Economics: Grade 11

THE MARKET ECONOMY 

THE NATIONAL ECONOMY OF THE UNITED STATES OF AMERICA

THE INTERNATIONAL ECONOMY 

PERSONAL FINANCE 

Individual, Business, and Government Choices 

Competitive Markets 

Prices, Supply, and Demand

Role of Government in the Market 

Understanding National Markets 

Role of Government in the United States Economy

Economic Systems 

Economic Interdependence – Trade 

Decision Making

Demonstrate an understanding of the concepts of scarcity and opportunity cost, and the role they play in the decisions people make. 

Demonstrate an understanding of what it means to be an entrepreneur.  

Demonstrate an understanding of supply or how a change in price affects supply, using real life examples. 

Demonstrate an understanding of demand or how a change in price affects demand, using real life examples. 

Demonstrate an understanding of how the price of goods and services can change based on the interaction between supply and demand, using real life examples. 

Identify one or more financial or legal methods the government uses to protect consumers or change behavior. 

Identify one or more ways in which state and local governments generate and/or spend revenue. (See also E.2.FI.11EH2.5, which assesses similar concepts, but at the federal level.) 

Identify one or more roles the government plays in a market economy (e.g., provides goods/services, redistributes income and wealth through taxation and entitlements, and regulates labor). 

Identify one or more reasons why businesses and individuals sell goods and services, using real life examples. 

Identify one or more goals of an economic system. 

Demonstrate an understanding of interest rates (e.g., what body sets them and their impact on such things as car loans, home loans, credit cards, etc.). 

Demonstrate an understanding of a way the federal government generates and/or spends revenue.