SSEF1 Explainwhy Limited Productive Resources and Unlimitedwants Result Inscarcity, Opportunity

SSEF1 Explainwhy Limited Productive Resources and Unlimitedwants Result Inscarcity, Opportunity


Economics isthe studyof howindividuals, businesses, andgovernments makedecisions about the allocation ofscarceresources. Theeconomics courseprovides students with a basic foundation in thefield ofeconomics. Thecoursehas fivesections: fundamental concepts, microeconomics, macroeconomics, international economics, and personal finance. Ineacharea, students areintroduced to major conceptsand themes concerningthat aspect of economics. Thesesections and thestandards andelementstherein maybetaught in anyorder orsequence.


SSEF1 Explainwhy limited productive resources and unlimitedwants result inscarcity, opportunity costs, andtradeoffsforindividuals, businesses, andgovernments.

a. Definescarcityasabasiccondition that exists when unlimited wants exceed limited


b. Define andgive examples of productiveresources(i.e. factors ofproduction): natural resources (i.e. land), human resources (i.e. labor and human capital), physical capitaland entrepreneurship.

c. Explain the motivations that influenceentrepreneurs to takerisks (e.g., profit, job creation, innovation, and improvingsociety).

d. Defineopportunitycost as the next best alternativegiven up when individuals, businesses, and governments confront scarcitybymakingchoices.

SSEF2 Give examples ofhowrational decisionmaking entails comparing the marginal benefits andthemarginal costs ofanaction.

a. Definemarginal cost andmarginal benefit.

b. Explain that rational decisions occur when themarginal benefits of anaction equal or exceed the marginalcosts.

c. Explain that people, businesses, andgovernmentsrespond to positive and negative incentives in predictableways.

SSEF3 Explainhowspecializationandvoluntary exchangeinfluencebuyers andsellers. a. Explain how and whyindividuals and businesses specialize, includingdivision of labor. b. Explain that both parties gainas aresultof voluntary, non-fraudulent exchange.

SSEF4 Compareandcontrast different economic systems andexplainhowtheyanswerthe threebasic economic questions ofwhat to produce, howto produce, and forwhomto produce.

a. Comparetraditional, command, market, and mixed economicsystems with regard to

private ownership, profit motive, consumer sovereignty, competition, andgovernment regulation.

b. Analyzehoweach typeof systemanswers thethree economicquestions and meets the broad social andeconomic goals of freedom, security, equity,growth,efficiency, price stability,full employment, and sustainability.

c. Compareand contrast strategies forallocatingscarceresources, such as byprice, majority rule, contests,force, sharing, lottery, authority, first-come-first-served,andpersonal characteristics.

SSEF5 Describetheroles ofgovernment in the United Stateseconomy.

a. Explain whygovernmentprovides publicgoodsand services, redistributes income, protects propertyrights, and resolves market failures.

b. Explain the effects on consumers and producers caused bygovernment regulation and


SSEF6 Explainhowproductivity, economic growth, andfuturestandards ofliving are influenced by investment in factories, machinery, newtechnology, andthe health, education, andtrainingof people.

a. Defineproductivityas therelationship of inputs to outputs.

b. Explain how investmentin equipment and technologycan lead toeconomicgrowth.

c. Explain how investmentsin human capital (e.g.,education, job training,and healthcare)

can lead toahigher standard ofliving.

d. Analyze, bymeans of aproduction possibilities curve: trade-offs, opportunitycost,growth, and efficiency.


SSEMI1 Describehowhouseholds andbusinesses areinterdependent andinteract through flows ofgoods, services, resources, andmoney.

a. Illustratea circularflowdiagram that includes theproduct market, theresource(factor)

market, households, andfirms.

b. Explain the real flow ofgoods, services, resources, and moneybetween and among households and firms.

