Economics Curriculum Guide

Social Studies ‐ Hoover City Schools

Spring 2015

Compiled by Kellye Self, Cheryl Morrow

Indicators of
Proficiency
Standards CCSS# Basic Proficient Advanced
Reading Standards

Key Ideas and Details

Cite specific textual evidence to support RH1 Students identify Students will Students will
analysis of primary and secondary details drawn from effectively explain both
sources, connecting insights gained from primary and organize evidence specific details of
specific details to an understanding of the secondary sources. drawn from textual reading
text as a whole. textual reading of and the connection
primary and of the details to the
secondary sources. whole from
primary and
secondary sources.
Determine the central ideas or RH2 Students will Students will Students will
information of a primary or secondary paraphrase what identify the central evaluate the key
source; provide an accurate summary that they have read idea of a primary details and ideas in
makes clear the relationships among the from primary and or secondary a primary or
key details and ideas. secondary sources. source and secondary source
summarize the and explain the
meaning in clear relationships
relation to the among them.
central idea.
Evaluate various explanations for actions RH3 Students will Students will Students will
or events and determine which understand what is determine the best evaluate and
explanation best accords with textual unclear in a text. explanation of interpret textual
evidence, acknowledging where the text events or actions evidence to
leaves matters uncertain. from their reading determine the best
of a text. explanation for
actions or events
described.
Possible Resources/Documents to be
Used:
Craft and Structure

Determine the meaning of words and RH4 Students will Students will Students will
phrases as they are used in a text, identify that words demonstrate how analyze how
including analyzing how an author uses can have different context affects the terminology
and refines the meaning of a key term over meanings in meaning of evolves over the
the course of a text different contexts terminology using course of a
within the same primary or primary or
document. secondary sources. secondary source
and evaluate how
the meaning
changes in context.
Analyze in detail how a complex primary RH5 Students will Students will Students will
source is structured, including how key identify key recognize analyze the
sentences, paragraphs, and larger portions structural structural structural
of the text contribute to the whole. elements in a elements and elements of a
complex primary explain how they source and explain
source. contribute to the how the structure
text as a whole. affects the
meaning of the
whole.
Evaluate authors’ differing points of view RH6 Students will read Students will read Students will read
on the same historical event or issue by text about an text on an a variety of
assessing the authors’ claims, reasoning historical event or historical event or sources on the
and evidence. issue from two issue from at least same historical
different authors two different event or issue and
and identify authors and assess the authors’
similarities and evaluate the claims, reasoning
differences. authors’ claims and evidence in
and evidence. order to support a
position.
Possible Resources/Documents to be
Used:
Integration of Knowledge and Ideas

Integrate and evaluate multiple sources of RH7 Students will Students will Students will select
information presented in diverse formats compare consolidate information from a
and media (e.g., visually, quantitatively, as information from a information from a variety of sources
well as in words) in order to address a variety of sources variety of sources and make
question or solve a problem. in order to address in different judgments about
a question or solve formats and the sources in
a problem. evaluate to order to address a
address a question question or solve a
or solve a problem. problem.
Evaluate an author’s premises, claims and RH8 Students will Students will Students will
evidence by corroborating or challenging compare an analyze an evaluate an
them with other information. author’s premises, author’s premises, author’s premises,
claims and claims and claims or evidence
evidence to evidence by after selecting and
information on the verifying the appraising
same topic from validity of the information to
other reputable information corroborate or
sources. against other challenge those
reputable sources. ideas.
Integrate information from diverse RH9 Students will Students will Students will
sources, both primary and secondary, into locate and examine and choose
a coherent understanding of an idea or summarize explain information from a
event, noting discrepancies among information from information from a variety of sources,
sources. diverse sources, variety of sources select the best
identifying to explain an idea information and
discrepancies or event. explain an idea or
among the sources. event after
evaluating the
sources.
Possible Resources/Documents to be
Used:
Range of Reading and Level of Text
Complexity
By the end of Grade 12, read and RH10 Students will read Students will read Students will
comprehend history/social studies texts in and comprehend and comprehend select, read and
the Grades 11‐CCR text complexity band history/social history/social comprehend
independently and proficiently. studies texts on studies texts of history/social
grade level varying studies texts above
independently and complexities on grade level
proficiently. and above grade independently and
level proficiently.
independently and
proficiently.
Possible Resources/Documents to be
Used:
Writing Standards

