| Grade | Quarter | Sequence | Standard | Benchmark | DOK | Time | AERO ELA Standard | |
|---|---|---|---|---|---|---|---|---|
| 12 | 1 | 1 | 1. People make informed economic choices by identifying their goals, interpreting and applying data, considering the short- and long-run costs and benefits of alternative choices and revising their goals based on their analysis. | 9.2.1.1.1 | Apply reasoned decision-making techniques in making choices; explain why different individuals, households, organizations and/or governments faced with the same alternatives might make different choices. For example: Decision-making techniques—PACED decision-making process (Problem, Alternative, Criteria, Evaluation, Decision) , benefit-cost analysis, marginal analysis, consideration of sunk costs, results of behavioral economics. |
2 | 2 | R 1.4. Interpret words and phrases as they are used in a text, including determining technical, connotative, and figurative meanings, and analyze how specific word choices shape meaning or tone. |
| 12 | 1 | 2 | 3. Because of scarcity, individuals, organizations and governments must evaluate trade-offs, make choices and incur opportunity costs. | 9.2.3.3.1 | Identify the incentives and trade-offs related to a choice made by an individual, household, organization or government; describe the opportunity cost of a choice; and analyze the consequences of a choice (both intended and unintended). For example: An opportunity cost of choosing to spend more than your income, be it an individual or government, is less financial security and ability to spend later. |
3 | 2 | R1.2. Determine central ideas or themes of a text and analyze their development; summarize the key supporting details and ideas. students’ own thinking and writing. |
| 12 | 1 | 3 | 4. Economic systems differ in the ways that they address the three basic economic issues of allocation, production and distribution to meet society’s broad economic goals. | 9.2.3.4.1 | Explain how the availability of productive resources and technology limits the production of goods and services. For example: Productive resources—human, capital, natural, and entrepreneurial; production possibilities curve and shifts of this curve; effects of technological change. |
2 | 2 | R 1.10. Read and comprehend complex literary and informational texts independently and proficiently. |
| 12 | 1 | 4 | 4. Economic systems differ in the ways that they address the three basic economic issues of allocation, production and distribution to meet society’s broad economic goals. | 9.2.3.4.2 | Compare and contrast the characteristics of traditional, command (planned), market-based (capitalistic) and mixed economic systems. For example: Characteristics—ownership of resources, consumer sovereignty, amount of government involvement, underlying incentives, compatibility with democratic principles. How does each system answer these questions: What to produce? How to produce? For whom to produce? |
4 | 3 | W 1. 1 Write arguments focused on discipline-specific content. |
| 12 | 1 | 5 | 4. Economic systems differ in the ways that they address the three basic economic issues of allocation, production, and distribution to meet society’s broad economic goals. | 9.2.3.4.3 | Define broad economic goals and describe the trade-offs that exist between them; evaluate how different economic systems achieve these goals in theory and in practice. For example: Economic goals—efficiency, equity, security, stability, freedom, growth. Trade-offs—a market-based economy may achieve the goals of efficiency and freedom, but sometimes at the expense of security and equity; a command economy is more equitable in theory than in practice. |
4 | 2 | W 1.5. Develop and strengthen writing as needed by planning, revising, editing, rewriting, or trying a new approach. |
| 12 | 1 | 6 | 8. Market failures occur when markets fail to allocate resources efficiently or meet other goals, and this often leads to government attempts to correct the problem. | 9.2.4.8.1 | Identify and analyze market failures caused by a lack of competition, lack of resource mobility (barriers), and lack of perfect information; evaluate the rationale and effectiveness of government attempts to remedy these problems. For example: Remedies—anti-trust laws, consumer protection laws, provision of consumer information, disclosure laws; Government agencies—Department of Justice, Securities Exchange Commission, Federal Trade Commission, Food and Drug Administration, Consumer Product Safety Commission. |
4 | 2 | W 1. 8. Gather relevant information from multiple print and digital sources, assess the credibility and accuracy of each source, and integrate the information while avoiding plagiarism. |