SSEMI2 Explainhowthelawof demand, thelawofsupply, and prices worktodetermine production anddistribution ina marketeconomy.

a. Definethe law ofsupplyand the law ofdemand.

b. Distinguish between supplyand quantitysupplied, and demand and quantitydemanded. c. Describetheroleof buyers and sellers in determiningmarket clearingprice(i.e.


d. Illustrate onagraph howsupplyand demand determine equilibrium priceand quantity. e. Identifythe determinants (shifters)of supply(e.g.,changes in costs of productive

resources,government regulations, number ofsellers, producer expectations, technology,

and education) and illustrate the effects on asupplyand demandgraph.

f.Identifythe determinants (shifters)of demand (e.g., changes in relatedgoods, income, consumer expectations, preferences/tastes, and numberof consumers) and illustrate the effects on asupplyand demandgraph.

g. Explain and illustrate onagraph how prices set too high (e.g., pricefloors)create surpluses, and prices set too low (e.g., price ceilings)create shortages.

SSEMI3 Explainthe organizationandrole of business andanalyzethe fourtypes of market structures intheU.S. economy.

a. Compare and contrast threeforms of business organization—sole proprietorship,

partnership, andcorporation with regards to numberof owners, liability, lifespan,decision- making, and taxation.

b. Identifythe basiccharacteristics of monopoly, oligopoly, monopolistic competition, and pure(perfect) competition with regards to numberof sellers, barriers to entry, pricecontrol, and product differentiation.


SSEMA1 Illustratethe means by which economic activity ismeasured.

a. Identifyand describethemacroeconomicgoals ofsteadyeconomicgrowth,stableprices, and fullemployment.

b. DefineGross DomesticProduct (GDP)as the sum of Consumer Spending,Investment, Government Spending, and Net Exports (outputexpendituremodel).

c. Defineunemployment rate,Consumer PriceIndex(CPI), inflation, real GDP, aggregate supplyandaggregate demandand explain how each is used to evaluatethe macroeconomicgoals from SSEMA1a.

d. Give examples of who benefits and who loses from unanticipated inflation. e. Identifyseasonal, structural, cyclical, and frictional unemployment.

f. Definethe stages of thebusiness cycle, including: peak, contraction, trough,

recovery/expansion as wellas recession and depression.

SSEMA2 Explainthe role andfunctions ofthe Federal ReserveSystem.

a. Explain the roles/functions of moneyas amedium of exchange, storeof value, and unitof account/standard ofvalue.

b. Describetheorganization ofthe Federal Reserve System (12 Districts,Federal Open

Market Committee(FOMC), and Board ofGovernors). c. Definemonetarypolicy.

d. Definethe tools of monetarypolicyincluding reserverequirement, discount rate, open market operations, and interest on reserves.

e. Describehow theFederal Reserveuses the tools of monetarypolicyto promoteits dual

mandate ofpricestabilityand fullemployment,and how those affect economicgrowth.

SSEMA3 Explain howthegovernment uses fiscal policy to promotepricestability, full employment, andeconomic growth.

a. Definefiscal policy.

b. Explain the effect on theeconomyof thegovernment’s taxingand spendingdecisions in

promotingpricestability,full employment, andeconomicgrowth.

c. Explain how governmentbudget deficits or surpluses impact national debt.


SSEIN1 Explainwhy individuals, businesses, andgovernments tradegoods andservices.

a. Define and distinguish betweenabsolute advantageand comparative advantage.

b. Explain that mosttradetakes placebecauseofcomparative advantagein theproduction of agood or service.

c. Definebalanceof trade, tradesurplus, and tradedeficit.

SSEIN2 Explainwhy countries sometimeserecttradebarriers andsometimes advocate freetrade.

a. Definetradebarriers such as tariffs, quotas,embargoes, standards,and subsidies.

b. Identifycostsand benefits of tradebarriers to consumers and producers over time. c. Describethepurposeof tradingblocs such as theEU, NAFTA, and ASEAN.

d. Evaluatearguments forand againstfreetrade.