Text Types and Purposes

Write arguments to support claims in an WH1 Students will write Students will write Students will write
analysis of substantive topics or texts arguments to effective arguments to
using valid reasoning and relevant and support claims arguments to effectively support
sufficient evidence. using evidence support claims their analysis of
drawn from after assessing substantive topics
substantive topics relevant and or texts using
 and texts. sufficient evidence evidence and
and forming an reasoning the
opinion. student has
selected and can
support.
Introduce precise, knowledgeable WH1a Students will Students will Students will
claim(s), establish the significance of the organize and analyze claims and analyze claims and
claim(s), distinguish the claim(s) from evaluate counterclaims on counterclaims on
alternate or opposing claims, and create information from a an event or issue an event or issue
an organization that logically sequences variety of sources and organize the and explain and
the claim(s), counterclaims, reasons and into an outline or information into a defend the
evidence. chart. written format information in
that is easily written form in a
understood by the format that is
audience. easily understood
by the audience.
Develop claim(s) and counterclaims fairly WH1b Students will Students will Students will write
and thoroughly, supplying the most recognize and give examine claims to a specific
relevant data and evidence for each while examples of the and counterclaims, audience in the
pointing out the strengths and limitations relevant data and selecting the most appropriate
of both claim(s) and counterclaims in a evidence for claims appropriate discipline, while
discipline‐appropriate form that and counterclaims supporting data producing claims
anticipates the audience’s knowledge in a discipline for each in a and counterclaims,
level, concerns, values, and possible appropriate form. discipline providing
biases. appropriate appropriate and
written format. relevant data and
evidence of
support.
Use words, phrases, and clauses as well as WH1c Students will Students will Students will
varied syntax to link the major sections of identify and label choose the most design a work
the text, create cohesion, and clarify the the key words, significant words, product that
relationships between claim(s) and phrases, clauses, phrases, clauses, evaluates
reasons, between reasons and evidence, sections, claims, sections, claims, evidence,
and between claim(s) and counterclaims. evidence, etc. in a evidence, etc. and integrates
passage. relate them to one viewpoints and
another in a justifies the claims,
written or reasoning and
graphical manner. counterclaims.
Establish and maintain a formal style and WH1d Students will re‐ Students will Students will
objective tone while attending to the write in an produce an compare/contrast
norms and conventions of the discipline in appropriate style objective piece of at least two
which they are writing. for the discipline writing in a style writings from the
using an objective appropriate to the appropriate
tone. norms and discipline and
conventions of the write a synthesis
discipline in which of the two using
they are writing. the norms and
conventions of the
appropriate
discipline.
Provide a concluding statement or section WH1e Students will write Students will Students will
that follows from or supports the a conclusion that analyze an evaluate different
argument presented. supports an argument positions on a
argument presented in a text concept or issue
presented. and write a and argue for the
supporting conclusion they
conclusion. have derived.
Write informative/explanatory texts, WH2 Students will write Students will write Students will
including the narration of historical a summary of a an informative collect textual
events, scientific procedures/experiments, text. summary of information and
or technical processes. information write informative
intended to explain texts that
or inform the synthesizes and
audience. integrates
different
viewpoints and
 outcomes.
Introduce a topic and organize complex WH2a Students will select Students will selectStudents will
ideas, concepts, and information so that a topic and a topic and utilize generate a work
each new element builds on that which organize organizational and product that
precedes it to create a unified whole; information in a graphical elements analyzes complex
include formatting (e.g., headings), manner that that distinguish ideas, concepts
graphics (e.g., figures, tables), and informs the the parts into a and information,
multimedia when useful to aiding audience. unified whole. organizes it
comprehension. structurally and
includes
multimedia,
graphics, etc. to
create better
understanding for
their audience.
Develop the topic thoroughly by selecting WH2b Students will Students will Students will
the most significant and relevant facts, identify and re‐ research and select assemble the most
extended definitions, concrete details, write the most the most relevant significant data
quotations, or other information and relevant facts, facts, definitions, and information
examples appropriate to the audience’s definitions, details, details, etc. in an for a topic, with
knowledge of the topic. etc. in a given outline directed to appropriate
topic. a specific audience. examples and
formulate a
written summary.
Use varied transitions and sentence WH2c Students will Students will Students will
structures to link the major sections of the identify the demonstrate the compose a written
text, create cohesion, and clarify the relationships use of varied passage that
relationships among complex ideas and among complex transitions and demonstrates
concepts. ideas and structure sentence cohesion, an
using more than structures in a understanding of
one type of written passage the relationships
transition between while linking ideas among complex
ideas. and concepts. ideas and concepts
 and uses a variety
of transitional
devices.
Use precise language, domain‐specific WH2d Students will Students will use Students will
vocabulary and techniques such as locate domain‐ domain‐specific compose a passage
metaphor, simile and analogy to manage specific vocabulary vocabulary and that illustrates the
the complexity of the topic; convey a in context and techniques to complex use of
knowledgeable stance in a style that recall in writing author a passage domain‐specific
responds to the discipline and context as how the author that uses similar vocabulary and
well as to the expertise of likely readers. used it in the techniques. techniques in
passage. context.
Provide a concluding statement or section WH2e Students will Students will Students will
that follows from and supports the reproduce a produce a written produce and justify
information or explanation provided (e.g., written conclusion conclusion that is a written
articulating implications or the that is supported supported by conclusion that is
significance of the topic). by evidence. evidence. supported by
evidence.
Possible Resources/Documents to be
Used:
Production and Distribution of Writing

Produce clear and coherent writing in WH4 Students will Students will Students will
which the development, organization, and locate examples illustrate good develop a clear and
style are appropriate to task, purpose and that illustrate clear writing techniques coherent writing
audience. and coherent while producing a piece that is
writing. clear and coherent appropriate to the
passage. task, purpose and
audience.
Develop and strengthen writing as needed WH5 Students will select Students will Students will
by planning, revising, editing, rewriting, or a passage and revise a sample compose a writing
trying a new approach, focusing on rewrite it to writing based on selection that
addressing what is most significant for a address a different teacher or peer shows
specific purpose or audience. audience. feedback. improvement
 based on peer
feedback and
review.
Use technology, including the Internet, to WH6 Students will select Students will Students will use
produce, publish, and update individual or writing passages collaborate technology to
shared writing products in response to using technology through the use of produce
ongoing feedback, including new and will annotate technology to synchronous and
arguments or information. and publish the produce a writing asynchronous
revisions. sample that dialogue with
incorporates peer peers and publish
feedback. a finished product
based on the
feedback.
Possible Resources/Documents to be
Used:
Research to Build and Present Knowledge

Conduct short as well as more sustained WH7 Students will Students will Students will
research projects to answer a question conduct research conduct research conduct short and
(including a self‐generated question) or on a teacher‐ on a question or sustained research
solve a problem; narrow or broaden the generated issue in order to assignments
inquiry when appropriate; synthesize question to solve a solve a problem. designed to
multiple sources on the subject, problem or Students will progressively
demonstrating understanding of the question. Students determine answer questions
subject under investigation. will choose whether their or solve problems
appropriate search is too that are generated
selections from a narrow or needs to by the student in
variety of be broader and response to a
resources to will respond general subject or
demonstrate an appropriately. stimuli from the
understanding of Student work will teacher. Students
their topic or demonstrate will appropriately
problem. understanding of broaden or narrow
 the topic under their search, will
investigation and effectively
will integrate combine research
information from from multiple
more than one sources and their
source. work product will
demonstrate
understanding of
the problem or
question they have
researched and
solved.
Gather relevant information from multiple WH8 Students will find Students will find Students will use
authoritative print and digital sources, at least one more than one advanced digital
using advanced searches effectively; reliable print reliable resource searches using
assess the strengths and limitations of resource and one from both print sources like Google
each source in terms of the specific task, reliable digital and digital Scholar and
purpose and audience; integrate resource on a resources and boolean searching,
information into the text selectively to topic; select determine which as well as
maintain the flow of ideas, avoiding passages to information and advanced print
plagiarism and overreliance on any one paraphrase and facts are reliable media searches for
source and following a standard format for use effectively to and support their relevant and
citation. prove their thesis to use in an reliable
argument and argument. information;
provide correct Students will select students will
citations and credit information to use analyze
for ideas other from these information
than their own in a resources without gathered and
standard citation plagiarizing and distinguish
format. will provide all between valuable
appropriate and non‐valuable
citations in a information for
standard citation their thesis and
 format. topic; students will
use a variety of
resources
correctly, citing all
sources used in
accordance with a
standard citation
format and use all
sources, images,
etc. appropriately.
Draw evidence from informational texts to WH9 Students will use Students will Students will
support analysis, reflection, and research. informational texts choose and use choose and use
provided by the informational texts informational texts
instructor to to find and select to find and select
answer questions data to support data to support
and analyze their research. their research.
connections Students will Students will select
between different analyze selections the most
pieces of for usefulness and significant pieces
information. validity. of data in order to
support analysis,
reflection and
research on a
given topic.
Possible Resources/Documents to be
Used:
Range of Writing

