Broken Arrow Public Schools Economics Objectives

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1 1 st six weeks # Objective 1 Explain the fundamental economic problem. 2 Examine the three basic economic questions every society must decide. 3 Explain the relationship among scarcity, value, utility, and wealth. 4 Understand the circular flow of economic activity. 5 Explain trade-offs and opportunity costs. 6 Explain decision making strategies. 7 Describe the characteristics of the sole proprietorship, partnership, and corporation. 8 Understand the advantages and disadvantages of the sole proprietorship, partnership, and corporation. 9 Explain how businesses can invest their profits to grow and expand. 10 Recognize the reasons that cause firms to merge.

2 11 Identify two (2) types of mergers. 12 Explain what a conglomerate and multinational corporations are. 13 Discuss the benefits and drawbacks of multinationals. 14 Describe non-profit organizations. 15 Explain the direct and indirect role of government in our economy. 16 Describe the characteristics of the traditional, command and market economics. 17 Explain the advantages and disadvantages of traditional, command and market economics. 18 Describe the characteristics of a free enterprise system. 19 Describe the role of the entrepreneur, the consumer, and the government in a free enterprise economy.

3 2 nd six weeks # Objective 20 Describe and illustrate the concept of demand. 21 Explain how demand and utility are related. 22 Explain what causes a change in quantity demand. 23 Describe the factors that could cause a change in demand. 24 Explain why elasticity is a measure of responsiveness. 25 Analyze the elasticity of demand for a product. 26 Understand the factors that determine demand elasticity. 27 Explain why individuals and nations benefit from free trade. 28 Understand the difference between supply schedule and supply curve. 29 Explain how market supply curves are derived. 30 Specify reasons for a change in supply. 31 Explain the theory of production. 32 Describe the three stages of production.

4 33 Define four key measures of cost. 34 Identify four key measures of revenue. 35 Apply incremental analysis to business decisions.

5 3 rd six weeks # Objective 36 Explain how prices act as agents. 37 Describe the advantages of using prices as a way to allocate economic products. 38 Understand the difficulty of allocating scarce goods and services without using prices. 39 Understand how prices are determined in competitive markets. 40 Explain how economic models can be used to predict and explain price changes. 41 Apply the concepts to elasticity to changes in prices. 42 Describe the consequences of having a fixed price in the market. 43 Explain how loan supports and deficiency payments work. 44 Understand what is meant when markets talk. 45 Explain the characteristics of perfect competition. 46 Understand the nature of monopolistic competition.

6 47 Describe the behavior and characteristics of the oligopolist. 48 Identify several types of monopolies. 49 Discuss the problems caused by inadequate competition. 50 Understand the importance of having adequate information. 51 Describe the nature of resource immobility. 52 Explain the nature of positive and negative externalities. 53 Discuss the major antitrust legislation in the United States. 54 Understand the need for limited government regulation. 55 Explain the value of public disclosure. 56 Discuss the modifications to our free enterprise economy. 57 Explain how inflation is measured. 58 Discuss the causes of inflation. 59 Analyze the destabilizing consequences of inflation.