Printer-friendly version

Standard 3: Economic Concepts

SST-HS.3

BPSS-SST logoStandard 3:

Economic Concepts

Students understand economic concepts and the characteristics of various economic systems.

Narrative for the Economic Concepts

In the future this will contain narratives and other information about the Standard.

Calculation Method for Standards

Standards are larger groups of related benchmarks. The Standard Grade is a calculation of all the related benchmarks. Click on the benchmark name below each Standard to access the learning targets and proficiency rubrics for each standard's related benchmarks.

SST-HS.3.01

High School SST Targeted Benchmarks
Standard 3: Economic Concepts
Students understand economic concepts and the characteristics of various economic systems.
Concepts

SST-HS.3.01 Analyze basic micro and macroeconomic concepts (e.g., scarcity, opportunity cost, trade-offs, markets, business organizations, factors of production, supply and demand, and personal finance).

Student Learning Targets:

Knowledge Targets

  • I can identify the 3 basic economic questions.
  • I can identify the 4 factors of production.
  • I can identify what causes a change in quantity demanded.
  • I can identify other types of business activities.

Reasoning Targets

  • I can compare and contrast microeconomics to macroeconomics.
  • I can analyze the different business organizations. (ie. Sole Proprietorship, Partnership, Corporation, Cooperatives)
  • I can evaluate the impact of scarcity on the economic system.
  • I can analyze a supply/demand curve and supply/demand schedule.
  • I can explain the Laws of Supply and Demand.
  • I can interpret what causes a change in supply and demand.
  • I can distinguish between an elastic and inelastic product.
  • I can distinguish between the Three Stages of Production.
  • I can explain the Theory of Production.
  • I can interpret what causes a change in supply.
  • I can interpret what causes a change in quantity supplied.
  • I can compare and contrast the four types of business organizations.

Skills (Performance) Targets

  • I can apply opportunity cost to my economic decision making.
  • I can demonstrate the impact of scarcity on our economic system.
  • I can demonstrate the impact of supply and demand on economic decisions.
  • I can explore money management skills.
  • I can demonstrate the role of markets in our economy in the context of circular flow.
  • I can demonstrate the concept of equilibrium price.

Proficiency Scale

Score   Description Sample Activity
Advanced Proficient  In addition to expectations of proficiency, the student provides consistent evidence of in-depth inferences and applications that go beyond what was taught and expected. -
  3.5 In addition to score 3.0 performance, in-depth inferences, and applications with partial success.

Proficient

 

“The Standard.” The student demonstrates no major errors or omissions regarding any of the information and processes that were end of instruction expectations.

Unit 1 Basic Economic Concepts

The student can:

  • describe the impact of scarcity on individuals and businesses.

  • explain how the three basic economic questions are answered in our economic system.

  • model the circular flow of goods, services, resources and money in the economy.

    • demonstrate how the factors of production circulate through an economic system.

  • apply opportunity cost to economic decision making.

Unit 2 Demand

The student can:

  • explain the impact of demand on economic decisions.

    • analyze a demand curve and demand schedule and explain how they demonstrate the law of demand.

    • interpret the impact of a change in quantity demanded on the demand curve.

    • interpret what causes a change in demand and the impact of the demand curve.

  • determine the elasticity of a product. (elastic, inelastic, unit elastic)

  • analyze a demand curve and demand schedule to determine the market and individual demand for a product

Unit 3 Supply

The student can:

  • explain the impact of supply on economic decisions.

    • analyze a supply curve and supply schedule.

    • explain the law of supply.

    • interpret what causes a change in supply

    • interpret what causes a change in quantity supplied

  • explain the concepts of surplus, shortage and equilibrium price

  • explain the Theory of Production.

    • distinguish between the three stages of production using total and marginal product

  • analyze examples to distinguish between fixed, variable and total costs, as well as revenue and profits.

  • explain how to determine the break-even point and how many workers are needed to make a profit.

