# CTE Resource Center - Verso - Introduction to Agriscience Related Economics and Personal Finance Standards of Learning

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Related Economics and Personal Finance Standards of Learning

Economics and Personal Finance Standards of Learning

EPF.5

The student will demonstrate knowledge of a nation’s economic goals, including full employment, stable prices, and economic growth by
  1. describing economic indicators, such as gross domestic product (GDP), consumer price index (CPI), and unemployment rate;
  2. describing the causes and effects of unemployment, inflation, and reduced economic growth;
  3. describing the fluctuations of the business cycle; and
  4. describing strategies for achieving national economic goals.

EPF.8

The student will demonstrate knowledge of the role of government in a market economy by
  1. identifying goods and services provided by government to benefit society;
  2. identifying the role the government plays in providing a legal structure to protect property rights and enforce contracts;
  3. providing examples of government regulation of the market;
  4. explaining that governments redistribute wealth; and
  5. explaining that taxes and fees fund all government-provided goods and services.

EPF.9

The student will demonstrate knowledge of the global economy by
  1. explaining that when parties trade voluntarily, all benefit;
  2. distinguishing between absolute and comparative advantage;
  3. distinguishing between trade deficit and trade surplus;
  4. explaining exchange rates, and the impact of a strong dollar and weak dollar on economic decisions;
  5. describing the costs and benefits of trade barriers;
  6. describing the effects of international trade agreements and the World Trade Organization; and
  7. explaining growing economic interdependence.