SSEIN3 Explainhowchanges inexchange rates can haveanimpact onthe purchasing powerofgroups intheUnited States andinother countries.

a. Define exchangerate as thepriceof onenation’scurrencyin terms of another nation’s


b. Interpretchanges inexchangerates, in regards to appreciation and depreciation of currency.

c. Explain whysomegroups benefit and others losewhen exchangerates change.


SSEPF1 Apply rational decisionmaking to personal spending andsaving choices.

a. Usearational decision makingmodel to evaluatethe costsand benefits ofpost-high school lifechoices (i.e., college,technical school, militaryenlistment, workforceparticipation, or otheroption).

b. Create abudget that includes asavings or financial investment plan fora futuregoal.

SSEPF2 Explainthat banks andotherfinancialinstitutions arebusinesses that channel fundsfromsavers to investors.

a. Compareservices offered bydifferentfinancial institutions, includingbanks, creditunions,

paydaylenders, andtitlepawn lenders.

b. Explain reasons forthe spread between interest charged and interest earned. c. Give examples of thedirect relationship betweenrisk and return.

d. Evaluatethe risk andreturn ofavarietyof savingsand investment options,including: savings accounts, certificates ofdeposit, retirement accounts, stocks, bonds,and mutual funds.

SSEPF3 Explain howchanges intaxation canhaveanimpact on anindividual’s spending

andsaving choices.

a. Defineprogressive, regressive, and proportional taxes.

b. Explain how an increasein sales taxaffects different incomegroups. c. Explain the impact of propertytaxes on individuals and communities.

SSEPF4 Evaluatethe costs and benefits ofusing credit.

a. Describefactors that affect creditworthinessand the abilityto receivefavorable interest rates includingcharacter(creditscore),collateral,and capacityto pay.

b. Compareinterest rates on loans and creditcards from different institutions.

c. Define annual percentagerate andexplain the differencebetween simple and compound interest rates,as wellas fixed and variable interestrates.

SSEPF5 Describehowinsuranceandotherrisk-management strategiesprotect against financialloss.

a. Listand describe varioustypes of insurancesuchas automobile, health, life, disability, and


b. Explain the costsand benefits associated with different types of insurance,including deductibles, premiums, shared liability,and assetprotection.

SSEPF6 Describehowthe earnings ofworkers aredeterminedinthe marketplace.

a. Identifyskills that arerequired to be successful in the workplace, including positivework ethics, punctuality, timemanagement, teamwork,communication skills, and good character.

b. Explorejob and career options and explain the significanceof investment in education, training, and skilldevelopment as it relates to futureearnings.

Map and Globe Skills

GOAL: Thestudent will use maps to retrievesocial studies information.

I: indicates when askillis introduced in thestandards and elements as part ofthe content

D: indicates gradelevels wherethe teacher must develop that skillusingthe appropriate content

M:indicates gradelevel bywhich student should achievemastery, theabilityto usethe skill in allsituations

A: indicates gradelevels wherestudents will continue to applyand improve mastered skills

MapandGlobeSkills / K / 1 / 2 / 3 / 4 / 5 / 6 / 7 / 8 / 9-12
1.usea compass roseto identifycardinal directions / I / M / A / A / A / A / A / A / A / A
2. useintermediatedirections / I / M / A / A / A / A / A / A / A
3. usealetter/numbergrid system to determine
location / I / M / A / A / A / A / A / A
4. compareand contrast the categories of
natural, cultural, and political features found on maps / I / M / A / A / A / A / A / A
5. usegraphic scales to determinedistances on
amap / I / M / A / A / A / A
6. usemap key/legend to acquireinformation
from historical, physical,political, resource, product, and economicmaps / I / D / M / A / A / A / A / A
7. useamap to explain impact ofgeographyon
historical and current events / I / D / D / M / A / A / A / A / A
8. draw conclusions and makegeneralizations
based on information from maps / I / M / A / A / A / A / A
9. uselatitude and longitudeto determine
location / I / D / D / D / M / A / A
10. comparemaps of thesameplaceat different
points in time and from different perspectives to determinechanges, identify trends, andgeneralize about human activities / I / M / A / A / A / A
11. comparemapswith datasets (charts, tables,
graphs) and /orreadings to draw conclusions and makegeneralizations / I / M / A / A / A / A
12. usegeographictechnologyand softwareto
determine changes, identifytrends, and generalize about humanactivities / I

