Colorado Model Content Standards ECONOMICS explaining how economic choices made by individuals, households, businesses, governments, and societies impose opportunity costs on societies as a whole; and STANDARD 1: Students understand that because of the condition of scarcity, decisions must be made about the use of scarce resources. RATIONALE Because human,* natural,* and capital resources* are scarce, individuals, households, businesses, governments, and societies must make economic choices about their alternative uses. Economic choices are influenced by economic incentives to use resources efficiently. All economic choices have opportunity costs* with consequences. Technology, the division of labor,* specialization,* and investment* in human and physical capital affects productivity*, economic growth*, levels of employment, equity,* efficiency,* and stability.* 1.1 Students know that economic choices are made because resources are scarce and that the act of making economic choices imposes opportunity costs. As students in grades 9-12 extend their knowledge, what they know and are able to do includes: SE: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21 TE: xvi, 3, 4, 8, 9, 10, 12, 13, 14, 17, 19, 20, 21 Planner; Unit 1 folder; Math Practice Folder Edition web code: mnc-1011, mnc-1013 ; code: mng-1011, mnd-1011, mnd-1012, mnd- 1013mna-1011 analyzing the relationship between economic goals and the allocation of scarce resources. SE: 3, 4, 5, 6, 8, 9, 10, 11, 13, 14, 15, 16, 17, 18, 19, 20, 21 TE: 3, 4, 8, 9, 10, 13, 14, 17, 19, 20, 21 Planner; Unit 1 folder; Math Practice Folder 1
Edition web code: mnc-1011, mnc-1013 ; code: mng-1011, mnd-1011, mnd-1012, mnd- 1013mna-1011 1.2 Students understand that economic incentives influence the use of scarce human, capital, and natural resources. As students in grades 9-12 extend their knowledge, what they know and are able to do includes analyzing how economic incentives influence the economic choices made by individuals, households, businesses, governments, and societies to use scarce human, capital, and natural resources more efficiently to meet their economic goals. SE: 13, 14, 15, 16, 17, 18, 19, 20, 21, 25, 26. 27, 30, 31, 32, 33, 46, 47, 53, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 125, 126, 127, 128, 129, 130. 131, 133, 135, 136, 137, 139, 140, 141, 142, 143, 144, 146, 147, 441, 442, 443, 444, 445, 446 TE: 14, 17, 19, 20, 21, 25, 31, 62, 63, 67, 69, 71, 125, 126, 128, 130, 133, 136, 139, 140, 441, 442, 443, 446 Planner; Unit 1 folder, Unit 2 folder, Unit 7 folder; Math Practice Folder Edition web code: mnc-1013, mnc-1031, mnc- 1034, mnc-2062; Economics Video Library; Simulations and Data Graphing CD-ROM, Teacher Express; Presentation Pro; Social Studies Skills Tutor CD-ROM; ExamView CD- ROM; Transparency Resource Package; Section Reading Transparency System; phschool.com web code: mnd-1021, mnd- 1022, mnd-1033, mnd-1034, mna-1031, mnd- 2061, mnd-2062, mnd-2063, mnd-7171 2
explaining how changes in the investment of resources and specialization by individual, households, businesses, governments, and societies affect productivity (for example, a firm's investment in training enables its individual workers to produce more.) 1.3 Students understand that resources can be used in many ways and understand the costs of, alternative uses. As students in grades 9-12 extend their knowledge, what they know and are able to do includes SE: 54, 55, 58, 59, 60, 62, 63, 64, 64, 66, 67, 68, 69, 70, 72, 73, 108, 109, 110, 111, 112, 113, 114, 116, 117, 118, 119, 120, 121, 122, 123, 472, 473, 474, 478, 479, 480, 481, 485, 486, 487, 488, 495, 496, 497 TE: 58, 59, 62, 63, 67, 69, 108, 109, 112, 116, 117, 121, 472, 473, 474, 478, 479, 481, 482, 483, 485, 486, 495 Planner; Unit 1 folder Unit 7 folder; Math Practice Folder Edition web code: mnc-1031, mnc-1034, mnc- 7182; Economics Video Library; Simulations and code: mnd-1033, mnd-1034, mna-1031, mnd- 2052, mnd-2053, mna-2051, mnd- 7181, mnd- 7182, mnd-7183, mna-7183 analyzing the costs of alternative uses of resources with respect to present and future productivity; and SE: 118, 119, 120, 142, 143, 144, 180, 181 TE: 118, 119, 143, 181 Planner; Unit 1 folder, Unit 2 folder; Math Practice Folder Edition web code:; Economics Video Library; Simulations and Data Graphing CD-ROM, Teacher Express; Presentation Pro; Social Studies Skills Tutor CD-ROM; ExamView CD- ROM; Transparency Resource Package; Section Reading Transparency System; phschool.com web code: mnp-2071, mnd- 2063 3
