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K–12 Standards

Economics

Other Hawaii Social Studies sets

Understand that scarcity and choice impact economic activity of individuals, families, communities, and nationsSS.12E.1

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    Opportunity Costs and Trade-offs

    1. 1

      Describe how individuals, families, communities, and/or nations use marginal costs and marginal benefits to make economic decisionsSS.12E.1.1

      1. 1

        Advanced: Describe how individuals, families, communities, and/or nations use marginal costs and marginal benefits to make economic decisions, drawing highly relevant conclusionsSS.12E.1.1.Adv

      2. 2

        Proficient: Describe how individuals, families, communities, and/or nations use marginal costs and marginal benefits to make economic decisions, drawing relevant conclusionsSS.12E.1.1.Prof

      3. 3

        Partially Proficient: Describe how individuals, families, communities, and/or nations use marginal costs and marginal benefits to make economic decisions, drawing partially relevant conclusionsSS.12E.1.1.P-Prof

      4. 4

        Novice: Ineffectively describe how individuals, families, communities, and/or nations use marginal costs and marginal benefits to make economic decisionsSS.12E.1.1.N

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    Productivity

    1. 2

      Identify the factors of production (e.g., land, labor, capital) and explain how these factors influence the production of goods and servicesSS.12E.1.2

      1. 1

        Advanced: Identify the factors of production and explain, with clear and precise detail, how these factors influence the production of goods and servicesSS.12E.1.2.Adv

      2. 2

        Proficient: Identify the factors of production and explain, with detail, how these factors influence the production of goods and services SS.12E.1.2.Prof

      3. 3

        Partially Proficient: Identify the factors of production and explain, with minimal detail, how these factors influence the production of goods and servicesSS.12E.1.2.P-Prof

      4. 4

        Ineffectively identify the factors of production and ineffectively explain how these factors influence the production of goods and services SS.12E.1.2.N

Understand markets and the role of supply and demand in determining price and resource allocationSS.12E.2

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    Role and Function of Markets

    1. 1

      Explain the laws of supply and demand and illustrate how their determinants affect the supply or demand curve (e.g., how changes in technology or price of inputs affect supply; how consumer income, tastes, and preferences affect demand)SS.12E.2.1

      1. 1

        Advanced: Explain the laws of supply and demand and illustrate how the determinants of supply or demand affect the supply or demand curve, drawing highly relevant conclusions SS.12E.2.1.Adv

      2. 2

        Proficient: Explain the laws of supply and demand and illustrate how the determinants of supply or demand affect the supply or demand curve, drawing relevant conclusions SS.12E.2.1.Prof

      3. 3

        Explain the laws of supply and demand and illustrate how the determinants of supply or demand affect the supply or demand curve, drawing partially relevant conclusionsSS.12E.2.1.P-Prof

      4. 4

        Novice: Ineffectively explain the laws of supply and demand and poorly illustrate how the determinants of supply or demand affect the supply or demand curveSS.12E.2.1.N

    2. 2

      Explain how money makes it easier for countries to borrow, save, invest, and compare the value of goods and servicesSS.12E.2.2

      1. 1

        Advanced: Explain how money makes it easier for countries to borrow, save, invest, and compare the value of goods and services, drawing highly relevant conclusionsSS.12E.2.2.Adv

      2. 2

        Proficient: Explain how money makes it easier for countries to borrow, save, invest, and compare the value of goods and services, drawing relevant conclusionsSS.12E.2.2.Prof

      3. 3

        Partially Proficient: Explain how money makes it easier for countries to borrow, save, invest, and compare the value of goods and services, drawing partially relevant conclusionsSS.12E.2.2.P-Prof

      4. 4

        Novice: Ineffectively explain how money makes it easier for countries to borrow, save, invest, and ineffectively compare the value of goods and servicesSS.12E.2.2.N

Understand the sources of income and growth in a market-based economy SS.12E.3

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    Economic Growth

    1. 1

      Describe the characteristics of an entrepreneur (e.g., how he or she accepts business risks for profit) and explain the role of entrepreneurs in a market-based economy (e.g., how they introduce new products and production methods)SS.12E.3.1

      1. 1

        Advanced: Describe the characteristics of an entrepreneur and explain, with clear and precise detail, the role of entrepreneurs in a market-based economySS.12E.3.1.Adv

      2. 2

        Proficient: Describe the characteristics of an entrepreneur and explain, with detail, the role of entrepreneurs in a a market-based economySS.12E.3.1.Prof

      3. 3

        Partially Proficient: Describe the characteristics of an entrepreneur and explain, with minimal detail, the role of entrepreneurs in a market-based economySS.12E.3.1.P-Prof