| 12 | 1 | 7 | 8. Market failures occur when markets fail to allocate resources efficiently or meet other goals, and this often leads to government attempts to correct the problem. | 9.2.4.8.2 | Identify and analyze market failures caused by poorly defined or poorly enforced property rights, externalities, and public goods; evaluate the rationale and effectiveness of government attempts to remedy these problems. For example: Hunting licenses to control access to deer, fish and other wildlife populations; the creation of a tradable discharge permit market for sulfur to correct the negative externality of acid rains; provision of police and courts to enforce private property rights. Government attempts to remedy problems—legal system, agencies (Environmental Protection Agency, Occupational Safety and Health Administration, Minnesota Department of Natural Resources). |
2 | 3 | R1.3 Analyze how and why individuals, events, and ideas develop and interact over the course of a text. |
| 12 | 1 | 8 | 8. Market failures occur when markets fail to allocate resources efficiently or meet other goals, and this often leads to government attempts to correct the problem. | 9.2.4.8.3 | Identify measures of income distribution, wealth distribution and poverty, and explain how these affect, and are affected by, the economy; evaluate the effectiveness of, and incentives created by, government income redistribution programs. For example: Measures—Gini coefficient, poverty line, wealth of richest 20 percent divided by wealth of poorest 20 percent. Effects—a different income or wealth distribution would result in a different allocation of resources. Government programs—Social Security, basic welfare, unemployment compensation. |
2 | 3 | 1. 1 Write arguments focused on discipline-specific content. |
| 12 | 1 | 9 | 5. Individuals, businesses and governments interact and exchange goods, services and resources in different ways and for different reasons; interactions between buyers and sellers in a market determines the price and quantity exchanged of a good, service or resource. | 9.2.4.5.1 | Describe the role of households, businesses and governments in the movement of resources, goods and services, and money in an economy. For example: Circular flow model—households sell resources to earn income to buy goods and services; businesses buy resources to produce goods and services they sell for revenue; governments impose taxes and buy goods and services. |
2 | 3 | |
| 12 | 1 | 10 | 5. Individuals, businesses and governments interact and exchange goods, services and resources in different ways and for different reasons; interactions between buyers and sellers in a market determines the price and quantity exchanged of a good, service or resource. | 9.2.4.5.2 | Describe the role of markets in the movement of resources, goods and services, and money in an economy. For example: Product markets (exchange of goods and services), resource markets (households are sellers and businesses are buyers). |
2 | 3 | W 1.9. Draw evidence from literary or informational texts to support analysis, reflection, and research. |
| 12 | 1 | 11 | 5. Individuals, businesses and governments interact and exchange goods, services and resources in different ways and for different reasons; interactions between buyers and sellers in a market determines the price and quantity exchanged of a good, service or resource. | 9.2.4.5.3 | Explain that market demand is based on each buyer’s willingness and ability to pay and the number of buyers in the market; analyze the effect of factors that can change demand. For example: Factors—income/wealth, prices of other goods, consumer tastes and preferences, expectations. An increase in the price of sugar leads to an increase in the demand for corn syrup, a substitute. |
3 | 3 | |
| 12 | 1 | 12 | 5. Individuals, businesses and governments interact and exchange goods, services and resources in different ways and for different reasons; interactions between buyers and sellers in a market determines the price and quantity exchanged of a good, service or resource. | 9.2.4.5.4 | Explain that market supply is based on each seller’s cost and the number of sellers in the market; analyze the effect of factors that can change supply. For example: Factors—productivity of resources, price of resources, government taxes and subsidies, profit expectations; a fall in the price of leather leads to an increase in the supply of baseball gloves due to the lower cost of production. |
3 | 2 | |
| 12 | 1 | 13 | 5. Individuals, businesses and governments interact and exchange goods, services and resources in different ways and for different reasons; interactions between buyers and sellers in a market determines the price and quantity exchanged of a good, service or resource. | 9.2.4.5.5 | Use demand and supply curves to explain how the equilibrium price and quantity in a market is determined as buyers and sellers adjust their offers in response to shortages or surpluses. For example: If the price of houses is such that the quantity offered by sellers exceeds the quantity demanded by buyers, a housing surplus would exist which would lead sellers to offer lower prices. |