analyzing how the use of technology and the investment in human and physical capital can affect long-range productivity; identifying personal investment strategies for different economic goals, such as retirement, a child s education, or saving for a new house (students should be familiar with the riskreward level of various types of investments, how risk is matched with the time horizon of the need for the funds invested, and how mutual funds work). SE: 4, 5, 6, 13, 14, 15, 16, 17, 18, 19 20, 21, 58, 59, 60, 68, 69, 70, 71, 72, 73, 108, 109, 110., 111, 116, 117, 118, 119, 120, 121, 213, 214, 215, 219, 220, 221, 222, 223, 224, 225, 226, 227, 236, 237, 320, 321, 322, 323, 324, 325, 326, 327, 328, 329, 472, 473, 474, 475, 476, 477, 478, 479, 480, 481, 482, 483, 485, 486, 487, 488, 495, 496, 497 TE: 4, 5, 13, 14, 17, 19, 58, 59, 68, 69, 108, 109, 110, 116, 117, 118, 119, 121, 215, 219, 220, 223, 224, 225, 227, 322, 325, 329, 472, 473, 474, 477, 478, 479, 481, 485, 486, 495 Planner; Unit 1 folder, Unit 2 folder, Unit 3 folder, Unit 5 folder, Unit 7 folder; Math Practice Folder Edition web code: mnc-1011, mnc-1013, mnc- 1034, mnc-2051, mnc-3092, mnc-7182; code: mnd-1011, mnd-1013, mna-1011, mnd- 1032, mnd-1034, mna-1031, mnd-2052, mnd- 2053, mna-2051, mnd-3091, mnd-3092, mna- 2091, mnd-5123, mna-5121, mnd-7181, mnd- 7182, mnd-7183 SE: 270, 271, 272, 273, 274, 275, 277, 278, 279, 280, 281, 282, 283, 285, 286, 287, 288, 289, 290, 291, 292, 293, 294, 295, 296, 297; Personal Finance Handbook (appendix): 502, 503, 504, 505, 506, 507, 508, 509, 510, 511, 512, 513, 514, 515, 516, 517, 518, 519, 520, 521, 522, 523, 524, 525, 526, 527, 528, 529, 530, 531 TE: 271, 272, 274, 276, 277, 278, 280, 281, 285, 286, 288, 289, 293, 297 Planner; Unit 4 folder; Math Practice Folder 4
comparing and contrasting economic systems in terms of their ability to achieve economic goals; and Edition web code: mnc-4111, mnd-4113; code: mnd-4111, mnd-4112, mnd-4113, mna- 4111 STANDARD 2: Students understand how different economic systems impact decisions about the use of resources and the production and distribution of goods and services. RATIONALE Economic systems develop to enable societies to determine what goods and services will be produced, how they will be produced, and for whom they will be produced. An economic system can be described as the collection of institutions, laws, activities, and economic incentives that govern economic decision making. Types of economic systems include traditional,* market,* command,* and mixed.* Understanding the nature of different economic systems is essential to understanding the function of economies as a whole and the United States system in particular. 2.1 Students understand that different economic systems employ different means to produce, distribute, and exchange goods and services. As students in grades 9-12 extend their knowledge, what they know and are able to do includes SE: 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 46, 47, 48, 49, 51, 52, 53, 54, 55, 139., 140, 141, 142, 143, 144, 145, 489, 490, 491, 492, 493, 494, 496, 497 TE: 26, 28, 29, 33, 34, 35, 36, 37, 39, 40, 41, 49, 51, 139, 140, 145, 489, 490 Planner; Unit 1 folder, Unit 2 folder, Unit 7 folder; Math Practice Folder Edition web code: mnc-1023, mnc-1031, mnc- 7184; Economics Video Library; Simulations and code: mnd-1021, mnd-1022, mnd-1023, mnd- 1024mna-1021, mnd-1031, mnd-2063, mnd- 7184, mna-7181 5