Information ProcessingSkills

GOAL: Thestudent will be able to locate,analyze, and synthesizeinformation related to social

studies topics and applythis information to solveproblems/makedecisions.

I: indicates when askillis introduced in thestandards and elements as part ofthe content

D: indicates gradelevels wherethe teacher must develop that skillusingthe appropriate content

M:indicates gradelevel bywhich student should achievemastery, theabilityto usethe skill in allsituations

A: indicates gradelevels wherestudents will continue to applyand improve mastered skills

Information Processing Skills / K / 1 / 2 / 3 / 4 / 5 / 6 / 7 / 8 / 9-12
1. comparesimilarities anddifferences / I / D / M / A / A / A / A / A / A / A
2. organizeitems chronologically / I / D / D / M / A / A / A / A / A / A
3. identifyissues and/or problems and
alternativesolutions / I / D / D / D / D / M / A / A / A / A
4. distinguish between factand opinion / I / D / M / A / A / A / A / A / A
5. identifymain idea, detail, sequenceof
events, and cause andeffect in asocial studies context / I / D / D / M / A / A / A / A / A
6. identifyand useprimaryand secondary
sources / I / D / D / M / A / A / A / A / A
7. interpret timelines, charts, and tables / I / D / D / M / A / A / A / A / A
8. identifysocial studies referenceresources to
useforaspecificpurpose / I / M / A / A / A / A / A / A
9. construct charts and tables / I / M / A / A / A / A / A / A
10. analyzeartifacts / I / D / D / M / A / A / A / A
11 draw conclusions and makegeneralizations / I / M / A / A / A / A / A
12. analyzegraphs and diagrams / I / D / M / A / A / A / A
13. translatedates into centuries, eras, or ages / I / D / M / A / A / A / A
14. formulate appropriate research questions / I / M / A / A / A / A
15. determine adequacyand/or relevancyof
information / I / M / A / A / A / A
16. check for consistencyofinformation / I / M / A / A / A / A
17. interpret political cartoons / I / D / D / D / M / A

Clarification forLiteracy Standards inHighSchool:

Grades 9-10 social studies courses incorporate thegrades 9-10 Reading/WritingStandards for

Literacyin History/Social Studies.

Grades 11-12 social studies courses incorporatethe grades 11-12 Reading/WritingStandards for

Literacyin History/Social Studies.

KeyIdeasand Details
L9-10RHSS1:Cite specific textualevidence to supportanalysis ofprimaryand secondarysources, attending to such
features as the date and origin of the information.
L9-10RHSS2:Determine the central ideasor information of a primaryor secondarysource;provide an accurate
summaryof howkeyeventsor ideasdevelop over the course of the text.
L9-10RHSS3:Analyze in detaila series of events described in a text;determine whetherearlierevents caused later
ones or simplypreceded them.
L9-10RHSS4:Determine the meaning of words andphrases as theyare used in a text, including vocabularydescribing
political, social, or economic aspects ofhistory/socialscience.
L9-10RHSS5:Analyze howa textuses structure to emphasizekeypoints or advance an explanationor analysis
L9-10RHSS6:Compare the pointof viewof two or moreauthors for how theytreat the same orsimilar topics,
including which details theyinclude and emphasize in their respective accounts.
Integration of Knowledgeand Ideas
L9-10RHSS7: Integrate quantitative or technicalanalysis(e.g., charts, research data)with qualitative analysis in print
or digital text.
L9-10RHSS8:Assess the extent to which the reasoningand evidence in a textsupportthe author’s claims.
L9-10RHSS9:Compare andcontrast treatments of the same topic in severalprimaryand secondarysources.
Range ofReading and LevelofTextComplexity
L9-10RHSS10:Bythe end ofgrade 10, read and comprehend history/socialstudies texts in the grades 9–10 text
complexityband independentlyand proficiently.

