Related Access Points
This cluster includes the following access points.
Identify examples of factors of production of goods and services.
Utilize a production possibilities graph to identify the impact of scarcity, choice and opportunity costs.
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?
Identify supply, demand, quantity supplied, and quantity demanded.
Using a supply and demand graph, identify how the equilibrium price is determined by the interaction between supply and demand.
Identify differences between the four market structures (monopoly, oligopoly, monopolistic competition, pure competition).
Identify factors that determine the price of a good or service to maximize profit.
Identify characteristics of price and non-price competition, such as discounts and rebates, and quality and extra service.
Identify how the government uses taxation and spending to provide jobs which leads to economic growth.
Identify that the Federal Reserve controls interest rates to affect economic growth.
Identify the four phases of the business cycle, such as peak, contraction-unemployment, trough, and expansion-inflation.
Describe the basic functions and characteristics of money in the United States.
Compare major differences between credit, savings, and investment services.
Identify the risk and return of a variety of investments and diversification.
Create a budget plan that includes wages and expenses, and a plan for purchasing a major item.