explaining the benefits of the United States economic system. SE: 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73 TE: 51, 52, 57. 59, 61, 62, 63, 64, 67, 69, 71 Planner; Unit 1 folder; Math Practice Folder Edition web code: mnc-1031, mnc-1034; code: mnd-1031, mnd-1032, mnd-1033, mnd- 1034, mna-1031 2.2 Students understand the fundamental characteristics of the United States economic system*. As students in grades 9-12 extend their knowledge, what they know and are able to do includes explaining how businesses, including sole proprietorships,* partnerships, * corporations,* and franchises,* are organized and financed in the U.S. economy; SE: 185, 186, 187, 188, 189, 190, 191, 192, 193, 195, 196, 197, 198, 199, 200, 201, 202, 203, 204, 205, 206, 207 TE: 185, 186, 190, 191, 192, 195, 196, 201, 202, 203, 205 Planner; Unit 3 folder; Math Practice Folder Edition web code: mnc-3081, mnc-3082; code: mnd-3081, mnd-3082, mnd-3083, mnd- 3084mna-3081 6
describing how changes in income,* tastes, and preferences, and the prices of substitutes* and complements* can cause changes in demand; SE: 79, 80. 81, 82, 83, 85, 86, 87, 88, 90, 91, 92, 93, 94, 95, 96, 97, 98, 99, 101, 102, 103, 104, 105, 106, 125, 126, 127, 128, 129, 130, 131, 133, 134, 135, 136, 137, 139, 140, 141, 142, 143, 144, 146, 147, 148, 149 TE: 79, 80, 81, 85, 86, 87, 90, 91, 93, 97, 101, 102, 125, 126, 128, 130, 133, 134, 139, 140, 143 Planner; Unit 2 folder; Math Practice Folder Edition web code: mnc-2042, mnc-2051, mnc- 2062; Economics Video Library; Simulations and code: mnd-2041, mnd-2042, mnd-2043, mna- 2041, mnd-2051, mnd-2061, mnd-2062, mnd- 2063, mna-2061 describing how changes in the number of producers, production costs, or the prices of substitute and complementary products cause changes in supply; and SE: 100, 101, 102, 103, 104, 105, 106, 108, 109, 110, 111, 112, 113, 114, 116, 117, 118, 119, 120, 121, 122, 123, 125, 126, 127, 128, 129, 130, 131, 133, 134, 135, 136, 137, 139, 140, 141, 142, 143, 144, 146, 147, 148, 149 TE: 101, 102, 125, 126, 128, 130, 133, 134, 139, 140, 143 Planner; Unit 1 folder; Math Practice Folder Edition web code: mnc-2051, mnc-2062; code: mnd-2051, mnd-2052, mnd-2053, mna- 2051, mnd-2061, mnd-2062, mnd-2063, mna- 2061 7
comparing and contrasting the characteristics of different market structures, including pure competition,* oligopoly,* monopoly,* and monopolistic competition.* SE: 150, 151, 152, 153, 154, 156, 157, 158, 159, 160, 161, 162, 163, 164, 165, 166, 167, 168, 169, 170, 171, 172, 173, 174, 175, 176, 177, 178, 179, 180, 181 TE: 151, 152, 156, 157, 158, 159, 160, 163, 165, 166, 167, 170, 172, 173, 175, 177, 181 interpreting measurements of inflation rates* and unemployment* rates and relating these to the general economic "health" of the national economy; Planner; Unit 2 folder; Math Practice Folder Edition web code: mnc-2073, mnc-2074; code: mnd-2071, mnd-2072, mnd-2073, mnd- 2074, mna-2071, mnp-2071 2.3 Students understand that government actions and policies, including taxes*, spending, and regulations influence the operation of economies. As students in grades 9-12 extend their knowledge, what they know and are able to do includes SE: 330, 331, 332, 333, 334, 335, 336, 338, 339, 340, 341, 342, 343, 346, 347, 350, 351, 352, 353 TE: 331, 332, 335, 338, 339, 341, 346, 351 Planner; Unit 5 folder; Math Practice Folder Edition web code: mnc-5131, mnc-5132; code: mnd-5131, mnd-5132, mnd-5133, mna- 5131 8
