|Oak Ridge High School
State Content Standards for Economics (In question format) Mr. Shears
12.1 Understanding common economic terms, concepts, and reasoning:
1. What is the connection between scarcity and the need for smart decisionmaking?
2. What is opportunity cost? marginal benefit? marginal cost?
3. What is the difference between monetary and non-monetary incentives? How do incentives explain people’s behavior?
4. How does private ownership encourage wise use of scarce resources?
5. What are the main characteristics of a market-based economy, and how is personal freedom maximized in market systems?
12.2 Analyzing the workings of market systems:
1. What is the law of supply and the law of demand? How do incentives and the availability of substitutes influence supply and demand?
2. How do changes in supply or demand affect the market price and quantity of particular goods or services?
3. Why are property rights, competition, and the profit motive required for the functioning of a market system?
4. Why are accurate prices required for the market to allocate resources efficiently?
5. What is the process by which competition among buyers and sellers determines the market-clearing price?
6. How do price-controls generally affect markets and the behavior of buyers and sellers?
7. How does the level of competition generally affect the quality, quantity, and price of products in a market? (repeat of #3)
8. How does the profit motive encourage entrepreneurship and innovation in the market system? (repeat of #3)
9. What are the financial markets? How do they work? What critical role do they play in a market economy?
12.3 Analyzing the role of government in a market economy:
1. Why is some government control and regulation required for a healthy market economy? What are the various functions of government in the economy?
2. What factors may cause the costs of government actions to outweigh the benefits?
3. What are the goals and tools of fiscal policy? How may a given fiscal policy affect production, employment, and price levels?
4. What are the goals and tools of monetary policy? How may a given monetary policy affect production, employment, and price levels?
12.4 Analyzing the elements of the American labor market:
1. How do labor markets function? What role have unions played and continue to play in American labor markets?
2. How are technology, globalization, and other current dynamics affecting labor markets?
3. What can explain current wage differences among jobs and professions? How do supply, demand, and productivity influence wages in American labor markets?
4. What are the general effects of globalization (the rapidly increasing mobility of capital and labor) on the overall U.S. economy?
12.5 Analyzing the overall health of the American economy using macroeconomic measurements:
1. What is the difference between nominal and real economic data?
2. What are the traditional macroeconomic measurements and what is their significance in evaluating the overall health of the economy?
3. What are interest rates, and what impact do changes in interest rates have on the economy?
12.6 Analyzing the effects of international trade and global forces on the U.S. economy:
1. What are the theoretical costs and benefits of international trade, and how did trade affect the American economy in the 20th century?
2. What are the various historical and present-day arguments for free- trade and restricted-trade? How are various interest groups affected by U.S. trade policy?
3. What are foreign exchange markets and how are exchange rates determined? What are the effects of a rising (or falling) value of the U.S. dollar?
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