Write routinely over extended time frames WH10 Students will write Students will write Students will write
(time for reflection and revision) and responses to short answer, short responses to
shorter time frames (a single sitting or a simple prompts in essay and free teacher‐generated
day or two) for range of discipline‐specific a single setting. response stimuli, as well as
tasks, purposes and audiences. Students will write statements/answe longer essays,
 longer responses rs to prompts and journals or other
with opportunities stimuli from writings in which
to edit and revise instructors in students reflect on
their writing. class, and outside their own writings,
of class. Students the responses of
will have teachers or peers
opportunities for and have the
revision and opportunity for
editing of writing discussion and
based on reflection editing of their
and/or feedback writing. These
from instructors or responses may
peers. These also include
responses may writing in forums,
also include blogs and other
writing in forums, digital/social
blogs and other media. Writing
digital/social may also be open
media for to publication.
academic
purposes.
Possible Resources/Documents to be Alabama Council for Economics [Link]
Used: Voluntary National Content Standards Economics:
[Link]
economics/.
Econedlink (Economics and Personal Finance Resources K‐12:
[Link]
Federal Reserve Education [Link] Foundation for
Teaching Econoomics [Link]
Bureau of Economic Analysis [Link]
Bureau of Labor Statistics [Link],
The Stock Market Game [Link]
The Mint [Link]
Teaching Financial Crises [Link]
 CIA World Factbook [Link]
US Census Bureau [Link]
trade/statistics/highlights/top/[Link]
US Treasury Bureau of the Public Debt [Link]

Topical Scope and Sequence:

Unit # 1st / 3rd Nine Weeks

1 Fundamental Economic Concepts

2 Microeconomics

Unit # 2nd / 4th Nine Weeks

3 Macroeconomic Institutions

4 Macroeconomic Policies

5 Life Skills
Units and Outcome‐Based Objectives:

Unit 1‐ Fundamental Economic Concepts

Essential Question:

 How do individuals and societies choose to satisfy their unlimited wants with limited resources?

Conceptual Connections:

 Scarcity
 Capitalism
 Free Enterprise

Outcome‐Based Objectives:

# Unit 1 Objectives COS Alignment

1 Identify why productive resources are limited. 1, 2, 12

2 Describe how effective decision making requires comparing the additional costs of 1, 2, 12
alternatives with additional benefits.

3 Examine different methods used to allocate goods and services. 1, 2, 3, 12

4 Analyze consumer response to positive and negative incentives. 1, 2, 3

5 Explain how voluntary exchange and markets help organize production and 1, 2, 3, 5, 12
distribute goods and services.

6 Compare specialization as it occurs among individuals, regions and nations. 1, 2, 6, 12

 # Unit 1 Objectives COS Alignment

7 Interpret the way institutions evolve in market economies to help individuals and 4, 5, 10
groups accomplish their goals.

8 Define entrepreneurship and explain its importance to free enterprise. 5

9 Evaluate the impact of investment on standard of living. 2, 5

10 Explain the role of scarcity in answering the basic economic questions of what, how, 1
how much, and for whom to produce.

11 Compare the development and characteristics of the world’s traditional, command, 2

and market economies.

Unit 2‐ Microeconomics
Essential Questions:
  How does competition drive the US economy?
Conceptual Connections:

 Demand
 Supply
 Competition
Outcome‐Based Objectives:

# Unit 2 Objectives COS Alignment

1 Define markets and analyze their impact on market prices and the allocation of 1, 3, 5
goods.
2 Evaluate the impact of prices on consumers and markets. 1, 3, 5

3 Analyze the impact of competition on prices and the allocation of goods. 1, 3, 5

4 Analyze graphs to determine changes in supply and demand and their effect on 3
equilibrium price and quality.

5 Explain the competitive nature of the market system. 5

Unit 3‐Macroeconomics: Institutions
Essential Questions:

 What role does the government play in the US economy?

 How has our banking system evolved and how is it effectively run today?
 How do we, the consumer, decide on what investments are worthwhile, based on risk and return?
Conceptual Connections:

 Government regulation
Outcome‐Based Objectives:

# Unit 3 Objectives COS Alignment

1 Identify the functions, origins and various types of money. 9, 10, 11

2 Explain how monetary policy affects interest rates and inflation. 8, 9, 10, 11

3 Explain the role of money and the structure of the banking system of the United States. 10

4 Analyze the effect of fluctuations in market value on income. 4, 8, 9

5 Explain costs and benefits of government intervention in the economy of the United 6, 7, 8, 9, 10, 11
States.

6 Explain the past and present impact of the Federal Reserve bank on the economy of the 6, 7, 8, 9, 10, 11
United States.

7 Explain the impact of the labor market on the market economy of the United States. 4

8 Describe methods by which the United States measures domestic output, national income, 7
and price level.

9 Describe the effect of fluctuations in national output and its relationship to the causes and 8
costs of unemployment and inflation
Unit 4‐ Macroeconomic Policies
Essential Questions:

 How do we measure the economy’s performance?

 How does the government redistribute income?
 How does unemployment and inflation affect our economy and how does the government compensate for these
abnormalities?
Conceptual Connections:

 Economic growth
 Income distribution

Outcome‐Based Objectives:

# Unit 4 Objectives COS Alignment

1 Define the impact of spending and production decisions on national levels of 6, 7, 8, 9, 10

income, employment, and prices.
2 Analyze the long‐term national costs of unemployment and inflation. 6, 7, 8, 9, 10

3 Analyze the impact of political forces on US economic policy. 6, 7, 8, 9, 10

4 Describe economic stabilization policies of the United States. 9

5 Explain basic elements of international trade. 12

Unit 5‐ Life Skills
Essential Questions:

 How does one implement learned economic principles in everyday life?