*This documentcontinueson thenextpage with writingstandards

L9-10WHST1:Writeargumentsfocusedon discipline-specificcontent.
a. Introducepreciseclaim(s),distinguishtheclaim(s)fromalternateoropposingclaims,andcreateanorganizationthat
b. Developclaim(s)andcounterclaimsfairly,supplyingdataandevidenceforeach whilepointingoutthestrengthsand
limitationsofbothclaim(s)andcounterclaimsina discipline-appropriateformandinamannerthatanticipatesthe
c. Usewords,phrases,andclausestolinkthemajorsectionsofthetext,createcohesion,andclarifytherelationships
d. Establishandmaintainaformalstyleandobjectivetone whileattendingtothenormsandconventionsofthedisciplinein
e. Providea concludingstatementor sectionthatfollowsfromor supportstheargumentpresented.
L9-10WHST2:Writeinformative/explanatorytexts,includingthe narrationofhistoricalevents,scientificprocedures/
a. Introducea topicandorganizeideas,concepts,andinformationtomakeimportantconnectionsanddistinctions;include
b. Developthetopicwithwell-chosen,relevant,andsufficientfacts,extendeddefinitions,concretedetails,quotations,or
c. Usevariedtransitionsandsentencestructurestolinkthemajorsectionsofthetext,createcohesion,andclarifythe
d. Usepreciselanguageanddomain-specificvocabularytomanagethecomplexityofthetopicandconveya style
appropriatetothedisciplineandcontextas wellastotheexpertiseoflikelyreaders.
e. Establishandmaintainaformalstyleandobjectivetone whileattendingtothenormsandconventionsofthedisciplinein
f. Providea concludingstatementor sectionthatfollowsfromandsupportstheinformationorexplanationpresented(e.g.,
articulatingimplicationsorthe significanceofthetopic).
L9-10WHST3:(Seenote;notapplicableasa separaterequirement)
L9-10WHST5:Developandstrengthenwritingasneededbyplanning,revising,editing,rewriting,ortryinga newapproach,
focusingonaddressingwhatismostsignificantfora specificpurposeandaudience.
L9-10WHST6:Usetechnology,includingtheInternet,toproduce,publish,andupdateindividualor sharedwritingproducts,
L9-10WHST7:Conductshortas wellas moresustainedresearchprojectstoanswera question(includinga self-generated
question)or solvea problem;narroworbroadentheinquirywhenappropriate;synthesizemultiplesourcesonthesubject, demonstratingunderstandingofthesubjectunderinvestigation.
effectively;assesstheusefulnessofeachsourceinansweringtheresearchquestion;integrateinformationintothetext selectivelytomaintaintheflowofideas,avoidingplagiarismandfollowinga standardformatforcitation.
L9-10WHST9:Drawevidencefrominformationaltextsto supportanalysis, reflection,andresearch.
singlesittingora dayortwo)fora rangeofdiscipline-specifictasks,purposes,andaudiences.
Key IdeasandDetails
L11-12RHSS1: Citespecifictextualevidenceto supportanalysisofprimaryandsecondarysources,connectinginsights
L11-12RHSS2: Determinethecentralideasorinformationofa primaryor secondarysource;provideanaccuratesummary
that makescleartherelationshipsamongthe keydetailsandideas.
L11-12RHSS3: Evaluatevariousexplanationsforactionsoreventsanddeterminewhichexplanationbestaccordswith
L11-12RHSS4:Determinethemeaningofwordsandphrasesastheyareusedina text,includinganalyzinghowanauthor
usesandrefinesthemeaningofa keytermoverthecourseofa text(e.g.,howMadisondefinesfactioninFederalistNo.10).
L11-12RHSS5:Analyzeindetailhowa complexprimarysourceisstructured,includinghowkeysentences,paragraphs,and
L11-12RHSS6:Evaluateauthors’differingpointsofviewonthesame historicaleventorissuebyassessingtheauthors’
quantitatively,as wellasinwords)inordertoaddressa questionor solvea problem.
L11-12RHSS9:Integrateinformationfromdiversesources,bothprimaryandsecondary,intoa coherentunderstandingofan
RangeofReadingandLevelof TextComplexity