Unit 4 Business Organizations

The student can:

  • compare and contrast sole proprietorships, partnerships, corporations, and cooperatives.

  • compare and contrast other types of business activities (conglomerates, multinationals, non-profits, labor union, and professional association)

Unit 7 Credit and Personal Finance

The student can:

  • Create a personal budget.

The student exhibits no major errors or omissions.

 -
  2.5 The student demonstrates no major errors or omissions regarding the simpler details and processes (Score 2.0 content) and partial knowledge of the more complex ideas and processes (Score 3.0 content).
Progressing 

The student demonstrates no major errors or omissions regarding the simpler details and processes but exhibits major errors or omissions regarding the more complex ideas and processes (Score 3.0 content).

Unit 1 Basic Economic Concepts

The student can:

  • recognizes or recalls specific terminology, such as:
    • Economic system, scarcity, need, want, what to produce, how to produce, for whom to produce, land, labor, capital, entrepreneurs, goods, services, resources, financial capital, trade-off, opportunity cost, factor market, product market
  • performs basic processes, such as:
    • identifying the three basic questions
    • identifying  the four factors of production
    • describing scarcity
    • identifying the general process of circular flow

Unit 2 Demand

The student can:

  • recognizes or recalls specific terminology, such as:

    • Demand, demand curve, demand schedule, law of demand, change in quantity demanded, change in demand, elasticity, demand elasticity, elastic demand, inelastic demand, unit elastic demand, substitutes, complements, market demand, individual demand, microeconomics

  • performs basic processes, such as:

    • describing demand

    • creating a demand curve and demand schedule

    • identifying the cause of a change in quantity demanded

    • identifying the causes of a change in demand

    • listing the determinants of demand elasticity used to distinguishing between an elastic product and an inelastic product.

Unit 3 Supply

The student can:

  • recognizes or recalls specific terminology, such as:

    • Supply, supply curve, supply schedule, law of supply, change in quantity supply, change in supply, surplus, shortage, equilibrium price, theory of production, total product, marginal product, increasing returns, diminishing returns, negative returns, fixed costs, variable costs, total costs, revenue, profits, break-even point

  • performs basic processes, such as:

    • explaining supply

    • creating a supply curve and supply schedule

    • identifying the cause of a change in quantity supplied

    • identifying the causes of a change in supply

    • describing a surplus, shortage, and equilibrium price

    • describing the following: fixed, variable and total costs, revenue, profits, break-even point

Unit 4 Business Organizations

The student can:

  • recognizes or recalls specific terminology, such as:

    • sole proprietorships, partnerships, corporations, stock, cooperatives, merger, horizontal merger, vertical merger, conglomerates, multinationals, non-profits, labor union, professional association, general partnership, limited partnership, direct roles of government, indirect roles of government, common stock, preferred stock, limited life, unlimited life, limited liability, unlimited liability

  • performs basic processes, such as:

    • identifying key elements of sole proprietorships, partnerships, corporations, and cooperatives.

    • identifying other types of business activities (conglomerates, multinationals, non-profits, labor union, and professional association).

Unit 7 Credit and Personal Finance

The student can:

  • Identify monthly expenses

However, the student exhibits major errors or omissions regarding the more complex ideas and processes.

 -
  1.5 The student demonstrates partial knowledge of the simpler details and processes (Score 2.0 content) but exhibits major errors or omissions regarding the more complex ideas and procedures (Score 3.0 content).
Novice With help, the student demonstrates a partial understanding of some of the simpler details and processes (Score 2.0 content) and some of the more complex ideas and processes (Score 3.0 content). -
  0.5 With help, the student demonstrates a partial understanding of some of the simpler details and processes (Score 2.0 content) but not the more complex ideas and processes (Score 3.0 content).

Resources

Websites

Vocabulary

SST-HS.3.02

High School SST Targeted Benchmarks
Standard 3: Economic Concepts
Students understand economic concepts and the characteristics of various economic systems.
Structures and Functions

SST-HS.3.02 Explain the role of money and the role of financial institutions in a market economy (e.g., basic functions of money, composition of money supply, role of banks and other financial institutions, federal reserve, credit savings).

