Grade+11+Economics+Standards

K-12 Social Studies Grade-Level Indicators Students use economic reasoning skills and knowledge of major economic concepts, issues and systems in order to make informed choices as producers, consumers, savers, investors, workers and citizens in an interdependent world. || //  Scarcity and  // //  Resource Allocation  // ||    1. Explain the effects of shortages, surpluses and government-enforced controls on prices. 2. Explain ways that people respond to incentives when allocating their scarce resources in their roles as producers, consumers, savers, workers and investors. 3. Explain the impact of inflation on economic behavior. || //  Distribution and  // //  Consumption  // ||  4. Describe the functions of the components that make up an economic system and describe the relationships among them including: a. Business; b. Productive resources; c. Financial institutions; d. Government; e. Consumers. || 6. Identify indicators that provide information to consumers on the current value or purchasing power of money with a focus on the: a. Consumer Price Index; b. Unemployment rate; c. Gross Domestic Product (GDP). || 8. Explain the effects of specialization, interdependence and trade on the United States and other countries. 9. Explain how changes in exchange rates affect consumers and producers. || //  Economy  // ||  10. Analyze issues related to the use of different types of taxes to fund public goods and services including: a. Proportional tax; b. Progressive tax; c. Regressive tax. || 12. Explain the role of individuals in the economy as producers, consumers, savers, workers and investors. 13. Explain the consequences of the economic choices made by individuals and the tools which they use to manage their financial resources including: a. Budgets; b. Savings; c. Investments; d. Credit; e. Philanthropy. 14. Describe how interest rates affect savers and borrowers. ||
 * Economics **
 * Economics **
 * Grade Eleven **
 * //  Production,  //
 * || 5. Identify factors that cause changes in economic growth including the effects of supply and demand on the labor market.
 * // Markets //  ||  7. Explain how countries use their comparative advantage to produce goods and services for trade with other countries.
 * //  Government and the  //
 * //  Personal Finance  // ||  11. Explain why incomes will differ in the labor market depending on supply and demand for skills, abilities and education levels.