explaining the impact of government taxing and spending decisions on specific individuals, households, businesses, governments, and societies (for example, social security and Small Business Administration, national debt); SE: 345, 346, 347, 348, 349, 350, 356, 357, 358, 359, 360, 361, 362, 363, 365, 366, 367, 368, 369, 370, 371, 372, 373, 374, 375, 376, 377, 378, 379, 380, 381, 382, 383, 384, 385 TE: 345, 346, 348, 359, 360, 365, 366, 370, 371, 372, 375, 376, 379, 381, 385 Planner; Unit 5 folder, Unit 6 folder; Math Practice Folder Edition web code: mnc-5133; mnc-6141, mnc- 6143; Economics Video Library; Simulations and code: mnd-5133, mnd-6141, mnd-6142, mnd- 6143, mnd-6144, mna-6141 comparing and contrasting different types of taxes, including progressive,* regressive,* and proportional* taxes; SE: 356, 357, 358, 359, 360, 361, 362, 363, 365, 366, 367, 368, 369, 370, 371, 372, 373, 374, 375, 376, 377, 378, 379, 380, 381, 382, 383, 384, 385 TE: 359, 360, 365, 366, 370, 371, 372, 375, 376, 379, 381, 385 Planner; Unit 6 folder; Math Practice Folder Edition web code: mnc-6141, mnc-6143; code: mnd-6141, mnd-6142, mnd-6143, mnd- 6144, mna-6141 9
describing the economic roles of government, such as establishing fiscal policy*, providing public goods and services, maintaining competition, generating and using revenues, promoting employment, stabilizing prices, and sustaining reasonable rates of economic growth (for example, Medicaid, and public education) ; and SE: 54, 55, 56, 57, 58, 59, 60, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 107, 117, 118, 145, 158, 159, 160, 161, 165, 171, 172, 173, 174, 175, 176, 177, 178, 179, 180, 181, 318, 319, 320, 321, 322, 323, 324, 326, 327, 345, 346, 347, 348, 349, 350, 351, 352, 353, 354. 355, 358, 359, 360, 361, 362, 363, 365, 366, 367, 368, 369, 370, 371, 372, 373, 374, 374, 375, 376, 377, 378, 379, 380, 381, 382, 383, 386, 387, 388, 389, 390, 391, 392, 393, 395, 396, 397, 398, 399, 400. 401, 402, 403, 404, 405, 406, 407, 408, 409, 410, 411, 412, 413, 420, 421, 422, 423, 424, 425, 426, 427, 428, 429, 430, 431, 432, 433, 434, 435, 436, 437, 489, 490, 491, 492, 493, 494, 498, 499 TE: 56, 57, 58, 59, 62, 63, 64, 67, 68, 69, 71, 75, 107, 117, 145, 158, 159, 160, 161, 165, 172, 173, 174, 175, 177, 181, 318, 319, 345, 346, 348, 351, 355, 359, 360, 365, 366, 370, 371, 372, 375, 376, 379, 381, 387, 388, 391, 395, 397, 399, 402, 403, 404, 405, 406, 409, 413, 420, 421, 424, 425, 426, 427, 430, 431, 432, 435, 489, 490, 491, 493, 499 Planner; Unit 1 folder, Unit 2 folder, Unit 5 folder, Unit 6 folder, Unit 7 folder; Math Practice Folder Edition web code: mnc-1034, mnc-2074, mnc- 5123, mnc-5133, mnc-6141, mnc-6143, mnc- 6152, mnc-6153, mnc-6164, mnc-7184; code: mnd-1032, mnd-1033, mnd-1034, mna- 1031, mnp-1031, mnd-2074, mna-2071, mnp- 2071, mnd-5123, mna-5121, mnd-5133mna- 5131, mnp-5131, mnd-6141, mnd-6142, mnd- 6143, mnd-6144, mna-6141, mnd-6151, mnd- 6152, mnd-6153, mna-6151, mnd-6162, mnd- 6163, mnd-6164, mna-6161,mnd-7184 10
describing the effects of specific government regulations on different groups, including consumers, employees, and businesses (for example, unfunded mandates); and SE: 54, 55, 156, 157, 158, 159, 160, 165, 171, 172, 173, 174, 175, 176, 177 TE: 156, 157, 158, 159, 165, 172, 173, 174, 175, 177 Planner; Unit 2 folder; Math Practice Folder Edition web code: mnc-2074; Economics Video Library; Simulations and Data Graphing CD-ROM, Teacher Express; Presentation Pro; Social Studies Skills Tutor CD-ROM; ExamView CD-ROM; Transparency Resource Package; Section Reading Transparency System; phschool.com web code: mnd-2072, mnd-2073, mnd-2074 contrasting the concept of customer and consumer. SE: 32, 51, 52, 53, 54, 87, 88 TE: 51, 52 Planner; Unit 1 folder; Math Practice Folder Edition web code: mnc-1031; Economics Video Library; Simulations and Data Graphing CD-ROM, Teacher Express; Presentation Pro; Social Studies Skills Tutor CD-ROM; ExamView CD-ROM; Transparency Resource Package; Section Reading Transparency System; phschool.com web code: mnd-1031 11
