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Business EconomicsThis course provides an in-depth study of fundamental concepts, free enterprise trading practices, and the various players in the economic system.
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Course Standards
Standard 1.0
The student will develop and apply concepts related to human relations, safety, career development,
communications and leadership skills for a global workplace.
The student will:
1.1 Demonstrate sensitivity to personal, societal, corporate, and governmental responsibility
to community and global issues.
1.2 Demonstrate the interpersonal, teamwork, and leadership skills needed to function in
diverse business settings, including the global marketplace.
1.3 Communicate effectively as writers, listeners, and speakers in diverse social and business
settings.
1.4 Apply the critical-thinking and soft skills needed to function in students’ multiple roles as
citizens, consumers, workers, managers, business owners, and directors of their own
futures.
1.5 Analyze and follow policies for managing legal and ethical issues in organizations and in a
technology-based society.
1.6 Investigate the life-long learning skills that foster flexible career paths and confidence in
adapting to a workplace that demands constant retooling.
1.7 Assess personal skills, abilities, aptitudes, and personal strengths and weaknesses as they
relate to career exploration and apply knowledge gained from individual assessment to
research and develop an individual career plan.
1.8 Examine the goals and principles of Future Business Leaders of America.
1.9 Investigate online and office safety procedures and pass a written safety examination with
100% accuracy.
1.10 Demonstrate parliamentary procedure through office staff/chapter organizational
meetings.
1.11 Apply appropriate typography concepts to industry documents.
Sample Performance Task
Design and produce a team project on legal and ethical issues that includes issues and
penalties for plagiarism, copied data with permission and the process used in obtaining
permission. Obtain formal permission for use of quotations, art form, design, music, and
photographs. Develop and present a total team project utilizing various technology
components and appropriate typography concepts.
Standard 2.0
Students will analyze the basic economic systems in relation to scarcity, choice, and opportunity costs.
The student will:
2.1 Apply the concepts of basic economics.
2.2 Differentiate between economic systems.
2.3 Analyze economic problems and goals of society.
2.4 Analyze the economic problem of scarcity.
2.5 Assess the importance of natural resources and their relationship to economic decision
making.
Sample Performance Task
The students will write a scenario of a group of people being stranded on a deserted island.
The students must decide what type of economic system to create. In answering that
question, they must answer the three basic economic questions—what to produce, how to
produce, and for whom to produce. This activity will force the students to explore trade-offs
and opportunity costs.
The assignment could be accomplished through a written paper, a skit, a multimedia
presentation, etc.
Standard 3.0
Students will analyze the role of business in a free enterprise system.
The student will:
3.1 Connect concepts as they apply to the role of business in a free enterprise system.
3.2 Analyze types of business organizations.
3.3 Apply the concepts of buying and selling of stock.
3.4 Analyze effects of competition and monopoly on a free enterprise system.
3.5 Apply the concepts of production.
3.6 Analyze characteristics of marketing.
3.7 Differentiate between factors of production.
3.8 Explain the phenomena in terms of the law of supply and demand.
3.9 Formulate and analyze knowledge/understanding of elasticity of demand.
3.10 Analyze the role of unions in the economy.
Sample Performance Task
The students will gather information about the forms of business—sole proprietorship,
partnership, corporation, and limited liability company. They should use several sources of
information (primary and secondary). Once the information is gathered, the students will
create an interactive multimedia presentation and a written paper exploring the details of
each type of business. The details should include the following:
Type of business
Characteristics of the type of business
Discussion of products/services within each business types
Competition within business type
Use of illustrations of supply and demand curves for elastic and inelastic products in
business
Standard 4.0
Students will analyze the role of the individual in a free enterprise system.
The student will:
4.1 Connect concepts as they apply to the individual’s role in a free enterprise system.
4.2 Apply concepts demonstrating the elements of personal and fiscal responsibility.
4.3 Critique and analyze types of savings plans.
4.4 Investigate and analyze the appropriate use of credit.
4.5 Differentiate between the most common forms of insurance and formulate a personal needs
assessment.
Sample Performance Task
Students will develop a personal consumer portfolio. The portfolio will include the following:
A budget
Personal savings/retirement plan
Insurance options and planning
Home/car purchasing plan
Credit assessment
The assignment will be written and given as an oral presentation. The student will include
statements from credit plans, insurance brochures, notes from interviews with different
people, Internet, etc., to support their research.
Standard 5.0
Students will analyze the role of government in a free enterprise system.
The student will:
5.1 Connect concepts related to government’s role in a free enterprise system.
5.2 Formulate and analyze the components of gross national product (GNP), gross domestic
product (GDP) and national income.
