Standard set
Economics-A
Standards
Showing 55 of 55 standards.
Basic Economic Thinking
Markets
Business Firms, Competition and Market Failures
Measuring the Economy
Money, Banking and the Federal Reserve
1.1
Explain the basic economic problem of scarcity.
1.2
Discuss choices, trade-offs and opportunity costs in relation to the basic economic problem of scarcity.
1.3
Identify the four factors of production.
1.4
Explain how traditional, command and market economies answer the three basic economic questions, and the advantages and disadvantages of each system.
1.5
Analyze production possibilities frontiers (curves) to explain scarcity, choice, full employment, underutilization, opportunity costs and trade.
1.6
Use the circular flow model to explain the relationships between households, businesses, factor and product markets.
1.7
Define and demonstrate marginal thinking.
1.8
Determine absolute and comparative advantage in an economy.
2.1
Describe the behavior of buyers and sellers in a competitive marketplace.
2.2
List and explain the determinants of demand and the determinants of supply.
2.3
Define and distinguish between the income and substitution effects.
2.4
Define diminishing marginal utility and explain how the law of diminishing marginal utility affects a downward sloping demand curve.
2.5
Draw a graph of a supply and demand from data schedules.
2.6
Define market equilibrium and to determine what equilibrium price and quantity will be when given the demand and supply data for a product.
2.7
Differentiate between a "change in demand" and a "change in quantity demanded” and between a "change in supply" and a "change in quantity supplied."
2.8
Analyze factors and situations that cause supply and demand curves to shift and explain how markets allocate resources using market graphs.
2.9
Predict the effects of changes in the prices and quantities of substitute and complementary goods on the equilibrium price and quantity of a good.
2.10
Define and distinguish between a normal and an inferior good.
2.11
Define and graph price ceilings and price floors.
2.12
Define and describe the concepts of surplus and shortage and how they relate to price ceilings and price floors.
3.1
Identify the characteristics of sole proprietorships, partnerships and corporations.
3.2
Describe how sole proprietorships, partnership and corporations are established.
3.3
Compare the economic advantages and disadvantages of sole proprietorships, partnerships and corporations.
3.4
Explain why perfect competition is the ideal by which economists measure all market structures.
3.5
Explain the characteristics of perfect competition and why it does not exist in the real world.
3.6
Describe the characteristics of monopolistic competition.
3.7
Describe the characteristics of oligopoly.
3.8
Describe the characteristics of monopoly.
.3.9
Analyze four types of near monopolies and how they come about.
3.10
Explain the causes of market failure.
3.11
Explain the difference between positive and negative externalities.
3.12
Explain how private markets fail to produce public goods.
3.13
Identify the ways that government can help to prevent market failure.
4.1
Identify the seven broad economic goals societies have for their economic systems.
4.2
Discuss the trade-offs between economic freedom and economic equity.
4.3
Discuss the trade-offs between price stability and full employment.
4.4
Explain how gross domestic product measures economic growth.
4.5
Explain how the inflation rate is calculated.
4.6
Describe how unanticipated inflation affects different groups in the economy.
4.7
Discuss the types of unemployment and possible solutions for each type of unemployment.
4.8
Explain how the unemployment rate is calculated.
4.9
Explain how the economic goals are affected by the natural business cycle.
4.10
Use an economic model to illustrate the business cycle.
5.1
Describe the functions and properties of money.
5.2
Define the federal definitions of the money supply.
5.3
Describe how the money supply can be expanded through lending in a fractional reserve banking system.
5.4
Identify the organizational structure of the Federal Reserve.
5.5
Discuss the responsibilites of the Federal Reserve.
5.6
Explain how monetary and fiscal policy can be used to stabilize the inflation during periods of economic expansion.
5.7
Explain how monetary and fiscal policy can be used to encourage growth during periods of economic contraction.
Framework metadata
- Source document
- Delone Catholic Curriculum Guide
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- CC BY 4.0 US