giving examples of international differences in resources, productivity, and prices that provide a basis for international trade; STANDARD 3: Students understand the results of trade, exchange, and interdependence among individuals, households, businesses, governments, and societies RATIONALE Exchange is essential to all economic activity. Individuals, households, businesses, governments, and societies specialize to make the most efficient use of their resources and they trade to obtain other goods and services they need and want. It is essential to understand how trade results in interdependence and economic change. 3.1 Students understand that the exchange of goods and services creates economic interdependence and change. As students in grades 9-12 extend their knowledge, what they know and are able to do includes SE: 441, 442, 443, 444, 445, 446, 447, 458, 459, 460, 461, 462, 463, 464, 465, 466, 467, 468, 469, 471, 472, 473, 474, 475, 498, 499 TE: 441, 442, 443, 445, 446, 458, 459, 461, 462, 465, 471, 472, 473, 474, 499 Planner; Unit 7 folder; Math Practice Folder Edition web code: mnc-7172, mnc-7173; code: mnd-7171, mnd-7172, mnd-7173, mna- 7171, mnd-7181, mnp-7181 describing the factors that lead to a nation having a comparative advantage* in trade; SE: 441, 442, 443, 444, 445, 446, 447 TE: 441, 442, 443, 445, 446 Planner; Unit 7 folder; Math Practice Folder TECH: Economics Video Library; Simulations and code: mnd-7171 12
explaining effects of domestic policies on international trade; SE: 445, 446, 447, 449, 450, 451, 452, 453, 454, 455, 456, 457, 461, 462, 465, 466, 467 TE: 445, 446, 449, 450, 452, 453, 457, 461, 465 Planner; Unit 7 folder; Math Practice Folder Edition web code: mnc-7172, mnc-7173; code: mnd-7171, mnd-7172, mnd-7173, mna- 7171 explaining why nations often restrict trade by SE: 449, 450, 451, 452, 453, 454, 455, 456, using quotas,* tariffs,* and non-tariff 457, 461, 462, 465, 466, 467 barriers* to trade (for example, cars entering the U.S. must have a catalytic converter); and comparing and contrasting the characteristics of free trade* and restricted trade* (Example: Embargo). TE: 449, 450, 452, 453, 457, 461, 465 Planner; Unit 7 folder; Math Practice Folder Edition web code: mnc-7172, mnc-7173; code: mnd-7172, mnd-7173, mna-7171 SE: 40, 41, 449, 450, 451, 452, 453, 454, 455, 456, 457, 461, 462, 465, 466, 467, 489, 490. 491, 492, 493, 494, 498, 499 TE: 40, 41, 449, 450, 452, 453, 457, 461, 465, 489, 490, 491, 493, 499 Planner; Unit 7 folder; Math Practice Folder 13
Edition web code: mnc-7172, mnc-7173, mnc- 7184; Economics Video Library; Simulations and code: mnd-7172, mnd-7173, mna-7171, mnd- 7184, mnp-7181 3.2 Students understand how a country's monetary system* facilitates the exchange of resources. As students in grades 9-12 extend their knowledge, what they know and are able to do includes explaining the costs and benefits of the use of credit; SE: 271, 272, 273, 274, 275, 320, 321, 405, 406, 407, 408, 485, 486, 487, 488; Personal Finance Handbook (appendix): 502, 503, 504, 505, 506, 507, 508,, 510, 511, 512, 513, 514, 515, 516, 517, 518, 519, 520, 521, 522, 523, 524, 525 TE: 271, 272, 274, 405, 406, 485, 486 Planner; Unit 5 folder, Unit 7 folder; Math Practice Folder Edition web code: mnc-4111; Economics Video Library; Simulations and Data Graphing CD-ROM, Teacher Express; Presentation Pro; Social Studies Skills Tutor CD-ROM; ExamView CD-ROM; Transparency Resource Package; Section Reading Transparency System; phschool.com web code: mnd-4111, mnd-6153, mnd-7183 describing the use of monetary and fiscal policies; and SE: 387, 388, 389, 390, 391, 392, 393, 395, 396, 397, 398, 415, 416, 417, 418, 420, 421, 422, 423, 425, 426, 427, 428, 429, 430, 431, 432, 433, 436, 437 TE: 387, 388, 391, 392, 395, 396, 416, 420, 421, 425, 426, 427, 430, 431, 432 Planner; Unit 6 folder; Math Practice Folder 14
describing how fiscal or monetary policies can affect exchange rates and international trade. Edition web code: mnc-6163, mnc-6164; code: mnd-6161, mnd-6162, mnd-6163, mnd- 6164, mna-6161 SE: 429, 449, 450, 451, 452, 453, 454, 455, 456, 462, 464, 465 TE: 449, 450, 452, 465 Planner; Unit 6 folder; Math Practice Folder Edition web code: mnc-7172, mnc-7173; code: mnd-7172, mnd-7173 15