Student Name:

Course Name: ECONOMICS

Instructors Name:

Date Enrolled:

Terms:

Year:

Date Completed:

LEARNING EXPECTATION

PERFORMANCE/ASSESSMENT

EVALUATION

INSTRUCTOR

The Student Will:

Meets Standard

Does Not Meet Standard

Signature

Date

1. Demonstrate an understanding of scarcity as the basic economic problem forcing difficult choices to be made.

Define scarcity.

Define opportunity costs.

Explain the difference between real costs and opportunity costs.

Explain the production possibility curve and how it expresses choices.

2. Demonstrate mastery of supply and demand functions and equilibrium price in a market.
 (The Graph)

Identify determinants of supply and demand.

Explain the law of supply and the law of demand.

Demonstrate understanding of shifts in both supply and demand.

Explain the difference between changes in quantity demanded (or supplied) and shifts in demand (or supply).

Demonstrate knowledge in changes in Equilibrium Pride due to a wide variety of changing conditions (price of substitutes or complements, levels of income, etc.)

Demonstrate understanding of elasticity.

3. Mastery of this standard is essential to all subsequent standards.

Assessed on objective exam or short essay exam containing graphs, charts, and schedules requiring a high level of mastery. (80%)

4. Demonstrate an understanding of real world markets (perfect competition, differentiated competition, oligopoly, monopoly) and effects on consumer and producer interaction in both product and factor markets.

Explain how and why wages vary by profession.

Identify key decisions involving the purchase of an automobile

Explain the role of unions and professional associations in setting wages.

Identify various types of interest rates on loan and bank accounts.

Explain housing market, rental and purchase.

5. Demonstrate an understand of the role of government in micro-economic issues.

Explain role of government in establishing price ceilings and floors. (rent control and agricultural subsidies)

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Explain the effects of taxes on various markets (real estate, tobacco, gasoline)

Describe government role in regulating advertising and claims.

Identify role of government in environmental issues because of negative externalizes.

Use a cost benefit analysis in judging various solutions to pollution.

Explain the role of government regulation in natural monopolies.

Analyze the effectiveness of various strategies in the war on drugs.

6. Demonstrate an understanding of key macro economic measurements and current economic events.

Define and explain GDP.

Explain the shortcomings of GDP (Quality of life, environment, distribution of income, etc.).

Define and explain importance of economic indicators. (leading, lagging, etc.).

Define inflation and its effects on various groups.

Explain importance and use of C.P.I.

Define unemployment (structural, seasonal, cyclical, frictional)

Describe the business cycle.

Describe the multiplier effect.

7. Demonstrate an understanding of the role of government in macro-economic issues.

Define and explain fiscal policy.

- Taxation: progressive, regressive, proportional

-  Expenditures: public goods and services (third party benefits.

- Counter-cyclical fiscal policy (Keynes)

Define and explain Monetary policy.

- Money an its functions

- Banking system and money supply

- Federal reserve system

- Counter- cyclical Monetary Policy

8. Demonstrate an understanding of the impact of International Trade on various groups in society.

Explain the theory of comparative advantage.

Define and explain the impact of tariffs and quotas.

Define and explain the impact of a strong or weak dollar.

9. Demonstrate a knowledge of major contributions and current relevance of the class economic theorists.

Recognize the ideas of Adam Smith (Market, Laissez-Faire).

Recognize the ideas of Malthus (Overpopulation).

Recognize the ideas of Karl Marx (Socialism, Business Cycle)

Recognize the ideas of John Maynard Keynes (Counter-Cyclical Fiscal Policy)

10. Demonstrate responsible behavior in attending class, completing homework and assignments, and actively participation in discussion and activities in class.

Teacher observation.

11. Demonstrate academic achievement to teachers satisfaction through objective examinations.

Well written short answer essays, short take-home essays, oral presentations and group projects. 

Demonstrate solely through examination if necessary.

Grade Pending Completion of Learning Expectations: