Related Economics and Personal Finance Standards of Learning
Economics and Personal Finance Standards of Learning
The student will demonstrate knowledge of a nation’s economic goals, including full employment, stable prices, and economic growth by
- describing economic indicators, such as gross domestic product (GDP), consumer price index (CPI), and unemployment rate;
- describing the causes and effects of unemployment, inflation, and reduced economic growth;
- describing the fluctuations of the business cycle; and
- describing strategies for achieving national economic goals.
The student will demonstrate knowledge of the role of government in a market economy by
- identifying goods and services provided by government to benefit society;
- identifying the role the government plays in providing a legal structure to protect property rights and enforce contracts;
- providing examples of government regulation of the market;
- explaining that governments redistribute wealth; and
- explaining that taxes and fees fund all government-provided goods and services.
The student will demonstrate knowledge of the global economy by
- explaining that when parties trade voluntarily, all benefit;
- distinguishing between absolute and comparative advantage;
- distinguishing between trade deficit and trade surplus;
- explaining exchange rates, and the impact of a strong dollar and weak dollar on economic decisions;
- describing the costs and benefits of trade barriers;
- describing the effects of international trade agreements and the World Trade Organization; and
- explaining growing economic interdependence.