the government in a market economy; recognize examples of how the government is involved in the economy.SS.E.AAS.12.4

    1. a

      Classify government activities as specific examples of the government's role in the economy.SS.E.AAS.12.4a

  • 5

    Understand the concepts of economic growth and standard of living; recognize ways to encourage economic growth.SS.E.AAS.12.5

  • 6

    Understand the concept of specializing and voluntary exchange between buyers and sellers; recognize the process of producing, selling, and buying goods and services in a market economy.SS.E.AAS.12.6

    1. a

      Construct supply and demand curves.SS.E.AAS.12.6a

  • 7

    Understand the role of businesses in a market economy; recognize that businesses are important in the distribution of goods and services; recognize different business types and the goods and services they sell to consumers.SS.E.AAS.12.7

  • 8

    Define labor; recognize that labor is an essential part of the economic system; identify characteristics that are most likely to increase wages and benefits.SS.E.AAS.12.8

  • 9

    Identify ways the economy is measured and activities associated with a strong economy.SS.E.AAS.12.9

    1. a

      Calculate the unemployment rate.SS.E.AAS.12.9a

  • 10

    Define the United States Federal Reserve System and describe its purpose.SS.E.AAS.12.10

    1. a

      Define monetary policy.SS.E.AAS.12.10a

  • 11

    Understand the concepts of price stability, full employment, and economic growth.SS.E.AAS.12.11

  • 12

    Identify the benefits of trading with individuals, businesses, and other countries.SS.E.AAS.12.12

    1. a

      Define absolute advantage and comparative advantage.SS.E.AAS.12.12a

    2. b

      Define exchange rates. SS.E.AAS.12.12b

    3. c

      Recognize how changes in exchange rates affect trade including trade wars with China today.SS.E.AAS.12.12c

Frequently asked questions

What grade levels do these standards cover?
Grade 12
Where can I read the official document?
SOCIAL STUDIES ALTERNATE ACHIEVEMENT STANDARDS

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Sibling grade bands, other subjects in this jurisdiction, and the same subject across other states.

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Social Studies AAS