3 | 2 | |
| 12 | 1 | 14 | 5. Individuals, businesses and governments interact and exchange goods, services and resources in different ways and for different reasons; interactions between buyers and sellers in a market determines the price and quantity exchanged of a good, service or resource. | 9.2.4.5.6 | Explain how changes (shifts) in the demand and supply of an item result in changes in its market price and quantity; explain how these shifts can lead to changes in prices and quantities in other markets. For example: An increase in the price of oil increases the cost of producing gasoline. This reduces (“leftward shifts”) the supply of gasoline, leading to an increase in the price of gasoline and a reduction in the quantity of gasoline sold. |
3 | 2 | |
| 12 | 1 | 15 | 6. Profit provides an incentive for individuals and businesses; different business organizations and market structures have an effect on the profit, price and production of goods and services. | 9.2.4.6.1 | Compare and contrast characteristics of various market structures. For example: Characteristics—number of firms, amount of product differentiation, amount of market integration, barriers to entry, type of business organization. Market structures—perfect competition, polyopoly (or monopolistic competition), oligopoly, monopoly. |
2 | 2 | |
| 12 | 2 | 16 | 6. Profit provides an incentive for individuals and businesses; different business organizations and market structures have an effect on the profit, price and production of goods and services. | 9.2.4.6.2 | Explain the impact of various market structures on long-run profit, price, production, and efficiency in the market. For example: Impact—In perfectly competitive markets, profits direct resources to their most-valued use (the "invisible hand of the market"); a monopoly will restrict output below the efficient (or competitive) amount in order to drive up price and earn economic profits. |
4 | 1 | |
| 12 | 2 | 17 | 7. Resource markets and financial markets determine wages, interest rates and commodity prices. | 9.2.4.7.1 | Explain the role of productivity, human capital, unions, demographics and government policies in determining wage rates and income in labor markets. For example: Retiring baby-boomers will likely lead to labor shortages; increases in worker productivity lead to increases in the demand for labor and higher wages; minimum wage laws lead to higher wages but also cause labor surpluses. |
3 | 2 | R1. 1. Read closely to determine what the text says explicitly and to make logical inferences from it; cite specific textual evidence when writing or speaking to support conclusions drawn from the text offer profound insights into the human |
| 12 | 2 | 18 | 7. Resource markets and financial markets determine wages, interest rates and commodity prices. | 9.2.4.7.2 | Explain the role of financial institutions and credit markets in the acquisition of capital. For example: Financial institutions (intermediaries between savers and investors)—commercial banks, investment banks, credit unions, stock exchanges. Credit markets (interaction between borrowers and lenders) determine interest rates which affect capital purchases (or investment spending). |
3 | 3 | W1.4. Produce clear and coherent writing in which the development, organization, and style are appropriate to task, purpose, and audience. |
| 12 | 2 | 19 | 7. Resource markets and financial markets determine wages, interest rates and commodity prices. | 9.2.4.7.3 | Describe commodities as natural resources necessary to produce goods and services; explain how world events and market speculation can affect commodity and other prices. For example: Commodities—grains, minerals, oil, fruits, natural gas, wood. Effects—unrest in oil-producing nations raises the price of oil which raises the cost of energy of producing many goods and services. |
3 | 2 | |
| 12 | 2 | 20 | 9. Economic performance (the performance of an economy toward meeting its goals) can be measured, and is affected by, various long-term factors. | 9.2.5.9.1 | Measure economic growth in terms of percentage changes in real Gross Domestic Product over time; analyze past and recent data to identify factors that promote or impair long-run economic growth and its sustainability. For example: Factors—productivity, amount of resources, level of saving, investments, technological advances, research and development, education and training, natural resource availability. |
