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  Unit 1   Fundamental Economic Concepts Essential Questions: 1. Explain how scarcity as a basic condition that exists when unlimited wants exceed limited productive resources. 2. Explain the four factors of production related to an economic system. 3. List a variety of strategies for allocating scarce resources. *4. hat is the impact of opportunity cost as the next best alternative given up when individuals! businesses! and governments confront scarcity by ma ing choices#$. %llustrate by means of a production possibilities curve the trade offs  between two products. &. Explain that rational decisions occur when the marginal benefits of an action e'ual or exceed the marginal costs. *(. hat is the importance of individuals and businesses speciali)ing in  production#*. hat is to gain as a result of voluntary! non+fraudulent exchange of goods#,. -ompare and -ontrast command! mar et! and mixed economic systems with regard to private ownership! profit motive! consumer sovereignty! competition! and government regulation. *1. /ow does each type of system answers the three economic 'uestions and meets the broad social and economic goals of freedom! security! e'uity! growth! efficiency! and stability#*11. hat are the effects of government involvement in providing public goods and services! redistributes income! protects property rights! and resolves mar et failures# 12. 0ive examples of government regulation and deregulation and their effects on consumers and producers. 13. Explain productivity as the relationship of inputs to outputs. 14. how illustrations of investment in e'uipment and technology and explain their relationship to economic growth. *1$. /ow can investment in education lead to a higher standard of living# Standards:SSEF1 SSEF2 SSEF3 SSEF4 SSEF5  Unit 2: Microeconomic Concepts Essential Questions: 1. Illustrate by means of a circular flow diagram, the Product market; the Resource market; the real flow of goods and services between and amongbusinesses, households, and government; and the flow of money. *2. hat is the role of money and e! lain how it facilitates e!change#$. %sing the &aw of 'u ly and the &aw of (emand, describe the role of buyers and sellers in determining market clearing rice. ). Illustrate on a gra h how su ly and demand determine euilibrium rice and uantity. *+. ow do rices serve as incentives in a market economy#-. Identify and illustrate on a gra h factors that cause changes in market su ly and demand. . /! lain and illustrate on a gra h how rice floors create sur luses and rice ceilings create shortages. 0. /! lain rice elasticity of demand and su ly using modern goods and services. . om are and contrast three forms of business organi3ation4sole ro rietorshi , artnershi , and cor oration. *15. ow is rofit as an incentive for entre reneurs# 11. Identify the basic characteristics of mono oly, oligo oly, mono olistic com etition, and ure com etition. Standards:SSEMI1 SSEMI2 SSEMI3SSEMI4  Unit 3: Macroeconomic Concepts Essential Questions: 1. Explain that overall levels of income! employment! and prices are determined by the spending and production decisions of households! businesses! government! and net exports. 2. Explain how each of the following 0ross omestic roduct 506! economic growth! unemployment! -onsumer rice %ndex 5-%6! inflation! stagflation! and aggregate supply and aggregate demand evaluate economies. 3. Explain how economic growth! inflation! and unemployment are calculated. 4. Explain the differences between structural! cyclical! and frictional unemployment. $. Explain the stages of the business cycle! as well as recession and depression using empirical current data. &. escribe the difference between the national debt and government deficits. hat is the global impact of each#(. escribe the organi)ation of the 7ederal 8eserve ystem. *. hat is the purpose of our federal monetary policy# *,. hat methods does the 7ederal 8eserve use to promote price stability! full employment! and economic growth# *1. hat is the purpose of creating fiscal policies# *11. hat factors the government9s taxing and spending decisions# StandardsSSEMA1 SSEMA2 SSEMA3  Unit 4: International Economics Essential Questions: 1. -ompare and -ontrast absolute advantage and comparative advantage. *2. hy does most trade ta e place because of comparative advantage in the production of a good or service# 3. Explain the difference between balance of trade and  balance of payments. 4. Explain the effects of trade barriers as tariffs! 'uotas! embargoes! standards! and subsidies. *$. hat are specific examples of trade barriers# :lso! List specific examples of trading bloc s such as the E;!  <:7=:! and :E:<. *&. hat are the arguments for and against free trade# *(. hat is the 0lobal economic impact of the exchange rate# hy do some groups benefit and others lose#*. /ow does the exchange rate impact :mericans disposable income# Standards: %nternational Economics E%<1 E%<2 E%<3
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