Economics
For grade 11 & 12
(.5 credit)




Economics with Emphasis on the Free Enterprise System and Its Benefits is the culmination of the economic content and concepts studied from Kindergarten through required secondary courses. The focus is on the basic principles concerning production, consumption, and distribution of goods and services in the United States and a comparison with those in other countries around the world. Students examine the rights and responsibilities of consumers and businesses. Students analyze the interaction of supply, demand, and price and study the role of financial institutions in a free enterprise system. Types of business ownership and market structures are discussed, as are basic concepts of consumer economics. The impact of a variety of factors including geography, the federal government, economic ideas from important philosophers and historic documents, societal values, and scientific discoveries and technological innovations on the national economy and economic policy is an integral part of the course. Students apply critical-thinking skills to create economic models and to evaluate economic-activity patterns.

Economics with Emphasis on the Free Enterprise System and Its Benefits builds upon the foundation in citizenship; economics; geography; government; history; culture; social studies skills; and science, technology, and society laid by the social studies essential knowledge and skills in Kindergarten-Grade 12. The content enables students to understand the importance of patriotism, function in a free enterprise society, and appreciate the basic democratic values of our state and nation as referenced in the Texas Education Code, §28.002(h).

The student is expected to:
  • understand the rights and responsibilities of consumers in the U.S. free enterprise system
  • understand the rights and responsibilities of businesses in the U.S. free enterprise system
  • understand the right to own, use, and dispose of private property
  • understand the basic principles of the U.S. free enterprise system
  • understand the concepts of scarcity and opportunity costs
  • understand the circular-flow model of the economy
  • understand the interaction of supply, demand, and price
  • understand the role of financial institutions in saving, investing, and borrowing
  • understand types of business ownership and types of market structures
  • understand traditional, command, and market economic systems
  • understand the basic concepts of consumer economics
  • understand the geographic significance of the economic factors of production
  • understand the reasons for international trade and its importance to the United States
  • understand the issues of free trade and the effects of trade barriers
  • understand the role that the government plays in the U.S. free enterprise system
  • understand the goals of economic growth, stability, full employment, freedom, security, equity, and efficiency as they apply to U.S. economic policy
  • understand the economic impact of fiscal policy decisions at the local, state, and national levels.
  • understands the role of the Federal Reserve System in establishing monetary policy
  • understand economic ideas and decisions from the past that have influenced the present and those of today that will affect the future
  • understand economic concepts embodied in historical documents including the U.S. Constitution
  • understand how societal values affect a nation's economy
  • understand the impact of a nation's culture on its level of economic development
  • communicate in written, oral, and visual forms
  • use problem-solving and decision-making skills, working independently and with others, in a variety of settings
  • understand the effects of science and technology on an economy
  • understand the economic effects of scientific discoveries and technological innovations on households, businesses, and government
Texas Administrative Code (TAC), Title 19, Part II
Chapter §118.2 (11th-12th)
Texas Essential Knowledge & Skills for Economics
with Emphasis on the Free Enterprise System & Its Benefits
Subchapter A. High School
http://www.tea.state.tx.us


To view Economics Curriculum, click here.

 
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