Conceptual Connections:

 Life application
Outcome‐Based Objectives:

# Unit 5 Objectives COS Alignment

1 Create a budget and explain the importance of tradeoffs. 1

2 Implement the created budget and monitor a check register. 1

3 Explain the concept of monetary scarcity. 1

4 Calculate informal cost analysis and determine which products and brand names 1
they will purchase.
Alabama Course of Study Correlation: Social Studies

# Economics HCS Unit‐Objective

COS Objectives
1 Explain the role of scarcity in answering the basic economic questions of what, 1.1, 1.2, 1.3, 1.4, 1.5, 1.6,
how, how much, and for whom to produce. 1.10, 2.1, 2.2, 2.3, 5.1, 5.2,
5.3, 5.4
(a) Identifying positive and negative aspects of economic growth
(b) Explaining how voluntary trade between nations illustrates the benefits of
comparative advantage
(c) Identifying how factors of production and the circular flow of goods and services
meet market needs
2 Compare the development and characteristics of the world’s traditional, 1.1, 1.2, 1.3, 1.4, 1.5, 1.6,
command, and market economies. 1.9, 1.11
(a) Identifying contributors to modern economics
(b) Describing the struggle experienced by economies in transition from one type of
economic system to another
(c) Explaining how the desire for growth potential, labor supplies, product supplies,
and adaptive capability influence a country’s choice of economic system
(d) Comparing costs and benefits of economic growth
(e) Explaining why the characteristics of a market economy result in a thriving
economy
(f) Contrasting economic systems of various countries with the market system of the
United States
3 Analyze graphs to determine changes in supply and demand and their effect on 1.3, 1.4, 1.5, 2.1, 2.2, 2.3, 2.4
equilibrium price and quality.
(a) Illustrating how changes in the determinants of supply and demand affect the
supply and demand for products in the market
(b) Explaining the impact of government‐imposed price ceilings and floors and the
impact of taxes and regulations on the market demand for a product
4 Explain the impact of the labor market on the market economy of the United 1.7, 3.4, 3.7
# Economics HCS Unit‐Objective
COS Objectives
States.
(a) Identifying regional characteristics of the labor force of the United States
(b) Explaining how supply and demand for labor affect wages
(c) Describing characteristics that are most likely to increase wages and nonwage
benefits
5 Explain the competitive nature of the market system. 1.5, 1.7, 1.8, 1.9, 2.1, 2.2,
2.3, 2.5
(a) Comparing structures of sole proprietorships, partnerships, corporations, and
cooperatives
(b) Describing costs and benefits of entrepreneurial decisions
(c) Describing how market exchange serves as a means of economic planning for
producers
(d) Describing the structure and functions of financial markets, including the stock
market and the bond market
6 Explain costs and benefits of government intervention in the economy of the 1.6, 3.5, 3.6, 4.1, 4.2, 4.3
United States.
(a) Identifying economic goals for the economy of the United States
(b) Tracing the impact of government regulations on business and labor relations
(c) Explaining conditions under which government intervention may be chosen
(d) Comparing principles and systems of taxation at national, state, and local levels
(e) Predicting the effect of public policy decisions on the individual
(f) Explaining costs and benefits of running a deficit and large national debt in an
economy
(g) Describing the effect of the patent system of the United States on the number of
inventions produced by American inventors
7 Describe methods by which the United States measures domestic output, 3.5, 3.6, 3.8, 4.1, 4.2, 4.3
national income, and price level.
(a) Identifying the contribution of final goods and services to the computation of the
GDP
(b) Comparing data from various regions of the United States and other national
economies
# Economics HCS Unit‐Objective
COS Objectives
(c) Describing the function and construction of the CPI
8 Describe the effect of fluctuations in national output and its relationship to the 3.2, 3.5, 3.6, 4.1, 4.2, 4.3
causes and costs of unemployment and inflation.
(a) Identifying factors involved in the business cycle
(b) Contrasting monetary, cost‐push, and demand‐pull inflation
(c) Contrasting frictional, structural, seasonal, and cyclical unemployment
(d) Describing components of the unemployment statistic as defined by the Bureau of
Labor Statistics
(e) Identifying reasons for regional differences in unemployment statistics
(f) Discussing the positive and negative aspects of government policies affecting
unemployment and underemployment
(g) Comparing causes for unemployment in Alabama to those of the nation
9 Describe economic stabilization policies of the United States. 3.5, 3.6, 4.1, 4.2, 4.3, 4.9
(a) Explaining how levels of taxes, government spending, and interest rates affect
consumer consumption and saving
(b) Explaining fiscal policy options for manipulating levels of output and inflation
10 Explain the role of money and the structure of the banking system of the United 1.7, 3.5, 3.6, 4.1, 4.2, 4.3
States.
(a) Contrasting the effectiveness of bartering and money exchange in an economic
system
(b) Explaining the creation of money through the multiplier effect
(c) Explaining the origins of the Federal Reserve bank and its influence on inflation
and deflation
(d) Explaining the function of federally funded insurance programs in protecting
consumers’ savings
11 Explain the past and present impact of the Federal Reserve bank on the 3.5, 3.6
economy of the United States.
(a) Describing the structure and monetary policies of the Federal Reserve bank
(b) Describing tools available to the Federal Reserve bank to stabilize the economy
(c) Identifying primary responsibilities of the Federal Reserve bank
 # Economics HCS Unit‐Objective
COS Objectives
12 Explain basic elements of international trade. 1.1, 1.2, 1.3, 1.5, 1.6, 4.5
(a) Analyzing the impact of developing nations on the global economy
(b) Analyzing the impact of the trade deficit on the economy of the United States
(c) Explaining how trading according to the Law of Comparative Advantage affects
both poor and wealthy trading nations
(d) Analyzing the impact of trade policy on international trade
(e) Describing political and economic alliances

Additional Teacher Resources:

Suggested Evidence of Student Attainment for Each Standard

Standard 1 Alabama Course of Study

Explain why productive resources are limited and why individuals, businesses, and governments have to make
choices in order to meet needs and wants.

• Explaining scarcity as a basic condition that exists when unlimited wants exceed limited productive resources
• Explaining land (an example of a natural resource), labor (an example of a human resource), capital (an
example of a physical or human resource), and entrepreneurship to be the factors of production
• Explaining opportunity cost as the next best alternative to relinquish when individuals, businesses,

Evidence of Student Attainment *

What could students do to show attainment of this standard?
● Students will calculate opportunity costs.
● Students will categorize examples of productive resources.
● Students will distinguish examples of microeconomics and macroeconomics issues.