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| 12 | 2 | 21 | 9. Economic performance (the performance of an economy toward meeting its goals) can be measured, and is affected by, various long-term factors. | 9.2.5.9.2 | Measure inflation in terms of a percentage change in a price index; analyze past and recent data to explain how the money supply is related to long-run inflation with the equation of exchange. For example: Price indexes—consumer price index, producer price index, gross domestic product deflator. Equation of exchange—MV=PQ, given V (the velocity of money) constant and Q (output) at full employment, a percentage change in M (the money supply) will result in the same percentage change in P (the price level). |
3 | 3 | R1.7. Integrate and evaluate content presented in diverse formats and media, including visually and quantitatively, as well as in words |
| 12 | 2 | 22 | 9. Economic performance (the performance of an economy toward meeting its goals) can be measured, and is affected by, various long-term factors. | 9.2.5.9.3 | Measure full employment in terms of the unemployment rate and various types of unemployment; analyze past and recent data to describe factors that impact the long-run growth of jobs in an economy. For example: Types of unemployment—frictional, structural, cyclical, seasonal; Factors—demographics, immigration, growth of output. |
2 | 3 | R1.5. Analyze the structure of texts, including how specific sentences, paragraphs, and larger portions of the text (e.g., a section, chapter, scene, or stanza) relate to each other and the whole . |
| 12 | 2 | 23 | 10. The overall levels of output, employment and prices in an economy fluctuate in the short-run as a result of the spending and production decisions of households, businesses, governments and others. | 9.2.5.10.1 | Describe factors that can lead to changes in short-run total spending (by households, businesses, governments and foreigners) and changes in short-run output. For example: Total spending factors—household wealth, foreign incomes, interest rates, factory utilization rate, expectations. Output factors—resource prices, resource productivity, government regulations. |
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| 12 | 2 | 24 | 10. The overall levels of output, employment and prices in an economy fluctuate in the short-run as a result of the spending and production decisions of households, businesses, governments and others. | 9.2.5.10.2 | Use a short-run aggregate demand and aggregate supply model to describe changes in output, employment and the price level. For example: A decrease in aggregate demand (due to a loss of household wealth) leads to a decrease in the price level, real gross domestic product (GDP), and employment. |
2 | 2 | |
| 12 | 2 | 25 | 11. The overall performance of an economy can be influenced by the fiscal policies of governments and the monetary policies of central banks. | 9.2.5.11.1 | Explain how various government fiscal policies are likely to impact overall output, employment and the price level. For example: Fiscal policies—changes in spending levels or composition, tax rates, tax base, tax structure, budget decisions, debt, regulations; increases in government spending tend to increase output, employment, and the price level; crowding-out effect. |
4 | 3 | R1.8 Delineate and evaluate the argument and specific claims in a text, including the validity of the reasoning as well as the relevance and sufficiency of the evidence. |
| 12 | 2 | 26 | 11. The overall performance of an economy can be influenced by the fiscal policies of governments and the monetary policies of central banks. | 9.2.5.11.2 | Describe how various monetary policies of the Federal Reserve are implemented; explain how they are likely to impact overall output, employment, and the price level. For example: Monetary policies—changes in the rate of growth of the money supply, interest rates, the availability of credit, financial regulations; decreases in interest rates tends to increase output, employment, and the price level. |
3 | 2 | W 1.7. Conduct short as well as more sustained research projects based on focused questions, demonstrating understanding of the subject under investigation. |
| 12 | 2 | 27 | 2. Personal and financial goals can be achieved by applying economic concepts and principles to personal financial planning, budgeting, spending, saving, investing, borrowing and insuring decisions. | 9.2.2.2.1 | Establish financial goals; make a financial plan considering budgeting and asset building to meet those goals; and determine ways to track the success of the plan. For example: Goals—college education, start a business, buy a house, retire comfortably; calculate net (or disposable) income. Plan—calculate necessary saving to meet a financial goal; create a cash-flow or income-expense statement; create a balance sheet showing assets and liabilities. |
