The principles of economics bear directly on the ordinary business of life and people s roles as citizens, consumers, and producers. Students demonstrate understanding of the implications of the economic concepts of scarcity and choice and how they are related. Students demonstrate understanding of how, in a market economy, buyers and sellers interact in markets through the forces of supply and demand. Students demonstrate understanding of the characteristics of the economic institutions and incentives created within economic systems to organize production, distribution, and consumption. Students apply and demonstrate an understanding of economics to personal finance decisions and explain how those decisions affect the economy.
Students demonstrate understanding of the economic roles of government in a market-oriented economy.
Students demonstrate understanding of the effects of specialization, interdependence, and trade on the United States and other nations. These indicators are also cross-referenced by number with the Maryland Learning Outcomes. Indicators in italicized type are not specifically measured through the Maryland School Performance Assessment Program. Regular type is used for an indicator that is closely related to one or more of the Core Learning Goals, but is not the specific Core Learning Goal indicator. Click here for the complete match between the content area indicators and the Skills for Success.