Teacher Vocabulary *
What are the key terms in the standard that are essential for the teacher to interpret and understand in order to lead students
to grade level attainment?
○ Scarcity
○ Opportunity cost
○ Trade‐off
○ Land (natural resources)
○ Labor (human resources)
○ Capital (capital resources)
○ Entrepreneurial ability
○ Goods
○ Services
○ Microeconomics
○ Macroeconomics
Skills *
What procedural skill(s) does the student need to demonstrate for attainment of this standard?

○ Students will be able to calculate opportunity costs.

○ Students will be able to properly categorize examples of productive resources (factors of production).
○ Students will be able to distinguish between examples of microeconomics and macroeconomics issues.
○
Knowledge *
What does the student need to know to aid in attainment of this standard?
○ Students need to know that scarcity leads to choices.
○ Students need to know that choices involve opportunity costs.
○ Students need to know that productive resources (factors of production) are necessary to produce goods and
services.
○ Students need to know the difference between microeconomics and macroeconomics.

Understanding *
What will students understand to attain the standard?
○ Students will understand the relationship between scarcity and choice.
○ Students will understand the relationship between productive resources (factors of production) and good and
services.
 ○ Students will understand the distinction between study of economics from a microeconomics perspective and
from a macroeconomics perspective.

Standard 2 Alabama Course of Study

Explain how rational decision making entails comparing additional costs of alternatives to additional benefits.
• Illustrating on a production‐possibilities curve how rational decision making involves trade‐offs between
two options
• Explaining rational decision making as the comparison between marginal benefits and marginal costs of an
action

Evidence of Student Attainment *

What could students do to show attainment of this standard?
○ Students will make decisions based on the marginal costs and marginal benefits.
○ Students will determine production outcomes and calculate opportunity costs using a production‐possibilities
curve.
○ Students will determine efficient, inefficient and unattainable points on a production‐possibilities curve.

Teacher Vocabulary *
What are the key terms in the standard that are essential for the teacher to interpret and understand in order to lead students
to grade level attainment?
○ Marginal analysis
○ Marginal benefit
○ Marginal cost
○ Production‐possibilities curve
Skills *
What procedural skill(s) does the student need to demonstrate for attainment of this standard?
○ Students will be able to use marginal costs and marginal benefits to make decisions.
○ Students will be able to use a production‐possibilities curve to determine possible combinations of goods and
services that can be produced.
○ Students will be able to use a production‐possibilities curve to calculate opportunity costs.
○ Students will be able to determine efficient, inefficient and unattainable points on a production‐possibilities
 curve.
Knowledge *
What does the student need to know to aid in attainment of this standard?
○ Students need to know that rational decision‐making requires comparison of marginal costs and marginal
benefits.
○ Students need to know the assumptions made in constructing production‐ possibilities tables and curves.
○ Students need to know the efficient, inefficient and unattainable points on a production‐possibilities curve.
Understanding *
What will students understand to attain the standard?

○ Students will understand why marginal analysis is necessary to rational decision‐making.

○ Students will understand how scarcity leads to limited production possibilities.
○ Students will understand why there are efficient, inefficient and unattainable points on a production‐
possibilities curve.

Standard 3 Alabama Course of Study

Describe different economic systems used to allocate scarce goods and services.

● Defining command, market, and mixed economic systems

● Describing how different economic systems answer the three basic economic questions of what to produce,
how to produce, and for whom to produce
● Evaluating how each type of system addresses private ownership, profit motive, consumer sovereignty,
competition, and government regulation

Evidence of Student Attainment *

What could students do to show attainment of this standard?

○ Students will identify economic systems from their characteristics.

○ Students will identify economic systems from the ways that they make the basic economic choices.

Teacher Vocabulary *
What are the key terms in the standard that are essential for the teacher to interpret and understand in order to lead students
to grade level attainment?
○ Adam Smith
○ Invisible hand
○ Laissez faire economics
○ Command economy
○ Market economy (free enterprise or capitalism)
○ Traditional economy
○ Mixed economy
○ Consumer sovereignty
○ Voluntary exchange
Skills *
What procedural skill(s) does the student need to demonstrate for attainment of this standard?
○ Students should be able to identify examples of different types of economic systems.

Knowledge *
What does the student need to know to aid in attainment of this standard?
○ Students need to know the characteristics of each basic type of economic system.
○ Students need to know the three basic economic choices.
○ Students need to know how each the three basic economic choices are made in the different types of economic
systems.

Understanding *
What will students understand to attain the standard?
○ Students need to understand the roles of consumers, businesses and government in each type of economic
system.
○ Students need to understand how each type of system responds to and incorporates change.
○ Students need to understand how the type of economic system impacts economic growth.

Standard 4 Alabama Course of Study

Describe the role of government in a market economy, including promoting and securing competition, protecting
private property rights, promoting equity, providing public goods and services, resolving externalities and other
market failures, and stabilizing growth in the economy.
 • Explaining how government regulation and deregulation policies affect consumers and producers

Evidence of Student Attainment *

What could students do to show attainment of this standard?
○ Students will identify government activities as specific examples of the government’s role in the economy.
○ Students will explain how specific government actions impact economic growth.
Teacher Vocabulary *
What are the key terms in the standard that are essential for the teacher to interpret and understand in order to lead students
to grade level attainment?
○ Positive externalities (spillover benefits)
○ Negative externalities (spillover costs)
○ Public goods and services
○ Tragedy of the commons

Skills *
What procedural skill(s) does the student need to demonstrate for attainment of this standard?
○ Students need to be able to identify the ways in which governments, including the United States government,
participate in the economy.
○ Students need to be able to determine the impact of government actions in the market.

Knowledge *
What does the student need to know to aid in attainment of this standard?
○ Students need to know the roles of government in a market economy.
○ Students need to know the purpose of each of the government’s roles in a market economy.
○ Students need to be able to identify examples of the government acting in each of its roles in a market economy.
○ Students need to know the different types of market failures.

Understanding *
What will students understand to attain the standard?
○ Students need to understand what causes market failures.
○ Students need to understand how and why government action can sometimes correct for failures of private
markets.
○ Students will understand how government actions impact the market.
Standard 5 Alabama Course of Study

Explain that a country’s standard of living depends upon its ability to produce goods and services.
• Explaining productivity as the amount of outputs, or goods and services, produced from inputs, or factors of
production
• Describing how investments in factories, equipment, education, new technology, training, and health improve
economic growth and living standards

Evidence of Student Attainment *

What could students do to show attainment of this standard?
○ Students will calculate nominal GDP.
○ Students will calculate real GDP.