5.3 Investigate and differentiate the types of taxes.
5.4 Analyze the concept of governmental distribution of wealth.
5.5 Analyze cause/effect of inflation and recession.
5.6 Investigate and analyze the impact of the American financial structure, including banking and
monetary policy.
5.7 Investigate and analyze governmental policies and their economic consequences at the
national, state and local levels.
Sample Performance Task
Students should create an illustration of the circular flow of money, focusing on the
government section of the circular flow. When doing so, they will create a table showing how
the government collects money and distributes those tax dollars. They will also include the
government’s responsibility to consumers and businesses as part of their role in the free
enterprise system.
Students will both write and orally present this assignment.
Standard 6.0
Students will analyze economic concepts.
The student will:
6.1 Connect concepts as they apply to international economics.
6.2 Investigate and analyze the effect of world trade on the United States economy.
6.3 Utilize business economic concepts to determine advantages/disadvantages of International
trade, including the global impact.
6.4 Develop a logical argument for/against protective trade barriers.
6.5 Investigate the purpose of foreign aid.
6.6 Analyze the cause and effect of reliance on foreign aid.
Sample Performance Task
Students will research international trade and its effect on the free enterprise system. Each
student will select a product and trace its origination. Compare and contrast the benefits of
foreign trade and domestic trade within the U.S. (include discussion of tariffs).
This assignment can be in the form of a class debate where half of the class represents
domestic trade and the other half of the class represents international trade.
Standard 7.0
Students will analyze careers in business economics.
The student will:
7.1 Analyze and synthesize opportunities for careers related to business economics.
7.2 Analyze current employment trends for careers related to business economics across
industries.
Sample Performance Task
Students should complete a career research portfolio and make an oral presentation on the
portfolio development process. The portfolio will include the following areas:
Traditional research about various careers in business/economics
A shadowing experience in one of the careers
An interactive multimedia presentation
Standard 8.0
Students will identify market structures/forms of competition found in the U.S. economy.
The student will:
8.1 Analyze, compare and contrast perfect competition and monopolistic competition.
8.2 Analyze, compare, and contrast oligopoly and monopoly.
8.3 Connect government regulation to the creation of natural monopolies.
Sample Performance Task
As a team students will research, develop, and present a visual presentation comparing
and contrasting different types of market competition. The research will include the
following:
Perfect competition
Monopolistic competition
Oligopoly
Monopoly
Standard 1.0
The student will develop and apply concepts related to human relations, safety, career development,
communications and leadership skills for a global workplace.
The student will:
1.1 Demonstrate sensitivity to personal, societal, corporate, and governmental responsibility
to community and global issues.
1.2 Demonstrate the interpersonal, teamwork, and leadership skills needed to function in
diverse business settings, including the global marketplace.
1.3 Communicate effectively as writers, listeners, and speakers in diverse social and business
settings.
1.4 Apply the critical-thinking and soft skills needed to function in students’ multiple roles as
citizens, consumers, workers, managers, business owners, and directors of their own
futures.
1.5 Analyze and follow policies for managing legal and ethical issues in organizations and in a
technology-based society.
1.6 Investigate the life-long learning skills that foster flexible career paths and confidence in
adapting to a workplace that demands constant retooling.
1.7 Assess personal skills, abilities, aptitudes, and personal strengths and weaknesses as they
relate to career exploration and apply knowledge gained from individual assessment to
research and develop an individual career plan.
1.8 Examine the goals and principles of Future Business Leaders of America.
1.9 Investigate online and office safety procedures and pass a written safety examination with
100% accuracy.
1.10 Demonstrate parliamentary procedure through office staff/chapter organizational
meetings.
1.11 Apply appropriate typography concepts to industry documents.
Sample Performance Task
Design and produce a team project on legal and ethical issues that includes issues and
penalties for plagiarism, copied data with permission and the process used in obtaining
permission. Obtain formal permission for use of quotations, art form, design, music, and
photographs. Develop and present a total team project utilizing various technology
components and appropriate typography concepts.
Standard 2.0
Students will analyze the basic economic systems in relation to scarcity, choice, and opportunity costs.
The student will:
2.1 Apply the concepts of basic economics.
2.2 Differentiate between economic systems.
2.3 Analyze economic problems and goals of society.
2.4 Analyze the economic problem of scarcity.
2.5 Assess the importance of natural resources and their relationship to economic decision
making.
Sample Performance Task
The students will write a scenario of a group of people being stranded on a deserted island.
The students must decide what type of economic system to create. In answering that
question, they must answer the three basic economic questions—what to produce, how to
produce, and for whom to produce. This activity will force the students to explore trade-offs
and opportunity costs.