 Student Learning Targets:

Knowledge Targets

  • I can understand the role of financial institutions.
  • I can understand the evolution of money in the United States.
  • I can understand the structure of the Federal Reserve System.
  • I can recognize the advantages and disadvantages of using credit.
  • I can explain a credit report.

Reasoning Targets

  • I can explain the functions of money in our economy.
  • I can analyze the role money plays in the economic system.(ie. functions and characteristics of money)
  • I can analyze the different types of financial institutions. (ie. both bank and non-bank financial institutions)
  • I can explain the role of credit in economic decision making.
  • I can analyze the features of credit cards.

Proficiency Scale

Score   Description Sample Activity
Advanced Proficient  In addition to expectations of proficiency, the student provides consistent evidence of in-depth inferences and applications that go beyond what was taught and expected. -
  3.5 In addition to score 3.0 performance, in-depth inferences, and applications with partial success.

Proficient

 

“The Standard.” The student demonstrates no major errors or omissions regarding any of the information and processes that were end of instruction expectations.

Unit 5 Money Banking & the Federal Reserve

The student can:

  • describe the role money plays in the economic system (i.e. functions and characteristics of money).

  • describe the evolution of money in the United States.

  • explain the function of financial institutions. (ie. banks, credit unions, life  insurance companies)

  • explain the function of the Federal Reserve System on businesses and individuals

Unit 6 Investing and Saving

The student can:

  • Explain the options available for developing a savings and investing plan for themselves    

  • Compare/Contrast different investment and savings opportunities

  • Analyze financial information

Unit 7 Credit and Personal Finance

The student can:

  • Explain the role of credit in economic decision making.

  • Recognize advantages and disadvantages of using credit.  

  • Analyze the features of credit cards.

  • Explain a credit report

  • Evaluate the options for making large purchases.

  • Understand how to responsibly manage a checking account.

The student exhibits no major errors or omissions.

 -
  2.5 The student demonstrates no major errors or omissions regarding the simpler details and processes (Score 2.0 content) and partial knowledge of the more complex ideas and processes (Score 3.0 content).
Progressing 

The student demonstrates no major errors or omissions regarding the simpler details and processes but exhibits major errors or omissions regarding the more complex ideas and processes (Score 3.0 content).

Unit 5 Money Banking & the Federal Reserve

The student can:

  • recognizes or recalls specific terminology, such as:

    • money, functions of money ( medium of exchange, measure of value (unit of account), store of value), characteristics of money ( portable, durable, divisible, acceptable, scarce,  stable in value), commodity money, State/Local bank notes, Continental Dollars, Demand Notes/Greenbacks, National Bank Notes, National Banking System, Silver Certificates, Gold Certificates, Gold Standard, Inconvertible Fiat Money Standard, Federal Reserve Notes, Federal Reserve System (FED), Federal Deposit Insurance Corporation (FDIC)

Unit 6 Investing and Saving

The student can:

  • Recognize the difference between savings and investing

  • Recognizes or recalls specific terminology, such as:

    • stocks, bonds, certificates of deposit, IRA’s, Roth IRA’s, pension, 401 K plan, DOW, NYSE, NASDAQ, bull market, bear market, etc...

Unit 7 Credit and Personal Finance

The student can:

  •    performs basic processes, such as:

    • Recognize the features of credit cards.

    • Define a credit report.

However, the student exhibits major errors or omissions regarding the more complex ideas and processes.

 -
  1.5 The student demonstrates partial knowledge of the simpler details and processes (Score 2.0 content) but exhibits major errors or omissions regarding the more complex ideas and procedures (Score 3.0 content).
Novice With help, the student demonstrates a partial understanding of some of the simpler details and processes (Score 2.0 content) and some of the more complex ideas and processes (Score 3.0 content). -
  0.5 With help, the student demonstrates a partial understanding of some of the simpler details and processes (Score 2.0 content) but not the more complex ideas and processes (Score 3.0 content).