Teacher Vocabulary *
What are the key terms in the standard that are essential for the teacher to interpret and understand in order to lead students
to grade level attainment?
○ Gross domestic product
○ Nominal GDP
○ Real per capita GDP
○ GDP deflator
○ Bureau of Economic Analysis
○ Productivity
○ Input
○ Output
○ Rule of 70
Skills *
What procedural skill(s) does the student need to demonstrate for attainment of this standard?
○ Students need to be able to calculate GDP.
○ Students need to be able to use a GDP deflator to calculate real GDP.

Knowledge *
What does the student need to know to aid in attainment of this standard?
 ○ Students need to know the four components of the expenditure approach to GDP.
○ Students need to know how productivity is calculated.
○ Students need to know how productivity can be increased.
○ Students need to know the factors that lead to economic growth.

Understanding *
What will students understand to attain the standard?
○ Students will understand how the BEA categorizes the four components of the expenditure approach to GDP.
○ Students need to understand how investment leads to increased productivity and economic growth.
○ Students need to understand how increases in productivity lead to a higher standard of living
○ Students need to understand the factors that lead to increased productivity.

Standard 6 Alabama Course of Study

Describe how specialization and voluntary exchange between buyers and sellers lead to mutually beneficial
outcomes.
• Illustrating on a circular‐flow diagram the product market; the factor market; the real flow of goods and
services between and among businesses, households, and government; and the flow of money
• Constructing examples of specialization and exchange
• Illustrating on a table and graph the law of supply and demand
• Describing the role of buyers and sellers in determining market clearing price
• Illustrating on a table and graph how supply and demand determine equilibrium price and quantity
• Illustrating on a graph of supply and demand how price movements eliminate shortages and surpluses
• Illustrating on a graph how different factors cause changes in a market supply and demand
• Explaining how prices serve as incentives in a market economy

Evidence of Student Attainment *

What could students do to show attainment of this standard?
○ Students will create supply and demand graphs.
○ Students will graph changes in supply and demand and the resulting changes in price and quantity.
○ Students will distinguish between shifts of the curves and movements along the curves.
○ Students will determine whether demand and supply are elastic or inelastic.
○ Students will calculate the amounts of surpluses and shortages.
Teacher Vocabulary *
What are the key terms in the standard that are essential for the teacher to interpret and understand in order to lead students
to grade level attainment?
○ Supply
○ Demand
○ Marginal utility
○ Specialization
○ Division of labor
○ Equilibrium/market‐clearing price
○ Price elasticity
○ Shortage
○ Surplus
○ Price floor
○ Price ceiling

Skills *
What procedural skill(s) does the student need to demonstrate for attainment of this standard?
○ Students need to be able to construct supply and demand curves.
○ Students need to be able to correctly shift supply and demand curves based on changes in their determinants.
○ Students need to be able to distinguish between shifts of the curves and movements along the curves.
○ Students need to be able to determine whether demand and supply are elastic or inelastic.
○ Students must be able to determine the amounts of surpluses and shortages created by prices that are not at the
equilibrium level.

Knowledge *
What does the student need to know to aid in attainment of this standard?
○ Students need to know the determinants of demand (demand shifters).
○ Students need to know the determinants of supply (supply shifters).
○ Students need to know the role of market prices and the impact of government‐imposed prices.
○ Students need to know the determinants of price elasticity.
○ Students need to know the total revenue test to determine price elasticity of demand.
○ Students need to know the components of the circular flow diagram and how they interact.
Understanding *
What will students understand to attain the standard?
○ Students must understand the ways in which the determinants impact market supply and demand.
○ Students must understand how changes in supply and demand affect prices and equilibrium quantity.
○ Students must understand the difference between shifts of the curves caused by the determinants and
movements along the curves caused by price changes.
○ Students must understand how prices determine how resources are allocated.
○ Students must understand how activities in markets, businesses and households impact each other.

Standard 7 Alabama Course of Study

Describe the organization and role of business.

• Comparing types of business firms, including sole proprietorships, partnerships, and corporations
• Explaining the role of profit as an incentive, including short term versus long‐run decisions, for all firms
• Describing basic characteristics of pure competition, monopoly, monopolistic competition, and oligopoly •
Explaining ways firms finance operations, including retained earnings, stocks, and debt, and the advantages
and disadvantages of each
• Explaining ways firms engage in price and nonprice competition
• Recognizing the role of economic institutions, including labor unions and nonprofit organizations, in market
economies

Evidence of Student Attainment *

What could students do to show attainment of this standard?
○ Students will identify the characteristics of the basic forms of business organization and determine the
appropriate form of organization for different situations.
○ Students will construct perfectly competitive market graphs.
○ Students will calculate diminishing returns.
○ Students will construct both short run and long run ATC curves.

Teacher Vocabulary *
What are the key terms in the standard that are essential for the teacher to interpret and understand in order to lead students
to grade level attainment?
○ Sole proprietorship
 ○ Partnership
○ Corporation
○ Stock
○ Bond
○ Pure competition (perfect competition)
○ Monopoly
○ Patents
○ Copyrights
○ Trademarks
○ Monopolistic competition
○ Oligopoly
○ Collusion
○ Vertical merger
○ Horizontal merger
○ Law of diminishing returns
○ Economies of scale
○ Diseconomies of scale
○ Short run
○ Long run

Skills *
What procedural skill(s) does the student need to demonstrate for attainment of this standard?
○ Students will be able to identify the characteristics of the basic forms of business organization and determine
the appropriate form of organization for different situations.
○ Students must be able to identify and construct a perfectly competitive market graph (supply and demand
graph).
○ Students must be able to calculate examples of diminishing returns.
○ Students must be able to draw short run and long run ATC curves.

Knowledge *
What does the student need to know to aid in attainment of this standard?
○ Students need to know the advantages and disadvantages of the three major forms of business organization.
○ Students need to know the characteristics of each type of competition.
 ○ Students need to know how oligopolies are formed.
○ Students need to know the different types of monopoly.
○ Students need to know the meaning of the profit motive and how it impacts production decisions.
○ Students need to know how businesses invest using equity financing, borrowing and saving.
○ Students need to know the advantages and disadvantages of each method of raising money for investment.
○ Students need to know how businesses compete through pricing and marketing.
○ Students need to know the different types of economic institutions and their goals.
Understanding *
What will students understand to attain the standard?

