TN BOE State Standards Survey Social Studies 2022

E.01: Explain how consumers and producers confront the condition of scarcity by making choices that involve opportunity costs and tradeoffs.

E.02: Define land, labor, capital, and entrepreneurship, and explain why they are necessary for the production of goods and services.

E.03: Explain reasons for voluntary exchange, including positive and negative incentives.

E.04: Describe the basic characteristics, and explain the functions of money, including its role as a medium of exchange, store of value, and unit of account.

E.05: Compare and contrast how the various modern economic systems (i.e., market, command, mixed) attempt to answer the following questions: What to produce? How to produce it? To produce it for whom?

E.06: Use a production possibilities curve to explain the concepts of: • Choice • Productivity • Tradeoffs • Growth • Scarcity • Unemployment • Opportunity cost

E.07: Compare and contrast the theoretical principles of capitalism, socialism, and communism, as expressed through theorists such as Adam Smith and Karl Marx.

E.08: Identify and explain the following broad goals of economic policy: • Efficiency • Full employment • Price stability • Equity • Growth • Security • Freedom

E.09: Define supply and demand, provide relevant examples, and consider ceteris paribus (i.e., all things being equal).

E.10: Identify factors that cause changes in market supply and demand.

E.11: Use concepts of price elasticity of demand and supply to explain and predict changes in quantity as prices fluctuate.

E.12: Define market equilibrium, and explain how supply and demand guide prices towards equilibrium to avoid surpluses or shortages.

E.13: Describe how supply and demand determine equilibrium price, and graph examples on a curve.

E.14: Describe causes of shortages and surpluses.

E.15: Analyze effects of shortages and surpluses on supply and demand.

E.16: Compare and contrast the following forms of business organization: sole proprietorship, partnership, and corporation.

E.17: Explain the function of profit in a market economy as an incentive for entrepreneurs to accept the risks of business failure.

E.18: Define stock, and describe the connections between capital, stock markets, banks, and the economy.

E.19: Analyze the various ways and reasons that firms grow either through reinvestment of financial capital or through horizontal, vertical, and conglomerate mergers.

E.20: Summarize the role and historical impact of economic institutions (such as labor unions, multinationals, and nonprofit organizations) within market economies.

E.21: Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and perfect competition.

E.22: Explain how competition impacts pricing and production in market structures.

E.23: Identify laws and regulations adopted in the U.S. to promote competition among firms.

E.24: Explain ways that firms engage in price and non-price competition.

E.25: Describe the characteristics of natural monopolies and the purposes of government regulation of these monopolies (such as utilities).

E.26: Demonstrate how firms with market power can determine price and output.

E.27: Explore the roles that research and development, equipment and technology, and the training of workers have in increasing productivity.

E.28: Describe potential factors that influence the earnings of workers.

E.29: Describe methods of revenue (e.g., taxes and bonds) for governments, and explain ways that they allocate funds.

E.30: Analyze reasons that government deficits, debts, and surpluses are accrued, and compare and contrast government budgets with personal budgets.

E.31: Define progressive, proportional, and regressive taxation, and discuss how federal, state, and local governments utilize them.

E.32: Analyze economic costs and benefits of government policies (e.g., Social Security, Medicare, earned income credits, military expenditures, and public education).

E.33: Explore potential national debt management strategies, considering their feasibility and implications.

E.34: Describe the purpose, role, and function of the Federal Reserve.

E.35: Define fiscal and monetary policy, and explain how the government uses these in its efforts to influence the economy.

E.36: Explain how price stability, full employment, and economic growth influence fiscal and monetary policy making.

E.37: Compare the various schools of thought on governmental intervention in the economy, including: classical (Adam Smith), demand-siders (John Maynard Keynes), the Austrian school (Friedrich Hayek), supply-siders (Arthur Laffer), and Monetarists (Milton Friedman).

E.38: Analyze how governments intend to incentivize entrepreneurs through policies (e.g., tax, regulatory, education, research support policies, patents, and copyrights).

E.39: Define gross domestic product (GDP), economic growth, unemployment, and inflation, and explain how they are calculated.

E.40: Define externalities, and identify examples of them.

E.41: Identify the different causes of inflation, and analyze inflation’s impact.

E.42: Explain the role of banks and other financial institutions in the U.S. economy.

E.43: Differentiate between different types of unemployment (e.g., structural, frictional, seasonal, underemployment, and cyclical).

E.44: Describe the impact of investment and consumer debt as it relates to the national economy.

E.45: Explain the benefits of trade among individuals, regions, and countries.

E.46: Define and distinguish between absolute and comparative advantage, and explain how most trade occurs because of a comparative advantage.

E.47: Describe causes and consequences of trade barriers (e.g., quotas, tariffs, and subsidies) on consumers and producers.

E.48: Define trade deficit, and identify reasons why trade deficits exist.

E.49: Explain how changes in exchange rates impact the purchasing power of people in the U.S. and other countries.

E.50: Evaluate the arguments for and against free trade.