*This documentcontinueson thenextpage with writingstandards

L11-12WHST1:Writeargumentsfocusedon discipline-specificcontent.
a. Introduceprecise,knowledgeableclaim(s),establishthe significanceoftheclaim(s),distinguishtheclaim(s)from
alternateoropposingclaims,andcreateanorganizationthat logicallysequencestheclaim(s),counterclaims,reasons,and evidence.
b. Developclaim(s)andcounterclaimsfairlyandthoroughly,supplyingthemostrelevantdataandevidenceforeach while
pointingoutthe strengthsandlimitationsofbothclaim(s)andcounterclaimsina discipline-appropriateformthat anticipatestheaudience’sknowledgelevel,concerns,values,andpossiblebiases.
c. Usewords,phrases,andclausesas wellas variedsyntaxtolinkthemajorsectionsofthetext,createcohesion,andclarify
d. Establishandmaintainaformalstyleandobjectivetone whileattendingtothenormsandconventionsofthedisciplinein
e. Providea concludingstatementor sectionthatfollowsfromor supportstheargumentpresented.
L11-12WHST2:Writeinformative/explanatorytexts,includingthenarrationof historicalevents,scientificprocedures/
a. Introducea topicandorganize complexideas,concepts,andinformationsothateachnewelementbuildsonthat which
precedesitto createa unified whole;includeformatting(e.g.,headings),graphics(e.g.,figures,tables),andmultimedia whenusefultoaidingcomprehension.
b. Developthetopicthoroughlybyselectingthemostsignificantandrelevantfacts,extendeddefinitions,concretedetails,
c. Usevariedtransitionsandsentencestructurestolinkthemajorsectionsofthetext,createcohesion,andclarifythe
d. Usepreciselanguage,domain-specificvocabularyandtechniquessuchas metaphor,simile,andanalogytomanagethe
complexityofthetopic;conveya knowledgeablestanceina stylethatrespondstothedisciplineandcontextas wellasto theexpertiseoflikelyreaders.
e. Providea concludingstatementor sectionthatfollowsfromandsupportstheinformationorexplanationprovided(e.g.,
articulatingimplicationsorthe significanceofthetopic).
L11-12WHST3:(Seenote;notapplicableasa separaterequirement)
L11-12WHST4:Produceclearandcoherent writinginwhichthedevelopment,organization,andstyleareappropriateto
approach,focusingonaddressingwhatismostsignificantfora specificpurposeandaudience.
L11-12WHST6:Usetechnology,includingtheInternet,toproduce,publish,andupdateindividualor sharedwritingproducts
L11-12WHST7:Conductshortas wellas moresustainedresearchprojectstoanswera question(includingaself-generated
question)or solvea problem;narroworbroadentheinquirywhenappropriate;synthesizemultiplesourcesonthesubject, demonstratingunderstandingofthesubjectunderinvestigation.
effectively;assessthe strengthsandlimitationsofeachsourceintermsofthe specifictask,purpose,andaudience;integrate informationintothetext selectivelytomaintaintheflowofideas,avoidingplagiarismandoverrelianceonanyone sourceand followinga standardformat forcitation.
singlesittingora dayortwo)forarangeofdiscipline-specifictasks,purposes,andaudiences.