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Standard 1 : Understand the fundamental concepts relevant to the development of a market economy.
Cluster Standards

This cluster includes the following benchmarks.

Visit the specific benchmark webpage to find related instructional resources.

  • SS.912.E.1.1 : Identify the factors of production and why they are necessary for the production of goods and services.
  • SS.912.E.1.2 : Analyze production possibilities curves to explain choice, scarcity, and opportunity costs.
  • SS.912.E.1.3 : Compare how the various economic systems (traditional, market, command, mixed) answer the questions: (1) What to produce?; (2) How to produce?; and (3) For whom to produce?
  • SS.912.E.1.4 : Define supply, demand, quantity supplied,and quantity demanded; graphically illustrate situations that would cause changes in each, and demonstrate how the equilibrium price of a product is determined by the interaction of supply and demand in the market place.
  • SS.912.E.1.5 : Compare different forms of business organizations.
  • SS.912.E.1.6 : Compare the basic characteristics of the four market structures (monopoly, oligopoly, monopolistic competition, pure competition).
  • SS.912.E.1.7 : Graph and explain how firms determine price and output through marginal cost analysis.
  • SS.912.E.1.8 : Explain ways firms engage in price and nonprice competition.
  • SS.912.E.1.9 : Describe how the earnings of workers are determined.
  • SS.912.E.1.10 : Explain the use of fiscal policy (taxation, spending) to promote price stability, full employment, and economic growth.
  • SS.912.E.1.11 : Explain how the Federal Reserve uses the tools of monetary policy (discount rate, reserve requirement, open market operations) to promote price stability, full employment, and economic growth.
  • SS.912.E.1.12 : Examine the four phases of the business cycle (peak, contraction - unemployment, trough, expansion - inflation).
  • SS.912.E.1.13 : Explain the basic functions and characteristics of money, and describe the composition of the money supply in the United States.
  • SS.912.E.1.14 : Compare credit, savings, and investment services available to the consumer from financial institutions.
  • SS.912.E.1.15 : Describe the risk and return profiles of various investment vehicles and the importance of diversification.
  • SS.912.E.1.16 : Construct a one-year budget plan for a specific career path including expenses and construction of a credit plan for purchasing a major item.
Cluster Information
Number:
SS.912.E.1
Title:
Understand the fundamental concepts relevant to the development of a market economy.
Type:
Standard
Subject:
Social Studies
Grade:
912
Strand
Economics
Cluster Access Points

This cluster includes the following Access Points.

  • SS.912.E.1.AP.1 : Identify examples of factors of production of goods and services.
  • SS.912.E.1.AP.2 : Utilize a production possibilities graph to identify the impact of scarcity, choice and opportunity costs.
  • SS.912.E.1.AP.3 : Identify differences in the major characteristics of the market, command, and mixed economic systems and how they answer: (1) What to produce? (2) How to produce? And (3) For whom to produce?
  • SS.912.E.1.AP.4a : Identify supply, demand, quantity supplied, and quantity demanded.
  • SS.912.E.1.AP.4b : Using a supply and demand graph, identify how the equilibrium price is determined by the interaction between supply and demand.
  • SS.912.E.1.AP.5 : Identify forms of business organizations.
  • SS.912.E.1.AP.6 : Identify differences between the four market structures (monopoly, oligopoly, monopolistic competition, pure competition).
  • SS.912.E.1.AP.7 : Identify factors that determine the price of a good or service to maximize profit.
  • SS.912.E.1.AP.8 : Identify characteristics of price and non-price competition, such as discounts and rebates, and quality and extra service.
  • SS.912.E.1.AP.9 : Identify factors that determine the earnings of workers.
  • SS.912.E.1.AP.10 : Identify how the government uses taxation and spending to provide jobs which leads to economic growth.
  • SS.912.E.1.AP.11 : Identify that the Federal Reserve controls interest rates to affect economic growth.
  • SS.912.E.1.AP.12 : Identify the four phases of the business cycle, such as peak, contraction-unemployment, trough, and expansion-inflation.
  • SS.912.E.1.AP.13 : Describe the basic functions and characteristics of money in the United States.
  • SS.912.E.1.AP.14 : Compare major differences between credit, savings, and investment services.
  • SS.912.E.1.AP.15 : Identify the risk and return of a variety of investments and diversification.
  • SS.912.E.1.AP.16 : Create a budget plan that includes wages and expenses, and a plan for purchasing a major item.
Cluster Resources

Vetted resources educators can use to teach the concepts and skills in this topic.

Lesson Plans
  • Why Should I Save?: Students will compare savings accounts from three financial institutions to determine which would be the better choice for them to open an account.

  • What's my education worth?: Students will investigate how education and training can affect access to various occupations.

  • What will you do with an hourly job?: Students will research hourly wage jobs in a geographical location and determine what benefits that job has for their future.

  • The Powers of Congress: Students will examine Article I Section 8 of the U.S. Constitution to identify the expressed powers of Congress.  They will identify examples of implied powers that helps carry out an expressed power.

  • Budgets in the Government and at Home: In this lesson, students will identify how income and changes in spending and taxes affect budgets and spending in the government and in individual households and identify and describe the enumerated powers delegates to Congress to create a federal budget. Students will also identify an amendment related to the federal budget and create a personal one-year budget plan for a specific career path.

     

  • Capitalism vs. Communism in the Industrial Revolution: In this lesson plan, students will analyze why communism was proposed as an alternative to capitalism during the Industrial Revolution. They will analyze political cartoons and major primary source texts by Adam Smith and Karl Marx. The final task is a Venn Diagram comparing the theories.

  • Types of Government Systems: In this lesson, students will describe and differentiate between the various systems of government that exist throughout the world and how they are tied to liberty, economic opportunity, and prosperity.

  • Comparing and Contrasting Economic Systems: In this lesson plan, students will examine the four main economic systems: laissez-faire capitalism, socialism, communism, and mixed-market economy. Students will analyze primary sources to support their learning. Students will create a graphic organizer using both primary sources and direct instruction.

  • Sources of Income: Scenarios: Students will demonstrate their knowledge of different sources of income by analyzing then sorting career and job scenarios into income categories, in this lesson plan.

  • The Specifics of Supply and Demand: This lesson is designed to teach the specifics of supply and demand. Determinants, as well as effects on supply and demand, will be covered. Students will then be asked to research headlines and analyze the supply and demand represented in the news articles.

Video/Audio/Animation
  • Portraits in Patriotism - Tatiana Menaker: Secondary School: Born in 1949, under the dictatorship of Joseph Stalin, Tatiana Menaker grew up in communist Soviet Union (now the Russian Federation), witnessing first-hand the inequalities that occurred under Stalin’s rule. “Refuseniks,” Tatiana and her family applied for permission to emigrate and became “Refuseniks” when they were denied permission to emigrate. Eventually, Tatiana engineered a plan that would allow her and her family to escape the Soviet Union.