higher economics assignment understanding standards

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Understanding Standards:

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High School Economics Topics

Introduction

The Council for Economic Education (CEE) has compiled a list of the 51 key economics concepts common to all U.S. State requirements for high school classes in economics.

The resources arranged here supplement these recommended CEE topics. These free resources are appropriate for teachers of high school and AP economics, social studies, and history classes. They are also appropriate for interested students, home schoolers, and newcomers to the topic of economics.

Materials have been selected for authoritativeness, quality of writing, liveliness, and ease of understanding. Most of the suggested readings and podcasts were prepared by internationally respected professors of economics. Many are selected from the Concise Encyclopedia of Economics (CEE) , a widely used economics reference first published in 1993. Links to podcasts, original source materials, and other web pages are also included.

List of Topics

Fundamental Economics | Macroeconomics | Microeconomics | International Economics | Personal Finance Economics

Fundamental Economics

Decision Making and Cost-Benefit Analysis Division of Labor and Specialization Economic Institutions Economic Systems Incentives Money Opportunity Cost Productive Resources Productivity Property Rights Scarcity Technology Trade, Exchange and Interdependence

Macroeconomics

Aggregate Demand Aggregate Supply Budget Deficits and Public Debt Business Cycles Economic Growth Employment and Unemployment Fiscal Policy GDP Inflation Monetary Policy and the Federal Reserve Real vs. Nominal

Microeconomics

Competition and Market Structures Consumers Demand Elasticity of Demand Entrepreneurs Government Failures/Public-Choice Analysis Income Distribution Market Failures Markets and Prices Price Ceilings and Floors Producers Profit Roles of Government Supply

International Economics

Balance of Trade and Balance of Payments Barriers to Trade Benefits of Trade/Comparative Advantage Economic Development Foreign Currency Markets/Exchange Rates

Personal Finance Economics

Compound Interest Credit Financial Markets Human Capital Insurance Money Management/Budgeting Risk and Return Saving and Investing

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Economics textbooks: teaching to despise.

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• Standards 1-5
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• Voluntary National Content Standards in Economics

Introduction

October 29, 1996.

The inclusion of economics as a core subject in the Goals 2000 Educate America Act recognizes the value of economic understanding in helping people comprehend the modern world, make decisions that shape the future, and strengthen major institutions. The principles of economics bear directly on the ordinary business of life, affecting people in their roles as consumers and producers. Economics also plays an important role in local, state, national, and international public policy. Economic issues frequently influence voters in national, state, and local elections. A better understanding of economics enables people to understand the forces that affect them every day, and helps them identify and evaluate the consequences of private decisions and public policies. Many institutions of a democratic market economy function more effectively when its citizens are articulate and well informed about economics.

Learning how to reason about economic issues is important also because the analytic approach of economics differs in key respects from approaches appropriate for other related subjects such as history and civics. Yet valid economic analysis helps us to master such subjects as well, providing effective ways to examine many of the “why” questions in history, politics, business, and international relations.

Skills, as well as content, play an important part in economic reasoning. The key skills students must develop in economics include an ability to (a) identify economic problems, alternatives, benefits, and costs; (b) analyze the incentives at work in an economic situation; (c) examine the consequences of changes in economic conditions and public policies; (d) collect and organize economic evidence; and (e) compare benefits with costs.

Students should have gained several kinds of economic knowledge by the time they have finished the twelfth grade. First, they should understand basic economic concepts and be able to reason logically about key economic issues that affect their lives as workers, consumers, and citizens, so they can avoid errors that are common among persons who do not understand economics. Second, they should know some pertinent facts about the American economy, including its size and the current rates of unemployment, inflation, and interest. Third, they should understand that there are differing views on some economic issues. This is especially true for topics such as the appropriate size of government in a market economy, how and when the federal government should try to fight unemployment and inflation, and how and when the federal government should try to promote economic growth. Nevertheless, on many issues and in their basic methods of analysis, there is widespread agreement among economists.

The essential principles of economics are identified in the 20 content standards that follow. Each standard is followed by a rationale for its inclusion. Then benchmarks for the teaching of each of the content standards are provided, indicating recommended levels of attainment for students in grades 4, 8, and 12. Finally, samples of what students can do to enhance or demonstrate their understanding of the benchmarks are provided.

