Economics
Section 1 Economics (GOVT.1, 14, 15)
Objective 1:
Three Basic Economic Questions—the student will apply social science skills to understand economic systems by identifying the basic economic questions encountered by all economic systems. (GOVT.14a)
Objective 2:
Government Involvement—the student will apply social science skills to understand economic systems by comparing the characteristics of traditional, free market, command, and mixed economies, as described by Adam Smith and Karl Marx. (GOVT.14b)
Objective 3:
Choice—the student will apply social science skills to understand economic systems by evaluating the impact of the government's role in the economy on individual economic freedoms. (GOVT.14c)
Objective 4:
Economic Freedom and Political Freedom—the student will demonstrate knowledge of economic systems by explaining the relationship between economic freedom and political freedom. (GOVT.14d)
Objective 5:
Economic Indicators— the student will demonstrate knowledge of economic systems by examining productivity and the standard of living as measured by key economic indicators. (GOVT.14e)
Objective 6:
Entrepreneurship—The student will demonstrate knowledge of the United States market economy by assessing the importance of entrepreneurship, the profit motive, and economic independence to the promotion of economic growth. (GOVT.15a)
Objective 7:
Business Structure—the student will demonstrate knowledge of the United States market economy by comparing the types of business organizations. (GOVT.15b)
Objective 8:
Factors of Production—the student will demonstrate knowledge of the United States market economy by describing the factors of production. (GOVT.15c)
Objective 9:
Supply and Demand—the student will demonstrate knowledge of the United States market economy by explaining the interaction of supply and demand. (GOVT.15d)
Objective 10:
Circular Flow—the student will demonstrate knowledge of the United States market economy by illustrating the circular flow of economic activity. (GOVT.15e)
Objective 11:
Global Economy—the student will demonstrate knowledge of the United States market economy by analyzing global economic trends, and the relationship of Virginia and the United States to the global economy. (GOVT.15f)