Economics Standards
These are the 7 standards that we will be learning about over the course of the semester. Each test will be broken down by the standards covered in that unit.
| LT #__ | I can… |
| 1 | Explain how businesses are affected by scarcity when producing, allocating, and using resources. |
| 2 | Analyze how price, investment, productivity, and cost impact businesses. |
| 3 | Compare how supply, demand, price, equilibrium, and elasticity affect the workings of a market. |
| 4 | Describe causes and effects of government intervention in the economy. |
| 5 | Describe the causes and effects of inflation, unemployment, output,and growth. |
| 6 | Explain the role that economic systems play in production, distribution, and consumption of goods and services. |
| 7 | Describe how the economic forces of scarcity and opportunity costs impact individual and household choices. |