§113.31. Economics with Emphasis on the Free Enterprise System and Its Benefits (2022)

Other Texas Social Studies sets

• Economics with Emphasis on the Free Enterprise System and it's Benefits (2024)
• Grade K (2022)
• World Geography (2024)
• Grade 1 (2022)
• Grade 2 (2022)
• Grade 3 (2022)
• Grade 4 (2022)
• Grade 5 (2022)
• Grade 6 (2022)
• Grade 7 (2022)
• Grade 8
• Grade 8 (2022)
• §113.45. Psychology (2020)
• §113.60. Social Studies Advanced Studies (2020)
• §113.61. Economics Advanced Studies (2020)
• United States Government (2022)
• United States History Studies Since 1877 (2022)
• World Geography Studies (2022)
• World History Studies (2022)
• Ethnic Studies (2020): African-American Studies
• Ethnic Studies (2020): Mexican American Studies
• Personal Financial Literacy & Economics (2022): Grades 11, 12

understand the effect of changes in price on the quantity demanded and quantity supplied;12.2.A

identify the non-price determinants that create changes in supply and demand, which result in a new equilibrium price; and12.2.B

interpret a supply-and-demand graph using supply-and-demand schedules.12.2.C

apply the concepts of absolute and comparative advantages;12.3.A

compare the effects of free trade and trade barriers on economic activities, including the benefits and costs of participating in international trade; and12.3.B

analyze the effects of changes in exchange rates on imports and exports.12.3.C

explain the basic characteristics of economic systems, including property rights, incentives, economic freedom, competition, and the role of government;12.4.A

contrast current and historic examples of the free enterprise system, socialism, and communism using the basic characteristics of economic systems; and12.4.B

analyze the contributions of various economic philosophers, including Friedrich Hayek, Milton Friedman, John Maynard Keynes, and Adam Smith, and their impact on the U.S. free enterprise system.12.4.C

explain the benefits of the U.S. free enterprise system, including individual freedom of consumers and producers, variety of goods, responsive prices, investment opportunities, and the creation of wealth; and12.5.A

analyze recent changes in the basic characteristics, including private property, incentives, economic freedom, competition, and the limited role of government, of the U.S. economy.12.5.B

analyze the costs and benefits of the purchase, use, or disposal of personal and business property; and12.6.A

identify and evaluate examples of restrictions that the government places on the use of business and individual property.12.6.B

interpret the roles of resource owners and firms in a circular-flow model of the economy and provide real-world examples to illustrate elements of the model; and12.7.A

explain how government actions affect the circular-flow model.12.7.B

describe characteristics and give examples of pure competition, monopolistic competition, oligopoly, and monopoly; and12.8.A

identify regulations that apply to the establishment and operation of various types of market structures.12.8.B

interpret economic data, including unemployment rate, gross domestic product, gross domestic product per capita as a measure of national wealth, and rate of inflation; and12.9.A

analyze business cycles using key economic indicators.12.9.B

analyze how productivity relates to growth;12.10.A

analyze how technology relates to growth; and12.10.B

analyze how trade relates to growth.12.10.C

describe the functions of money;12.11.A

describe the characteristics of money, including commodity money, fiat money, and representative money; and12.11.B

analyze the positive and negative aspects of barter, currency, and debit cards.12.11.C

explain the structure of the Federal Reserve System;12.12.A

analyze the three basic tools used to implement U.S. monetary policy, including reserve requirements, the discount rate and the federal funds rate target, and open-market operations;12.12.B

explain how the actions of the Federal Reserve System affect the nation's money supply; and12.12.C

describe the current role of the U.S. dollar in trade in the world market and analyze how that has changed over time, in particular since departing from the gold standard in 1971.12.12.D

describe the role of government in the U.S. free enterprise system and the changes in that role over time; and12.13.A

analyze the costs and benefits of U.S. economic policies, rules, and regulations related to the economic goals of economic growth, stability, full employment, freedom, security, equity (equal opportunity versus equal outcome), and efficiency.12.13.B

identify types of taxes at the local, state, and national levels and the economic importance of each;12.14.A

explain the categories of revenues and expenditures in the U.S. federal budget; and12.14.B

analyze the impact of fiscal policy decisions on the economy.12.14.C

explain the characteristics of sole proprietorships, partnerships, and corporations; and12.15.A

analyze the advantages and disadvantages of sole proprietorships, partnerships, and corporations.12.15.B

explain the functions of financial institutions and how they affect households and businesses;12.16.A

explain how the amount of savings in an economy is the basis of capital formation;12.16.B

analyze the role of interest and risk in allocating savings to its most productive use; and12.16.C

examine the types of accounts available to consumers from financial institutions and the risks, monetary costs, and benefits of maintaining these accounts.12.16.D

assess ways to be a wise investor in the stock market and in other personal investment options such as developing a personal retirement plan;12.17.A

explain how to begin a savings program;12.17.B

demonstrate how to maintain a checking account, including reconciling a bank statement;12.17.C

identify the types of loans available to consumers;12.17.D

explain the responsibilities and obligations of borrowing money; and12.17.E

develop strategies to become a low-risk borrower by improving and understanding one's personal credit score.12.17.F

examine ways to avoid and eliminate credit card debt;12.18.A

evaluate the costs and benefits of declaring personal bankruptcy;12.18.B

evaluate the costs and benefits of buying insurance; and12.18.C

evaluate the costs and benefits of charitable giving.12.18.D

evaluate the costs and benefits of renting a home versus buying a home; and12.19.A

assess the financial aspects of making the transition from renting to home ownership.12.19.B

understand how to complete the Free Application for Federal Student Aid (FAFSA) provided by the United States Department of Education;12.20.A

research and evaluate various scholarship opportunities such as those from state governments, schools, employers, individuals, private companies, nonprofits, and professional organizations;12.20.B

analyze and compare student grant options;12.20.C

analyze and compare student loan options, including private and federal loans; and12.20.D

research and evaluate various work-study program opportunities.12.20.E

analyze economic information by sequencing, categorizing, identifying cause-and-effect relationships, comparing, contrasting, finding the main idea, summarizing, making generalizations and predictions, and drawing inferences and conclusions;12.21.A

create economic models, including production-possibilities curves, circular-flow charts, and supply-and-demand graphs, to analyze economic concepts or issues;12.21.B

explain a point of view on an economic issue;12.21.C

analyze and evaluate a variety of economic information from primary and secondary sources for validity, credibility, accuracy, bias, propaganda, point of view, and frame of reference;12.21.D

evaluate economic data using charts, tables, graphs, and maps; and12.21.E

formulate and communicate visually, orally, or in writing a claim supported by evidence and reasoning for an intended audience and purpose.12.21.F

use social studies terminology correctly;12.22.A

create written, oral, and visual presentations of economic information using effective communication skills, including proper citations and avoiding plagiarism; and12.22.B

apply foundational language skills to engage in civil discourse about economics topics, including those with multiple perspectives.12.22.C

The student uses problem-solving and decision-making skills, working independently and with others. The student is expected to use problem-solving and decision- making processes to identify a problem, gather information, list and consider options, consider advantages and disadvantages, choose and implement a solution, and evaluate the effectiveness of the solution.12.23