Economics: Grades 9, 10, 11, 12

Other Indiana Social Studies sets

• Grade K
• Grade 1
• Grade 2
• Grade 3
• Grade 4
• Grade 5
• Grade 6
• Grade 7
• Grade 8
• Grade 8
• Ethnic Studies: Grades 9, 10, 11, 12
• Geography and History of the World: Grades 9, 10, 11, 12
• U.S. Government: Grades 9, 10, 11, 12
• U.S. History: Grades 9, 10, 11, 12
• World History and Civilization: Grades 9, 10, 11, 12

Define and identify each of the productive resources (i.e., natural, human, capital) and explain why each is necessary for the production of goods and services. (E)E.1.1

Identify incentives and explain how they influence economic behavior and decision-making.E.1.2

Explain that voluntary exchange occurs when households, businesses, and governments expect to gain.E.1.3

Define scarcity, and explain how choices incur opportunity costs and trade-offs. (E)E.1.4

Use a production possibilities curve to explain the concepts of choice, scarcity, opportunity cost, trade offs, unemployment, productivity, and growth.E.1.5

Describe and compare the various economic systems (i.e., traditional, market, command, mixed); explain their strengths and weaknesses. (E)E.1.6

Describe how clearly defined and enforced property rights are essential to a market economy.E.1.7

Illustrate how investment in physical and human capital can raise productivity and future standards of living. (E)E.1.8

Diagram and explain the circular flow of a market economy.E.1.9

Define supply and demand, and explain the causes of the Law of Supply and the Law of Demand. (E)E.2.1

Recognize that consumers ultimately determine what is produced in a market economy.E.2.2

Illustrate how supply and demand determine equilibrium price and quantity.E.2.3

Identify factors that cause changes in market supply and demand and how these changes affect price and quantity in a competitive market.E.2.4

Describe how price elasticity of supply and price elasticity of demand send signals to buyers and sellers.E.2.5

Describe how the earnings of workers are determined by a number of factors including the market value of the product produced, workers' productivity, the amount of human capital held by workers, collective bargaining, and discrimination. (E)E.2.6

Explain the advantages and disadvantages of various types of firms including sole proprietorships, partnerships, and corporations.E.3.1

Compare and contrast the basic characteristics of the four market structures: monopoly, oligopoly, monopolistic competition, and pure competition.E.3.2

Explain how competition in markets affects price and quantity. (E)E.3.3

Explain how market failures may result in the underproduction of public goods and explain the role of government in addressing those failures.E.4.1

Explain how markets underproduce public goods, and explain why the government has an interest in producing these public goods. (E)E.4.2

Describe how the government taxes negative externalities (spillovers) and subsidizes positive externalities to resolve the inefficiencies they cause.E.4.3

Describe the major revenue and expenditure categories in state and federal budgets and their respective proportions, and the challenges of achieving a balanced budget. (E)E.4.4

Determine whether different types of taxes (e.g., income tax, sales tax, and Federal Income Contributions Act [FICA] tax including Social Security and Medicare) are progressive, proportional, or regressive. (E)E.4.5

Define budget debt and budget deficit and distinguish between the two. Explain the effects of both on the economy. (E)E.4.6

Explain measures of a country's economic performance such as gross domestic product (GDP), unemployment, and inflation.E.5.1

Recognize that a country's overall level of income, employment, and prices are determined by rational spending and production decisions of households, firms, and government.E.5.2

Explain the limitations of using GDP to measure economic welfare.E.5.3

Identify the different causes of inflation (i.e., cost-push and demand-pull), and explain the impact of inflation on economic decisions. (E)E.5.4

Explain the causes and effects of business cycles in a market economy.E.5.5

Explain frictional, structural, cyclical, and seasonal unemployment, and analyze the impact of unemployment.E.5.6

Explain the basic functions of money.E.6.1

Explain the role financial institutions play among savers, borrowers, and investors. (E)E.6.2

Demonstrate how banks create money through the principle of fractional reserve banking.E.6.3

Describe the structure and functions of the Federal Reserve System. (E)E.6.4

Explain how interest rates act as an incentive for savers and borrowers. (E)E.6.5

Compare and contrast different types of financial investments. (E)E.6.6

Demonstrate how supply and demand determine equilibrium price and quantity in the financial markets.E.6.7

Define and explain fiscal and monetary policy. (E)E.7.1

Explain the tools of fiscal and monetary policy. (E)E.7.2

Analyze how the government uses fiscal policy to promote price stability, full employment, and economic growth.E.7.3

Explain how the use of fiscal policy affects budget deficits or surpluses and the national debt.E.7.4

Analyze how the Federal Reserve uses monetary policy to promote price stability, full employment, and economic growth. (E)E.7.5

Define and explain the impact of trade barriers, such as quotas and tariffs, and analyze why countries erect them.E.8.1

Compare and contrast the arguments for and against free trade.E.8.2