The economics standards promote the concepts and tools necessary for economic decision making in order to help understand the interaction between buyers and sellers in markets, workings of the national economy, and interactions within the global marketplace.
Engage in Economic Decision Making
SS-Econ.9-12.13. Apply the concept of scarcity when making economic decisions.
SS-Econ.9-12.14. Use cost-benefit analysis to argue for or against an economic decision.
Critique Exchange and Markets
SS-Econ.9-12.15. Analyze what goes into determining, and who determines, what is produced and distributed in a market system.
SS-Econ.9-12.16. Describe how changes in the level of competition can affect price and output levels in specific markets.
SS-Econ.9-12.17. Explain how changes in supply and demand cause changes of goods and services, labor, credit, and foreign currencies.
SS-Econ.9-12.18. Evaluate the effectiveness of government policies altering market outcomes.
SS-Econ.9-12.19. Describe the roles of institutions such as clearly defined property rights and the rule of law in a market economy.
Evaluate the National Economy
SS-Econ.9-12.20. Use economic indicators to evaluate economic conditions.
SS-Econ.9-12.21. Explain why advancements in technology and investments in capital goods and human capital increase economic growth and standards of living.
Assess the Global Economy
SS-Econ.9-12.22. Explain the role of specialization in trade.
SS-Econ.9-12.23. Explain how globalization has impacted various aspects of economic growth, labor markets, and rights of citizens, the environment, and resource and income distribution in different nations.
SS-Econ.9-12.24. Analyze how national and global economic issues and systems impact Iowa’s economy.