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Economics

Economics addresses the production, distribution, and consumption of goods and services. The concept of scarcity is understood to mean that available resources are insufficient to satisfy the wants and needs of everyone. Economics is therefore founded upon the alternative use of available resources and the study of choices.

SS.9–12.E.1

Essential Concept and/or Skill: Understand the function of common financial instruments.

  • Understand the cost of borrowing money over long periods of time.
  • Understand the concept of insurance.
  • Understand credit cards.
  • Understand the role of personal taxes in society.
  • Understand different financial investments, such as mutual funds, stocks and bonds.
  • Understand saving for retirement.

SS.9–12.E.2

Essential Concept and/or Skill: Understand the role of scarcity and economic trade–offs and how economic conditions impact people’s lives.

SS.9–12.E.3

Essential Concept and/or Skill: Understand the functions of economic institutions.

SS.9–12.E.4

Essential Concept and/or Skill: Understand how governments throughout the world influence economic behavior.

SS.9–12.E.5

Essential Concept and/or Skill: Understand how universal economic concepts present themselves in various types of economies throughout the world.

SS.9–12.E.6

Essential Concept and/or Skill: Understand the local, state, regional, national, and international factors that create patterns of interdependence in the global economy.

SS.9–12.E.7

Essential Concept and/or Skill: Understand the impact of advancing technologies on the global economy.

  • Understand the role of technologies that interlock the global economy.
  • Understand the role of investment and government support in advancing technologies.
  • Understand the impact of green technologies in the global economy.