2 | 2 | W1.2. Write informative/explanatory texts, including the narration of historical events, scientific procedures/ experiments, or technical processes. |
| 12 | 2 | 27 | 11. The overall performance of an economy can be influenced by the fiscal policies of governments and the monetary policies of central banks. | 9.2.5.11.3 | Explain fiscal and monetary policies from various perspectives; provide arguments from one’s own perspective, supported by analysis, for a policy change that should be adopted. For example: Various perspectives—How do liberals and conservatives view the economic desirability of increasing tax rates on the wealthy? |
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| 12 | 2 | 28 | 2. Personal and financial goals can be achieved by applying economic concepts and principles to personal financial planning, budgeting, spending, saving, investing, borrowing and insuring decisions. | 9.2.2.2.2 | Evaluate investment options using criteria such as risk, return, liquidity and time horizon; evaluate and apply risk-management strategies in investing and insuring decisions. For example: Apply PACED decision-making process (Problem, Alternative, Criteria, Evaluation, Decision). Investment options—stocks, bonds, savings account, CDs, real estate. Risk management strategies—diversification, dollar-averaging, safe driving, buying homeowners insurance. |
3 | 2 | W 1. 10. Write routinely over extended time frames (time for research, reflection, and revision) and shorter time frames (a single sitting or a day or two) for a range of tasks, purposes, and audiences. |
| 12 | 2 | 28 | 11. The overall performance of an economy can be influenced by the fiscal policies of governments and the monetary policies of central banks. | 9.2.5.11.4 | Evaluate the impact of at least two United States Supreme Court decisions on the United States economy. For example: Cases that define corporations as persons, child labor laws, commerce clause cases, anti-trust cases. |
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| 12 | 2 | 29 | 2. Personal and financial goals can be achieved by applying economic concepts and principles to personal financial planning, budgeting, spending, saving, investing, borrowing and insuring decisions. | 9.2.2.2.3 | Evaluate the benefits and costs of credit; describe the “three C’s” of credit (character, capacity and collateral) and explain how these attributes can affect one's ability to borrow, rent, get a job and achieve other financial goals. For example: Two typical costs of credit are the finance charges and a lower degree of financial security. A person’s FICO score is a measure of their character and the lower it is, the higher the interest rates they usually must pay to borrow. |
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| 12 | 2 | 29 | 12. International trade, exchange rates and international institutions affect individuals, organizations and governments throughout the world. | 9.2.5.12.1 | Apply the principles of absolute and comparative advantage to explain the increase in world production due to specialization and trade; identify the groups that benefit and lose with free-trade treaties, trading blocs and trade barriers. For example: Dropping United States restrictions on the importation of sugar would benefit sugar consumers through lower prices, but hurt sugar beet farmers; however, the net economic benefit for the United States would be positive. Role of the World Trade Organization. |
3 | 2 | R1.9. Analyze how two or more texts address similar themes or topics in order to build knowledge or to compare the approaches the authors take. |
| 12 | 2 | 30 | 2. Personal and financial goals can be achieved by applying economic concepts and principles to personal financial planning, budgeting, spending, saving, investing, borrowing and insuring decisions. | 9.2.2.2.4 | Explain the pricing, sales, advertising and other marketing strategies used to sell products from a consumer perspective. For example: Unit pricing, sales tactics which can help or hinder choices, advertising which can provide useful information or misleading claims, scams, fraudulent offers. |
3 | 3 | W 1.5. Develop and strengthen writing as needed by planning, revising, editing, rewriting, or trying a new approach. |
| 12 | 2 | 31 | 12. International trade, exchange rates and international institutions affect individuals, organizations and governments throughout the world. | 9.2.5.12.2 | Explain how the demand and supply of currencies determines exchange rates and, in turn, affects trade. For example: A rise in the demand for United States exports and assets leads to rise in the demand for United States dollars and an appreciation in the value of the United States dollar relative to other currencies. |
3 | 2 | W1. 6. Use technology, including the Internet, to produce and publish writing and to interact and collaborate with others. |