      4. 4

        Novice: Ineffectively describe the characteristics of an entrepreneur and ineffectively explain the role of entrepreneurs in a market-based economySS.12E.3.1.N

    2. 2

      Explain how stock markets function, what influences their performance, and how they impact national economiesSS.12E.3.2

      1. 1

        Advanced: Explain how stock markets function, what influences their performance, and how they impact national economies, using highly relevant examplesSS.12E.3.2.Adv

      2. 2

        Proficient: Explain how stock markets function, what influences their performance, and how they impact national economies, using relevant examplesSS.12E.3.2.Prof

      3. 3

        Explain how stock markets function, what influences their performance, and how they impact national economies, using partially relevant examplesSS.12E.3.2.P-Prof

      4. 4

        Novice: Ineffectively explain how stock markets function, what influences their performance, and how they impact national economiesSS.12E.3.2.N

Understand how to use personal economic decision-making to maximize the net benefits of personal incomeSS.12E.4

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    Personal Economic Decisions 

    1. 1

      Analyze the types of personal economic decisions and choices that individuals make (e.g., determining how to budget money; establishing short- and long-term financial goals and plans related to income, saving, and spending; utilizing loans and credit cards; considering investment options)SS.12E.4.1

      1. 1

        Advanced: Analyze the types of personal economic decisions and choices that individuals make, drawing highly relevant conclusionsSS.12E.4.1.Adv

      2. 2

        Proficient: Analyze the types of personal economic decisions and choices that individuals make, drawing relevant conclusionsSS.12E.4.1.Prof

      3. 3

        Partially Proficient: Analyze the types of personal economic decisions and choices that individuals make, drawing partially relevant conclusionsSS.12E.4.1.P-Prof

      4. 4

        Novice: Ineffectively analyze the types of personal economic decisions and choices that individuals makeSS.12E.4.1.N

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    Economic Reasoning

    1. 2

      Identify how economic reasoning is used to make to make personal decisions (e.g., purchasing a car; deciding on a college, career choices)SS.12E.4.2

      1. 1

        Advanced: Identify how economic reasoning is used to make personal decisions, using highly relevant examplesSS.12E.4.2.Adv

      2. 2

        Proficient: Identify how economic reasoning is used to make personal decisions, using relevant examplesSS.12E.4.2.Prof

      3. 3

        Partially Proficient: Identify how economic reasoning is used to make decisions, using partially relevant examplesSS.12E.4.2.P-Prof

      4. 4

        Ineffectively identify how economic reasoning is used to make decisionsSS.12E.4.2.N

Understand the various economic institutions of a market-based economySS.12E.5

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    Economic Institutions

    1. 1

      Explain the significance of economic institutions (e.g., the banking system and its interaction with business firms and consumers; the function of financial and securities markets; the impact of labor unions on the American economy) in a market-based economySS.12E.5.1

      1. 1

        Advanced: Describe, with clear and precise detail, how and why individuals utilize various financial institutionsSS.12E.5.1.Adv

      2. 2

        Proficient: Describe, with detail, how and why individuals utilize various financial institutionsSS.12E.5.1.Prof

      3. 3

        Partially Proficient: Describe, with minimal detail, how and why individuals utilize various financial institutionsSS.12E.5.1.P-Prof

      4. 4

        Novice: Ineffectively describe how and why individuals utilize various financial institutionsSS.12E.5.1.P-N

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    Competition

    1. 2

      Explain the nature and role of competition in a market-based economy (e.g., the determination of market price through competition among buyers and sellers; conditions that make industries more or less competitive; the effect of domestic and international competition in a market-based economy)SS.12E.5.2

      1. 1

        Advanced: Explain the nature and role of competition in a market-based economy, drawing highly relevant conclusionsSS.12E.5.2.Adv

      2. 2

        Proficient: Explain the nature and role of competition in a market-based economy, drawing relevant conclusionsSS.12E.5.2.Prof

      3. 3

        Partially Proficient: Describe the nature and role of competition in a market-based economy, drawing partially relevant conclusionsSS.12E.5.2.P-Prof

      4. 4

        Novice: Identify the nature and role of competition in a market-based economySS.12E.5.2.N

Understand the national economy and economic policiesSS.12E.6

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    National Economy

    1. 1

      Explain various measures of economic health (e.g., the Gross Domestic Product [GDP], consumer price indexes [CPI], personal income, disposable income, rates of inflation and deflation, unemployment rates)SS.12E.6.1

      1. 1

        Advanced: Explain, with clear and precise detail, various measures of economic health SS.12E.6.1.Adv

