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Economics Economics Benchmark IV-A (How individuals, households, businesses, governments, & societies distribute resources & factors influencing these decisions) CATEGORY Conflict & Cooperation Economic Incentives & Goals Economic Patterns Resources and Trade Economic Divisions Labor Market New Mexico State Standards (1) Analyze “opportunity costs” as a factor resulting from the process of decision-making. (3) Understand the relationship between socioeconomic stratification and cultural values. (2) Understand how socioeconomic stratification (SES) arises and how it affects human motivation, using data. (11) Analyze various investment strategies available when meeting personal and business goals. (13) Understand personal financing (e.g. banking, credit, debit, lending institutions.) (6) Evaluate present & future economic costs & economic risks in the use of productive resources associated with investments. (10) Use quantitative data to analyze economic information. (4) Analyze and evaluate the impact of economic choices on the allocation of scarce resources. (5) Describe & analyze how economic incentives allow individuals, households, businesses, governments, & societies to use scarce human, financial, & natural resources more efficiently to meet economic goals. (12) Understand the basis of supply & demand & marginal productivity. (8) Describe and analyze the three major divisions of economics: macro-, micro-, & consumer. (7) Understand labor markets & how they work. (9) Understand the relationship between essential learning and workforce requirements (e.g. School to Work initiatives, Service Learning) as they relate to supply & demand in the labor market. 1 Resources Economics Benchmark IV – B (Economic Systems Impact Decisions About Goods & Services) CATEGORY NM economic systems New Mexico State Standards Government activities and economics (7) Understand the relationship between US governmental policies & international trades. (12) Compare & contrast different types of taxes. Factors in economic systems (13) Analyze the effects of specific government regulations on different economically designated groups. (1) Analyze the historic origins of the economic systems of capitalism, socialism, & communism. (2) Compare the relationships between & among contemporary countries with differing economic systems. (3) Understand the distribution & characteristics of economic systems throughout the world. (4) Analyze the importance of, & issues related to, the location and management of the factors of production. (8) Evaluate economic systems by their ability to achieve broad societal goals. (9) Explain how businesses are organized & financed in the US economy. (10) Interpret measurements of inflation & unemployment & relate them to the general economic “health” of the national economy. (11) Analyze the impact of fiscal policy on an economic system. (14) Compare, analyze, & evaluate the positive & negative aspects of American capitalism in relationships to other economic systems. 2 Resources (15) Describe & evaluate how the US economy moved from manufacturing-based to information driven. (16) Analyze the reasons for uneven economic growth-based changes. Western Hemisphere and trade NM and U.S. economics (5) Describe how changes in technology, transportation, & communication affect the location and patterns of economic activities in NM & the US. (6) Analyze the roles played by local, state, tribal, & national governments in both public & private sectors of the US system. Money 3 Economics Benchmark IV-C ( Patterns and results of Trade, Exchange, and the interdependencies that arise) CATEGORY Factors influencing New Mexico economic activity Interdependencies of economic systems Money Economic patterns Economics and colonization Economics in history Cost Benefits Economic Policy New Mexico State Standards (11) Analyze & evaluate the use of technology on economic development. (12) Describe and analyze multinational entities (NAFTA, European Union) in economic & social terms. (9) Explain & describe how the Federal Reserve System & monetary policies are used to promote price stability, maximum employment, & economic growth. (10) Explain how monetary policies can affect exchange rates and international trade. (5) Identify & analyze the international differences in resources, productivity, and prices that are a basis for international trade. (1) Analyze foreign & domestic issues related to US economic growth since 1900. (2) Analyze significant economic developments between WWI and WWII. (3) Analyze the effects of World War II, the Cold War, & post-Cold War on contemporary society. (6) Explain the comparative advantage of a nation when it can produce a product at a lower “opportunity cost” than its trading partner. (4) Describe the relationship between the US’ international trade policies & its economic system. (7) Evaluate the effect on international trade of domestic policies that either encourage or discourage exchange of goods & services & investments abroad. (8) Analyze & evaluate how domestic policies can affect the balance of trade between nations. 4 Resources