Resources

Websites

Vocabulary

SST-HS.3.03

High School SST Targeted Benchmarks
Standard 3: Economic Concepts
Students understand economic concepts and the characteristics of various economic systems.
Structures and Function

SST-HS.3.03 Describe the difference between the structure and operation of market economies and centrally planned or command economies (e.g., security, freedom, equity, efficiency, stability, growth).

 Student Learning Targets:

Reasoning Targets

  • I can analyze economic and social goals
  • I can compare and contrast economic systems (ie. Advantages and disadvantages of Socialism, Capitalism, Communism)

Proficiency Scale

Score   Description Sample Activity
Advanced Proficient In addition to expectations of proficiency, the student provides consistent evidence of in-depth inferences and applications that go beyond what was taught and expected. -
  3.5 In addition to score 3.0 performance, in-depth inferences, and applications with partial success.

Proficient

 

“The Standard.” The student demonstrates no major errors or omissions regarding any of the information and processes that were end of instruction expectations.

Unit 9 Comparative Economics

The student can:

  • Explain the similarities and differences between the 3 Economic systems; Capitalism, Socialism, and Communism.

 

The student exhibits no major errors or omissions.

 

 -
  2.5 The student demonstrates no major errors or omissions regarding the simpler details and processes (Score 2.0 content) and partial knowledge of the more complex ideas and processes (Score 3.0 content).
Progressing

The student demonstrates no major errors or omissions regarding the simpler details and processes but exhibits major errors or omissions regarding the more complex ideas and processes (Score 3.0 content).

Unit 9 Comparative Economics

The student can:

  • recognizes or recalls specific terminology, such as:

 

    • Capitalism, Socialism, Communism

 

However, the student exhibits major errors or omissions regarding the more complex ideas and processes.

 -
  1.5 The student demonstrates partial knowledge of the simpler details and processes (Score 2.0 content) but exhibits major errors or omissions regarding the more complex ideas and procedures (Score 3.0 content).
Novice With help, the student demonstrates a partial understanding of some of the simpler details and processes (Score 2.0 content) and some of the more complex ideas and processes (Score 3.0 content). -
  0.5 With help, the student demonstrates a partial understanding of some of the simpler details and processes (Score 2.0 content) but not the more complex ideas and processes (Score 3.0 content).

Resources

Websites

Vocabulary

SST-HS.3.04

High School SST Targeted Benchmarks
Standard 3: Economic Concepts
Students understand economic concepts and the characteristics of various economic systems.
Structures and Function

SST-HS.3.04 Analyze the role government plays in an economy (e.g., provision of public goods and services, taxes, protection of property rights, resolution of market failures).

 Student Learning Targets:

Knowledge Targets

  • I can identify the four responsibilities of Government.

Reasoning Targets

  • I can evaluate the role of government in taxation, spending, and budgeting.
  • I can distinguish between debt and deficit.

Proficiency Scale

Score   Description Sample Activity
Advanced Proficient

In addition to expectations of proficiency, the student provides consistent evidence of in-depth inferences and applications that go beyond what was taught and expected.

Unit 8 Taxes and Government Spending

The student can:

  • Generate ideas for reducing the national debt.   
 -
  3.5 In addition to score 3.0 performance, in-depth inferences, and applications with partial success.

Proficient

 

“The Standard.” The student demonstrates no major errors or omissions regarding any of the information and processes that were end of instruction expectations.

Unit 8 Taxes and Government Spending

The student can:

  • Evaluate the types of taxes instituted by the government. (ie. sales, income, property, excise)
    • Compare the benefit principle (user taxes) and the ability to pay principle (progressive tax).
  • Evaluate the role of Government in spending.
  • Interpret the causes of the mounting national debt

The student exhibits no major errors or omissions.

