Download Economics - Issaquah Connect

Economics
Course Competencies
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Explain why scarcity faces all people at all times.
Distinguish between wants and needs.
List and summarize the four types of resources.
Explain the relationship between trade-offs and opportunity cost.
Describe how society’s trade-offs can be shown on a production possibilities
curve.
Know the four questions that all economic systems must answer.
Summarize and analyze the major types of economic systems and their
differences.
Describe the role of government in the free enterprise system.
Describe how the principle of voluntary exchange operates in a market
economy.
Explain how diminishing marginal utility, the real income effect, and the
substitution effect relate to the law of demand.
Explain and diagram the law of supply and demand.
Describe how price elasticity affects how much the price for a product can
vary.
Explain and demonstrate how the equilibrium price is determined.
Explain and demonstrate how shortages and surpluses affect price.
Describe and graph how shifts in equilibrium price occur.
Contrast loose money and tight money policies. Fiscal Policy.
Describe fractional reserve banking
Explain money expansion in the banking system.
Describe the organization and history of the Federal Reserve System.
Know the functions of the Federal Reserve System.
Describe the way the Federal Reserve changes the money supply by changing
reserve requirements, discount rate, and open-market operations.
Explain ways government regulates economic activity and promotes economic
stability. Monetary Policy.
Give examples of a tax levied according to the principles of taxation.
List problems that economists face in measuring unemployment.
Distinquish between the causes of demand-pull inflation and cost-push
inflation.
Indicate how fiscal policy might reduce inflation.
Explain the different views of the Fed’s role in the Great Depression.
Explain the benefits of international trade.
Contrast absolute advantage with comparative advantage.
Explain the need for exchange rates in foreign currencies.
Describe what has happened to America’s balance of trade over the last two
decades.
List ways that imports can be restricted.
Explain one current worldwide trade agreement.