○ Students must understand why different forms of business organization are may be appropriate depending on
the type of good or service to be produced.
○ Students must understand why different methods of raising money for investment are appropriate depending
on the goals of the business.
○ Students must understand that the ways in which businesses compete depend on the type of industry structure.
○ Students must understand how the actions of economic institutions impact market outcomes.

Standard 8 Alabama Course of Study

Explain the impact of the labor market on the United States’ economy.

• Identifying regional characteristics of the labor force of the United States, including gender, race,
socioeconomic background, education, age, and regional specialization
• Explaining how supply of and demand for labor affect wages • Describing characteristics that are most
likely to increase wage and nonwage benefits, including skill, productivity, education, occupation, and
mobility
• Explaining how unemployment and inflation impose costs on individuals and nations
• Determining the relationship of Alabama and the United States to the global economy regarding current
technological innovations and industries Examples: World Wide Web, peanut industry,
telecommunications industry, aerospace industry
• Tracing the history of labor unions and methods of contract negotiation by labor and management

Evidence of Student Attainment *

What could students do to show attainment of this standard?
○ Students will construct labor market graphs, and indicate the impact on employment and wages of the
determinants of labor supply and demand.
○ Students will assess the economic impact of inflation and unemployment on the economy.
○ Students will use the Phillips curve to calculate trade‐offs between inflation and unemployment.
Teacher Vocabulary *
What are the key terms in the standard that are essential for the teacher to interpret and understand in order to lead students
to grade level attainment?
○ Inflation
○ Unemployment rate
○ Labor force
○ Labor productivity
○ Phillips curve
○ Misery index
○ Stagflation

Skills *
What procedural skill(s) does the student need to demonstrate for attainment of this standard?
○ Students need to be able to determine how certain factors impact wages and employment.
○ Students need to be able to determine specific impacts on economic growth of inflation and unemployment.
○ Students need to be able to use the Phillips curve to calculate trade‐offs between inflation and unemployment.
Knowledge *
What does the student need to know to aid in attainment of this standard?
○ Students need to know the factors that affect labor productivity and wages.
○ Students need to know the factors that affect the supply of and demand for labor.
○ Students need to know how the Phillips curve reflects trade‐offs between inflation and unemployment.
○ Students need to know the impact of demographics and regional specialization on wages and employment.
○ Students need to know the non‐market factors that affect wages, such as discrimination.
○ Students need to know the overall economic impact of inflation and unemployment.
○ Students need to know the role of Alabama in the national and global economies.
Understanding *
What will students understand to attain the standard?
○ Students will understand how certain factors that affect labor productivity and wages.
 ○ Students will understand how certain factors that affect the supply of and demand for labor.
○ Students will understand the trade‐offs between inflation and unemployment reflected on the Phillips curve.
○ Students will understand that demographics and regional specialization, as well as productivity, affect wages
and employment.
○ Students will understand how non‐market factors also impact wages.
○ Students understand how inflation and unemployment negatively impact economic growth.
○ Students will understand economic interdependence and how Alabama impacts and is impacted by the national
and global economies.

Standard 9 Alabama Course of Study

Describe methods used to measure overall economic activity, including the Gross Domestic Product (GDP), the
Consumer Price Index (CPI), inflation, and unemployment.
• Explaining how overall levels of income, employment, and prices are determined by spending decisions of
households, businesses, and government; net exports in the short run; and production decisions of firms and
technology in the long run
• Identifying structural, cyclical, and frictional unemployment
• Describing stages of the business cycle and how employment and inflation change during those stages

Evidence of Student Attainment *

What could students do to show attainment of this standard?
○ Students will determine the portion of the business cycle represented by certain economic indicators.
○ Students will identify examples of each type of unemployment.
○ Students will calculate the unemployment rate.
○ Students will calculate inflation using the CPI.
Teacher Vocabulary *
What are the key terms in the standard that are essential for the teacher to interpret and understand in order to lead students
to grade level attainment?
○ GDP
○ CPI
○ Cost‐push inflation
○ Demand‐pull inflation
○ Hyperinflation
 ○ Unemployment rate
○ Bureau of Labor Statistics
○ Cyclical unemployment
○ Frictional unemployment
○ Structural unemployment
○ Full employment
○ Recession
○ Expansion
○ Peak
○ Trough
Skills *
What procedural skill(s) does the student need to demonstrate for attainment of this standard?
○ Students need to be able to determine the portion of the business cycle represented by certain economic
indicators.
○ Students need to be able to identify examples of each type of unemployment.
○ Students need be able to calculate the unemployment rate.
○ Students need to be able to calculate the inflation rate using the CPI.
Knowledge *
What does the student need to know to aid in attainment of this standard?
○ Students need to know the basic economic indicators: GDP, CPI and unemployment.
○ Students need to know the parts of the business cycle.
○ Students need to know the characteristics of each part of the business cycle.
○ Students need to know the different types of inflation.
○ Students need to know the different types of unemployment.
○ Students need to know the types of unemployment included in full employment.

Understanding *
What will students understand to attain the standard?
○ Students will understand how and why each of the basic economic indicators changes.
○ Students will understand the causes of the different types of inflation.
○ Students will understand the causes of each type of unemployment.
○ Students will understand how and why economic activity changes over time.
Standard 10 Alabama Course of Study

Explain the structure, role, and functions of the United States Federal Reserve System.
• Describing how the United States Federal Reserve System oversees the banking system and regulates the
quantity of money in the economy
• Defining monetary policy
• Describing how the central bank uses its tools of monetary policy to promote price stability, full employment,
and economic growth