Content Standard 1

Students face many choices every day. Is watching TV the best use of their time? Is working at a fast-food restaurant better than the best alternative job or some other use of their time? Identifying and systematically comparing alternatives enables people to make informed decisions and to avoid unforeseen consequences of choices they or others make.

Some students believe that they can have all the goods and services they want from their families or from the government because goods provided by families or governments are free. But this view is mistaken. Resources have alternative uses, even if parents or governments own them. For example, if a city uses land to build a football stadium, the best alternative use of that land must be given up. If additional funds are budgeted for police patrols, less money is available to hire more teachers. Explicitly comparing the value of alternative opportunities that are sacrificed in any choice enables citizens and their political representatives to weigh the alternatives in order to make better economic decisions. This analysis also makes people aware of the consequences of their actions for themselves and others, and leads to a heightened sense of responsibility and accountability.

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Content Standard 2

To make decisions that provide the greatest possible return from the resources available, people and organizations must weigh the benefits and costs of using their resources to do a little more of some things and a little less of others. For example, to use their time effectively, students must weigh the additional benefits and costs of spending another hour studying economics rather than listening to music or talking with friends. School officials must decide whether to use some school funds to buy more books for the library, more helmets for the football team, or more equipment for teachers to use in their classrooms. Company managers and directors must choose which products to make and whether to increase or decrease the amount they produce. The President, Congress, and other government officials must decide which public spending programs to increase and which ones to decrease.

Focusing on changes in benefits and comparing them to changes in costs is a way of thinking that distinguishes economics from most social sciences. In applying this approach, students should realize that it is impossible to alter how resources were used in the past. Instead, past decisions only establish the starting points for current decisions about whether to increase, decrease, or leave unchanged resource levels devoted to different activities.

Content Standard 3

Individuals and organizations routinely use different decision-making systems to determine what should be produced, how it should be produced, and who will consume it. Most high school students already understand the major advantages and disadvantages of selling concert tickets using a first-come-first-served system, rather than a lottery, to select from among those who applied for tickets. Unfortunately, many students have experienced the use of force to allocate resources on the school playground. Students also know that families typically use authoritarian systems to decide how resources are used–that is, Mom and/or Dad decide.

The American economy uses a market system to make many allocation decisions, and it is important for students to understand why the market system is used so extensively. Students also should be able to compare the characteristics of a market system with alternatives used more extensively in some other countries. With this understanding, students can assess the benefits and costs of alternative allocation systems when discussing difficult questions such as how incomes should be divided among people or who should receive a kidney transplant and who should not.

Content Standard 4

Economic incentives are the additional rewards or penalties people receive from engaging in more or less of a particular activity. Understanding rewards and penalties helps people to make the choices they need to make in order to achieve their goals. Prices, wages, profits, subsidies, and taxes are common economic incentives. Subsidizing an activity usually leads to more of it being provided; taxing or penalizing an activity usually leads to less of it being provided.

People frequently have good reasons to influence the behavior of others. For example, businesses try to encourage people to buy more of their products, workers try to persuade employers to hire them and to pay them higher wages, and governments try to induce the production and consumption of some products and discourage the production and consumption of others. To understand or predict the behavior of people or organizations, students must understand the economic incentives these people or organizations face.

Content Standard 5

As a result of their competitive experiences in sports and games, students usually have learned to expect that, in most contests, when one person or team wins, another person or team must lose. Voluntary exchanges, on the other hand, are cooperative activities in which both sides expect to gain, and both usually do. Because all the parties to a voluntary exchange expect to gain from trade, institutions that make trading easier usually improve social welfare.

Understanding the win-win nature of voluntary exchange helps students learn that people and organizations trade with one another only when each party offers something that the other party values more than whatever he or she has to trade. For example, an employer will hire a student at a wage rate of $6 per hour only if the employer expects to receive labor services from the student that are worth at least that much. And the student will voluntarily work for $6 per hour only if the student values the $6 more than the best alternative use of his or her time. The principle that voluntary trade can improve each participant’s situation applies to all voluntary exchanges, including trade between people or organizations in different parts of the same country or among people or organizations in different countries.

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Higher Business Management - assignment

Assignment 2022 (all links open as pdf files).

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Assignment 2019 (All links open as PDF files)

Candidate A - the marketing mix of Marks & Spencer Group PLC Candidate B - to assess the corporate social responsibility of Costa Coffee Candidate C - to evaluate the effectiveness of Sephora’s marketing mix Candidate D - impact of external factors in Ted Baker PLC using PESTEC analysis

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