 -
  2.5 The student demonstrates no major errors or omissions regarding the simpler details and processes (Score 2.0 content) and partial knowledge of the more complex ideas and processes (Score 3.0 content).
Progressing

The student demonstrates no major errors or omissions regarding the simpler details and processes but exhibits major errors or omissions regarding the more complex ideas and processes (Score 3.0 content).

Unit 8 Taxes and Government Spending

The student can:

  • recognizes or recalls specific terminology, such as:          

    • Revenue, tax, benefit principle, ability to pay principle, progressive tax, regressive tax, proportional tax, income tax, FICA, estate tax, gift tax, excise tax, fiscal year, debt, deficit, W-4, W-2, 1040EZ, 1099INT, Social Security.

  • performs a basic process, such as:

    • Define the benefit principle and the ability to pay principle.

    • Distinguish between deficit and debt.

However, the student exhibits major errors or omissions regarding the more complex ideas and processes.

 -
  1.5 The student demonstrates partial knowledge of the simpler details and processes (Score 2.0 content) but exhibits major errors or omissions regarding the more complex ideas and procedures (Score 3.0 content).
Novice With help, the student demonstrates a partial understanding of some of the simpler details and processes (Score 2.0 content) and some of the more complex ideas and processes (Score 3.0 content). -
  0.5 With help, the student demonstrates a partial understanding of some of the simpler details and processes (Score 2.0 content) but not the more complex ideas and processes (Score 3.0 content).

Resources

Websites

Vocabulary

SST-HS.3.05

High School SST Targeted Benchmarks
Standard 3: Economic Concepts
Students understand economic concepts and the characteristics of various economic systems.
Impact

SST-HS.3.05 Interpret the concepts of exchange and trade and the impacts and implications of a global economy for individuals and nations.

 Student Learning Targets:

Reasoning Targets

  • I can analyze the global impact of multinational corporations.
  • I can compare and contrast Communism, Socialism, and Capitalism.

Proficiency Scale

Score   Description Sample Activity
Advanced Proficient In addition to expectations of proficiency, the student provides consistent evidence of in-depth inferences and applications that go beyond what was taught and expected. -
  3.5 In addition to score 3.0 performance, in-depth inferences, and applications with partial success.

Proficient

 

“The Standard.” The student demonstrates no major errors or omissions regarding any of the information and processes that were end of instruction expectations.

Unit 4 Business Organizations

The student can:

  • describe the global impact of a multinational corporation on individuals and nations

Unit 9 Comparative Economic Systems

  • Explain the similarities and differences in trade practices between the 3 Economic systems; Capitalism, Socialism, and Communism.

The student exhibits no major errors or omissions.

 -
  2.5 The student demonstrates no major errors or omissions regarding the simpler details and processes (Score 2.0 content) and partial knowledge of the more complex ideas and processes (Score 3.0 content).
Progressing

The student demonstrates no major errors or omissions regarding the simpler details and processes but exhibits major errors or omissions regarding the more complex ideas and processes (Score 3.0 content).

Unit 4 Business Organizations

The student can:

  • recognizes or recalls specific terminology, such as:

    • corporations, conglomerates, multinationals, labor union

  • performs basic processes, such as:

    • identifying other types of business activities (conglomerates, multinationals, labor union)

    • define a multinational corporation.

Unit 9 Comparative Economic Systems

The student can:

  • recognizes or recalls specific terminology, such as:

    • Capitalism, Socialism, Communism

However, the student exhibits major errors or omissions regarding the more complex ideas and processes.

 -
  1.5 The student demonstrates partial knowledge of the simpler details and processes (Score 2.0 content) but exhibits major errors or omissions regarding the more complex ideas and procedures (Score 3.0 content).
Novice With help, the student demonstrates a partial understanding of some of the simpler details and processes (Score 2.0 content) and some of the more complex ideas and processes (Score 3.0 content). -
  0.5 With help, the student demonstrates a partial understanding of some of the simpler details and processes (Score 2.0 content) but not the more complex ideas and processes (Score 3.0 content).

Resources

Websites

Vocabulary