The assignment could be accomplished through a written paper, a skit, a multimedia
presentation, etc.
Standard 3.0
Students will analyze the role of business in a free enterprise system.
The student will:
3.1 Connect concepts as they apply to the role of business in a free enterprise system.
3.2 Analyze types of business organizations.
3.3 Apply the concepts of buying and selling of stock.
3.4 Analyze effects of competition and monopoly on a free enterprise system.
3.5 Apply the concepts of production.
3.6 Analyze characteristics of marketing.
3.7 Differentiate between factors of production.
3.8 Explain the phenomena in terms of the law of supply and demand.
3.9 Formulate and analyze knowledge/understanding of elasticity of demand.
3.10 Analyze the role of unions in the economy.
Sample Performance Task
The students will gather information about the forms of business—sole proprietorship,
partnership, corporation, and limited liability company. They should use several sources of
information (primary and secondary). Once the information is gathered, the students will
create an interactive multimedia presentation and a written paper exploring the details of
each type of business. The details should include the following:
Type of business
Characteristics of the type of business
Discussion of products/services within each business types
Competition within business type
Use of illustrations of supply and demand curves for elastic and inelastic products in
business
Standard 4.0
Students will analyze the role of the individual in a free enterprise system.
The student will:
4.1 Connect concepts as they apply to the individual’s role in a free enterprise system.
4.2 Apply concepts demonstrating the elements of personal and fiscal responsibility.
4.3 Critique and analyze types of savings plans.
4.4 Investigate and analyze the appropriate use of credit.
4.5 Differentiate between the most common forms of insurance and formulate a personal needs
assessment.
Sample Performance Task
Students will develop a personal consumer portfolio. The portfolio will include the following:
A budget
Personal savings/retirement plan
Insurance options and planning
Home/car purchasing plan
Credit assessment
The assignment will be written and given as an oral presentation. The student will include
statements from credit plans, insurance brochures, notes from interviews with different
people, Internet, etc., to support their research.
Standard 5.0
Students will analyze the role of government in a free enterprise system.
The student will:
5.1 Connect concepts related to government’s role in a free enterprise system.
5.2 Formulate and analyze the components of gross national product (GNP), gross domestic
product (GDP) and national income.
5.3 Investigate and differentiate the types of taxes.
5.4 Analyze the concept of governmental distribution of wealth.
5.5 Analyze cause/effect of inflation and recession.
5.6 Investigate and analyze the impact of the American financial structure, including banking and
monetary policy.
5.7 Investigate and analyze governmental policies and their economic consequences at the
national, state and local levels.
Sample Performance Task
Students should create an illustration of the circular flow of money, focusing on the
government section of the circular flow. When doing so, they will create a table showing how
the government collects money and distributes those tax dollars. They will also include the
government’s responsibility to consumers and businesses as part of their role in the free
enterprise system.
Students will both write and orally present this assignment.
Standard 6.0
Students will analyze economic concepts.
The student will:
6.1 Connect concepts as they apply to international economics.
6.2 Investigate and analyze the effect of world trade on the United States economy.
6.3 Utilize business economic concepts to determine advantages/disadvantages of International
trade, including the global impact.
6.4 Develop a logical argument for/against protective trade barriers.
6.5 Investigate the purpose of foreign aid.
6.6 Analyze the cause and effect of reliance on foreign aid.
Sample Performance Task
Students will research international trade and its effect on the free enterprise system. Each
student will select a product and trace its origination. Compare and contrast the benefits of
foreign trade and domestic trade within the U.S. (include discussion of tariffs).
This assignment can be in the form of a class debate where half of the class represents
domestic trade and the other half of the class represents international trade.
Standard 7.0
Students will analyze careers in business economics.
The student will:
7.1 Analyze and synthesize opportunities for careers related to business economics.
7.2 Analyze current employment trends for careers related to business economics across
industries.
Sample Performance Task
Students should complete a career research portfolio and make an oral presentation on the
portfolio development process. The portfolio will include the following areas:
Traditional research about various careers in business/economics
A shadowing experience in one of the careers
An interactive multimedia presentation
Standard 8.0
Students will identify market structures/forms of competition found in the U.S. economy.
The student will:
8.1 Analyze, compare and contrast perfect competition and monopolistic competition.
8.2 Analyze, compare, and contrast oligopoly and monopoly.
8.3 Connect government regulation to the creation of natural monopolies.
Sample Performance Task
As a team students will research, develop, and present a visual presentation comparing
and contrasting different types of market competition. The research will include the
following:
Perfect competition
Monopolistic competition
Oligopoly
Monopoly