      2. 2

        Proficient: Explain, with detail, various measures of economic health SS.12E.6.1.Prof

      3. 3

        Partially ProficientSS.12E.6.1.P-Prof

      4. 4

        Novice: Ineffectively explain various measures of economic healthSS.12E.6.1.N

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    Economic Policies

    1. 2

      Explain the various roles government plays in a market-based economy, including monetary policy, market regulation and oversight, and fiscal policySS.12E.6.2

      1. 1

        Advanced: Explain the various roles government plays in a market-based economy, including monetary policy, market regulation and oversight, and fiscal policy, using highly relevant examples SS.12E.6.2.Adv

      2. 2

        Proficient: Explain the various roles government plays in a market-based economy, including monetary policy, market regulation and oversight, and fiscal policy, using relevant examplesSS.12E.6.2.Prof

      3. 3

        Partially Proficient: Explain the various roles government plays in a market-based economy, including monetary policy, market regulation and oversight, and fiscal policy, using partially relevant examplesSS.12E.6.2.P-Prof

      4. 4

        Novice: Ineffectively explain the various roles government plays in a market-based economy, including monetary policy, market regulation and oversight, and fiscal policySS.12E.6.2.N

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    Revenue

    1. 3

      Explain major sources of government revenue (e.g., personal income and payroll taxes, sales taxes, property taxes) at the federal, state, and local levelSS.12E.6.3

      1. 1

        Advanced: Explain, with clear and precise detail, major sources of government revenue (e.g., personal income and payroll taxes, sales taxes, property taxes) at the federal, state, and local level SS.12E.6.3.Adv

      2. 2

        Proficient: Explain, with detail, major sources of government revenue (e.g., personal income and payroll taxes, sales taxes, property taxes) at the federal, state, and local levelSS.12E.6.3.Prof

      3. 3

        Partially Proficient: Explain, with minimal detail, major sources of government revenue (e.g., personal income and payroll taxes, sales taxes, property taxes) at the federal, state, and local levelSS.12E.6.3.P-Prof

      4. 4

        Novice: Ineffectively explain major sources of government revenue (e.g., personal income and payroll taxes, sales taxes, property taxes) at the federal, state, and local levelSS.12E.6.3.N

Understand the principles of global trade and economic developmentSS.12E.7

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    Characteristics of Global Trade

    1. 1

      Explain the characteristics of global trade (e.g., tariffs, foreign exchange market, trade agreements, balance of payments, specialization)SS.12E.7.1

      1. 1

        Advanced: Explain, with clear and precise detail, the characteristics of global tradeSS.12E.7.1.Adv

      2. 2

        Proficient: Explain, with detail, the characteristics of global tradeSS.12E.7.1.Prof

      3. 3

        Partially Proficient: Explain, with minimal detail, the characteristics of global tradeSS.12E.7.1.P-Prof

      4. 4

        Novice: Ineffectively explain the characteristics of global tradeSS.12E.7.1.N

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    Economic Development

    1. 2

      Explain how global trade affects a nation's economic development (e.g., increases in consumer choice, standards of living, production efficiencies)SS.12E.7.2

      1. 1

        Advanced: Explain, with clear and precise evidence, how global trade affects economic developmentSS.12E.7.2.Adv

      2. 2

        Proficient: Explain, with evidence, how global trade affects economic developmentSS.12E.7.2.Prof

      3. 3

        Partially Proficient: Explain, with weak evidence, how global trade affects economic developmentSS.12E.7.2.P-Prof

      4. 4

        Novice: Ineffectively explain how global trade affects economic developmentSS.12E.7.2.N

    2. 3

      Compare the advantages and disadvantages of economic systems (i.e., traditional, command, market-based) SS.12E.7.3

      1. 1

        Advanced: Compare the advantages and disadvantages of economic systems (i.e., traditional, command, market-based), drawing highly relevant conclusionsSS.12E.7.3.Adv

      2. 2

        Proficient: Compare the advantages and disadvantages of economic systems (i.e., traditional, command, market-based), drawing relevant conclusionsSS.12E.7.3.Prof

      3. 3

        Partially Proficient: Compare the advantages and disadvantages of economic systems (i.e., traditional, command, market-based), drawing partially relevant conclusionsSS.12E.7.3.P-Prof

      4. 4

        Novice: Ineffectively compare the advantages and disadvantages of economic systems (i.e., traditional, command, market-based)SS.12E.7.3.N

Frequently asked questions

What grade levels do these standards cover?
Grade 9, Grade 10, Grade 11, and Grade 12
Where can I read the official document?
Content Area: Social Studies

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