Evidence of Student Attainment *

What could students do to show attainment of this standard?
○ Students will determine the specific economic impact of changes in the reserve ratio.
○ Students will determine the specific economic impact of changes in the discount rate.
○ Students will determine the specific economic impact of open market operations to influence the federal funds Commented [1]: Kellye,
rate.
This was my strategy: I added the key provisions to
○ Students will determine the appropriate monetary policy to promote employment. the document you sent me on the reading and writing
○ Students will determine the appropriate monetary policy to combat inflation. standards to the document Jane Shafer (Vestavia Hills
HS) and I completed for the state last spring . This
official directive we sought to complete was called
"Unpacking the Standards." The framework we were
Teacher Vocabulary * given is what you see. Heading such as skills, vocab,
What are the key terms in the standard that are essential for the teacher to interpret and understand in order to lead students etc. were given to us and I suppose that one day the
unpacked standards will show up on the state website.
to grade level attainment? Hoover City Schools is therefore ahead of the curve on
○ Monetary policy economics, at least.
○ Reserve ratio (reserve requirement)
What I have not done (and don't think I will anytime
○ Fractional reserve banking soon unless you convince me otherwise) is to complete
○ Discount rate the column COS# for each of the writing and reading
○ Deposit multiplier (deposit expansion multiplier /simple money multiplier) standards. It makes sense in government for some
reason, less so with economics. I think that is because
○ Open market operations we are so math oriented.
○ Federal funds rate
Finally, I think I can present this as a draft to Cindy
○ Easy money policy (expansionary) Adams with all good conscience, subject to your
○ Tight money policy (contractionary) feedback. I can tweak it based on your comments and
Skills * provide comments to the document at that time as well.
Then we can send the DRAFT finished document on
What procedural skill(s) does the student need to demonstrate for attainment of this standard? Tuesday April 28.
 ○ Students must be able to determine the specific economic impact of changes in the reserve ratio.
○ Students must be able to determine the specific economic impact of changes in the discount rate.
○ Students must be able to determine the specific economic impact of open market operations on the federal funds
rate.
○ Students must be able to determine the appropriate monetary policy to promote employment.
○ Students must be able to determine the appropriate monetary policy to combat inflation.

Knowledge *
What does the student need to know to aid in attainment of this standard?
○ Students need to know the functions of money: medium of exchange, unit of account (measure of value), and
store of value.
○ Students need to know the role of the Federal Reserve in the United States’ economy.
○ Students need to know the 3 primary monetary policy tools: reserve ratio, discount rate, and open market
operations to influence the federal funds rate.
○ Students need to know how the 3 primary monetary policy tools impact the money supply and the overall
economy.
Understanding *
What will students understand to attain the standard?
○ Students will understand the way money functions to increase trade.
○ Students will understand how monetary policy tools are used to promote employment and economic growth.
○ Students will understand how monetary policy tools are used to combat inflation.
○ Students will understand the Federal Reserve’s role in controlling the money supply.

Standard 11 Alabama Course of Study

Explain how the government uses fiscal policy to promote the economic goals of price stability, full employment, and
economic growth.
• Defining fiscal policy and the use of taxation and government purchases
• Comparing government deficits and the national debt

Evidence of Student Attainment *

What could students do to show attainment of this standard?
○ Students will determine the specific economic impact of changes in the government spending.
 ○ Students will determine the specific economic impact of changes in the tax rate.
○ Students will determine the appropriate fiscal policy to promote employment.
○ Students will determine the appropriate fiscal policy to combat inflation.
Teacher Vocabulary *
What are the key terms in the standard that are essential for the teacher to interpret and understand in order to lead students
to grade level attainment?
○ Fiscal policy
○ Keynesian
○ Deficit
○ Crowding out effect
○ Surplus
○ Debt
○ Expansionary policy
○ Contractionary policy
○ Multiplier effect
○ Automatic stabilizers

Skills *
What procedural skill(s) does the student need to demonstrate for attainment of this standard?
○ Students need to be able to determine the specific economic impact of changes in government spending.
○ Students need to be able to determine the specific economic impact of changes in the tax rate.
○ Students need to be able to determine the appropriate fiscal policy to promote employment.
○ Students need to be able to determine the appropriate fiscal policy to combat inflation.

Knowledge *
What does the student need to know to aid in attainment of this standard?
○ Students need to know the role of Congress and the President in promoting economic stability through the use
of discretionary fiscal policy.
○ Students need to know that government spending and taxes act automatically to help stabilize the economy.
○ Students need to know the two fiscal policy tools: government spending and taxes.
Understanding *
What will students understand to attain the standard?
○ Students will understand how taxes and government spending impact the overall economy, both through
 discretionary fiscal policy and automatic stabilizers.
○ Students will understand how fiscal policy tools are used to promote employment and economic growth.
○ Students will understand how fiscal policy tools are used to combat inflation.

Standard 12 Alabama Course of Study

Explain why individuals, businesses, and governments trade goods and services in the global economy.

• Defining absolute advantage and comparative advantage

• Explaining how gains from trade, whether between two individuals or two countries, are based on the
principle of comparative advantage
• Defining exchange rates
• Explaining how changes in exchange rates impact purchasing powers of individuals and businesses
• Explaining tariffs, quotas, embargoes, standards, and subsidies as trade barriers
• Explaining why countries sometimes impose trade barriers and sometimes advocate free trade

Evidence of Student Attainment *

What could students do to show attainment of this standard?
○ Students will calculate opportunity costs to determine comparative advantage.
○ Students will calculate gains from trade based on comparative advantage.
○ Students will determine the impact of certain factors on exchange rates.
○ Students will determine of the impact of changes in exchange rates on imports and exports.

Teacher Vocabulary *
What are the key terms in the standard that are essential for the teacher to interpret and understand in order to lead students
to grade level attainment?
○ Globalization
○ Absolute advantage
○ Comparative advantage
○ Gains from trade
○ Exchange rate
○ Currency appreciation
○ Currency depreciation
 ○ Purchasing power parity (Big Mac Index)
○ Import
○ Export
○ Trade deficit
○ Trade surplus
○ Tariff
○ Quota
○ Embargo
○ Export subsidies
○ NAFTA
○ CAFTA
○ EU
○ WTO
○ IMF
○ World Bank
Skills *
What procedural skill(s) does the student need to demonstrate for attainment of this standard?
○ Students need to be able to determine comparative advantage by calculating opportunity costs.
○ Students need to be able to calculate gains from trade based on comparative advantage.
○ Students need to be able to determine how certain factors affect exchange rates.
○ Students need to be able to determine how changes in exchange rates affect global trade.

Knowledge *
What does the student need to know to aid in attainment of this standard?
○ Students need to know the difference between absolute and comparative advantage and the importance of each.
○ Students need to know the types, purpose and impact of trade barriers.
○ Students need to know the factors that affect exchange rates.
○ Students need to know how changes in exchange rates affect trade.
○ Students need to know the international organizations and agreements that impact globalization.

Understanding *
What will students understand to attain the standard?
○ Students will understand the role of comparative advantage in trade and how it leads to gains from trade.
○ Students will understand why countries impose trade barriers and the economic impact of these barriers.
○ Students will understand the factors that affect exchange rates.
○ Students will understand how changes in exchange rates affect trade between countries.
○ Students will understand how international trade leads to economic growth and higher standards of living
worldwide.