shearsecon2 Mr. Shears
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‚Äôs 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?
Last updated  2008/09/28 07:29:30 PDTHits  155