Download Economics of Business WVEIS Code 0404

Economics of Business
WVEIS Code 0404
This course focuses on the impact of economics as it relates to businesses and individuals.
Because businesses are part of the overall economy, the success of any individual business is
strongly affected by events in the economy as a whole. In addition, the economy as a whole is
affected by the actions of the individual members within it.
Standard 1: Economic Principles (0404.S.1)
Describe the importance of economic principles in today’s society.
Economic Principles in Today’s Society Objectives
Students will:
0404.1.1 Identify opportunity costs and trade-offs involved in making choices about how to use scarce
economic resources.
0404.1.2 Give examples of economic wants and needs.
0404.1.3 Identify the resources (factors of production) that are used to satisfy wants and needs.
0404.1.4 Define economic goods and services.
0404.1.5 Explain how the concept of scarcity affects the availability of economic goods and services.
Standard 2: Productivity, Specialization and Division of Labor Change (0404.S.2)
Explain the importance of productivity and discuss how specialization and division of labor change
productivity.
Productivity, Specialization and Division of Labor Change Objectives
Students will:
0404.2.1 Analyze the methods of increasing productivity.
0404.2.2 Demonstrate specialization and division of labor.
0404.2.3 Explain how the relationship of input to output affects the level of productivity.
Standard 3: Basic Economic Systems Differences (0404.S.3)
Explain why societies develop economic systems and identify the basic features of different economic
systems.
Basic Economic Systems Differences Objectives
Students will:
0404.3.1 Explain why a society needs an economic system.
0404.3.2 Discuss advantages and disadvantages of different types of economic systems.
0404.3.3 Discuss how an economic system addresses the questions what is to be produced, how it is to
be produced, and for whom.
Standard 4: Role of Core U.S. Economic Institutions and Incentives (0404.S.4)
Explain the role of core economic institutions and incentives in the U.S. economy.
Core U.S. Economic Institutions and Incentives Objectives
Students will:
0404.4.1 Describe the concept of profit in the free enterprise system.
0404.4.2 Provide examples of economic institutions and incentives.
0404.4.3 Analyze reasons why a society’s allocation of resources will be affected by its laws, public
policy, and taxation.
Standard 5: Role of Exchange and Money (0404.S.5)
Explain the role of exchange and money in an economic system and describe the effect of
interdependence on economic activity.
Role of Exchange and Money Objectives
Students will:
0404.5.1 Demonstrate the concept of barter.
0404.5.2 Explain why and illustrate how money can contribute to an increased number of exchanges,
greater specialization and interdependence, and a higher standard of living in an economy.
Standard 6: Role of Supply and Demand as related to Markets and Prices in the U.S
(0404.S.6)
Describe the role of law of supply and demand in the U.S. economy.
Role of Markets and Prices in the U.S. Economy Objectives
Students will:
0404.6.1 Define the concept of supply and demand.
0404.6.2 Analyze prices as determined by supply and demand.
0404.6.3 Identify determinants of supply and demand for goods and services.
0404.6.4 Describe how relative prices affect buying and selling decisions of producers and consumers.
0404.6.5 Graph the concept of price on a supply and demand curve.
Standard 7: Types of Competitive Structures and Markets (0404.S.7)
Describe different types of competitive structures and illustrate the role of competitive markets in the U.S.
and other economies.
Types of Competitive Structures and Markets Objectives
Students will:
0404.7.1 Explain how competition among sellers affects prices and profits.
0404.7.2 Determine the role of government in preventing private monopolies and regulating public
monopolies.
0404.7.3 Research U.S. laws and government regulations that are designed to maintain competition.
0404.7.4 Compare and contrast price and non-price competition.
Standard 8: Personal Financial Resources and Consumer Decisions (0404.S.8)
Manage limited personal financial resources and recognize that more of the wants and needs of members
of a society can be satisfied if wise consumer decisions are made.
Personal Financial Resources and Consumer Decisions Objectives
Students will:
0404.8.1 Analyze the consumer decision making process for products and explain why there is variance
in price for a given item bought from different suppliers.
0404.8.2 Use published consumer resources to collect information for making buying decisions.
0404.8.3 Identify sources and types of credit.
0404.8.4 Calculate the cost of credit.
0404.8.5 Develop a plan to allocate financial resources to meet an individual’s financial goals.
0404.8.6 Describe the advantages and disadvantages of different saving and investing plans.
0404.8.7 Identify services that financial institutions provide to customers.
0404.8.8 Perform the steps involved in opening and using a checking account.
0404.8.9 Reconcile a bank statement.
Standard 9: U.S. Economy Functions and Measures (0404.S.9)
Explain how the U.S. economy functions as a whole and describe economic measures of economic
activity such as gross domestic product, unemployment and inflation.
U.S. Economy Functions and Measures of Activities Objectives
Students will:
0404.9.1 Explain the Consumer Price Index.
0404.9.2 Analyze the factors that affect Gross Domestic Product.
Standard 10: Role of Government in an Economic System (0404.S.10)
Discuss the role of government in an economic system, especially the necessary and desirable role of
government in the U.S. economy.
Role of Government in an Economic System Objectives
Students will:
0404.10.1 Explain how government taxation affects consumers and producers.
0404.10.2 Define and give examples of progressive, regressive, and proportional taxes.
0404.10.3 Analyze the effect of national debt on the level of economic activity.
Standard 11: U.S. Economy Citizens Rights and Responsibilities (0404.S.11)
Describe rights and responsibilities of citizens in the U.S. economy.
U.S. Economy Citizens Rights and Responsibilities Objectives
Students will:
0404.11.1 Identify consumer rights.
0404.11.2 Describe how legislation defines and protects consumer rights.
0404.11.3 Examine how society’s needs are balanced against the individual’s rights and responsibilities.
0404.11.4 Explain how consumer legislation affects product.
0404.11.5 Distinguish between fraudulent, misleading, and legitimate product claims.
Standard 12: Economic Relationships Among Nations (0404.S.12)
Examine the importance of economic relationships among nations and discuss the role of international
trade and investment and international monetary relations in the global economy.
Economic Relationships Among Nations Objectives
Students will:
0404.12.1 Explain the importance of imports and exports in a global economy.
0404.12.2 Identify examples of goods and services that imported and exported.
0404.12.3 Explain foreign exchange rates and why the value of currency changes.
0404.12.4 Explain the advantages and disadvantages of free trade agreements between and among
nations.