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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.
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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.
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(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
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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.
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