Standards - Social Studies

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

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

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 (Alabama)

Tracing the history of labor unions and methods of contract negotiation by labor and management (Alabama)

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

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

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

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

Describe current news stories from various perspectives, including geographical, historical, political, social, and cultur