Indiana Academic Standards Global Economics Standards Approved March 2014



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Indiana Academic Standards Global Economics

Standards Approved March 2014



Indiana Department of Education

College and Career Readiness




What are Standards?
Standards outline what students need to know, understand, and be able to do.

Academic standards are benchmark measures that define what students should know and be able to do at specified grade levels beginning in kindergarten and progressing through grade twelve. The standards are promulgated as state regulations. As such, they must be used as the basis for curriculum and instruction in Indiana's accredited schools. The academic standards are NOT a curriculum; therefore, identifying the sequence of instruction in each grade—what will be taught and how long—requires concerted effort and attention at the district/school level. Academic standards do not prescribe any particular curriculum. Curriculum tools are selected at the district/school level and adopted through the local school board.  No student, by virtue of poverty, age, race, gender, cultural or ethnic background, disabilities, or family situation will ultimately be exempt from learning the required academic standards, although it is acknowledged that individual students may learn in different ways and at different rates. Academic standards focus on what students will need to learn in order to be college and career ready and to be competitive in the job market.




GLOBAL ECONOMICS

Global Economics is a business course that provides students with an understanding of their role as consumers and producers in domestic and global economies. This course enables students to understand how the economic system operates while comprehending their role in that system. Students deal with public policy, international economics, microeconomics, and macroeconomics in comparing economic systems and using selected economic measures.

  • DOE Code: 4558

  • Recommended Grade Level: Grade 12

  • Recommended Prerequisites: None

  • Credits: 1 credit per semester, maximum of 2 semester, maximum of 2 credits

  • Counts as a Directed Elective or Elective for the General, Core 40, Core 40 with Academic Honors and Core 40 with Technical Honors diplomas

  • May fulfill up to one graduation credit of the Economics requirement

Career and Technical Student Organizations (CTSOs)

Career and Technical Student Organizations are considered a powerful instructional tool when integrated into Career and Technical Education programs. They enhance the knowledge and skills students learn in a course by allowing a student to participate in a unique program of career and leadership development. Students should be encouraged to participate in Business Professional of America, DECA, or Future Business Leaders of America, the CTSOs for this area.





Content Standards

Domain – Basic Economic Concepts

Core Standard 1 Students synthesize the relationship among scarcity, choice and opportunity costs to understand that resources are limited and, as a result, individuals must choose some things and give up others.




Standards




GE-1.1

Define, identify and explain the productive resources




GE-1.2

Define scarcity and explain how opportunity costs and tradeoffs exist




GE-1.3

Explain incentives and how they affect choice




GE-1.4

Use a production possibilities curve to explain the concepts of choice, scarcity, opportunity cost, tradeoffs, unemployment, productivity, and growth




GE-1.5

Critique the trade-off among economic growth, national security, efficiency, and personal freedom




GE-1.6

Explain measures of a country's economic performance such as Gross Domestic Product (GDP), unemployment, and inflation


Domain – Economic Systems

Core Standard 2 Students critique various economic systems from around the world in order to identify strengths and weakness, and compare each.




Standards




GE-2.1

Describe the various economic systems




GE-2.2

Identify questions that must be answered by any economic system and how they are categorized by how they answer the basic economic questions




GE-2.3

Evaluate the strengths and weaknesses of various economic systems




GE-2.4

Explain the fundamental role of government in the various economic systems




GE-2.5

Investigate the effect of taxes on economic systems




GE-2.6

Describe fiscal policy and its relationship to various economic systems




GE-2.7

Explain and evaluate how and why governments control businesses and individuals through laws and taxes


Core Standard 3 Students analyze marketplace structures in economic systems.




Standards




GE-3.1

Define labor productivity and explain the basic factors which affect productivity




GE-3.2

Analyze the relationship between price, supply, and demand




GE-3.3

Demonstrate the efficiency of an economic system’s decision making through production possibility curves




GE-3.4

Describe different types of competitive structures in economic systems




GE-3.5

Explain the role and effect of labor unions, nonprofit organizations, and cooperatives in a given economy




GE-3.6

Assess the influence of monopolies and oligopolies on marketplaces




GE-3.7

Describe and evaluate how businesses are formed, operated, and funded




GE-3.8

Explain the business cycle and the factors that influence it


Domain – World Trade

Core Standard 4 Students analyze the necessity for global interaction within the different economic systems.




Standards




GE-4.1

Demonstrate how all countries are interdependent




GE-4.2

Explain how specialization promotes international trade and how international trade increases total world output




GE-4.3

Explain how governments and cartels/syndicates influence world trade




GE-4.4

Differentiate absolute advantage versus comparative advantage




GE-4.5

Discuss the components that make up the balance of payments and balance of trade among nations




GE-4.6

Evaluate the effects of trade agreements among nations and barriers to trade

Domain – Money and Banking

Core Standard 5 Students explain the role of monetary and fiscal policies in a global economy and how it relates to individuals’ daily lives, businesses, and governments.




Standards




GE-5.1

Explain what the Federal Reserve is, its function, and its impact on the U.S. economy




GE-5.2

Differentiate between monetary policy and fiscal policies




GE-5.3

Explain what is money and how it is given value




GE-5.4

Compare the advantages and disadvantages of the barter system, currency, and near money




GE-5.5

Analyze how changing interest rates are used to influence economies




GE-5.6

Research the structure of financial institutions and analyze the consumer and commercial products offered




GE-5.7

Investigate the effect of Gross Domestic Product (GDP), unemployment, and inflation on economies




GE-5.8

Analyze the history and current trends of U.S. and international commercial banking




GE-5.9

Analyze and discuss the structure of, the purpose for, and the effects of government taxation


Core Standard 6 Students research the role of currency and international financial institutions in a global economy.




Standards




GE-6.1

Formulate the value of different currencies among nations




GE-6.2

Explain the roles and functions of the World Bank, the International Monetary Fund (IMF), and other international banking/financial institutions




GE-6.3

Compare and analyze the securities exchanges and their effect on the world economy




GE-6.4

Analyze the influence of phenomenon such as trade policies, politics, disasters, and cultural factors on the value of currency




GE-6.5

Explain how the value of money and the exchange rate influence the standard of living in an economy


Domain – Making Career Choices

Core Standard 7 Students analyze career options in a global economy.




Standards




GE-7.1

Analyze U.S. and foreign economies to forecast how trade may affect job opportunities and income potential




GE-7.2

Identify and assess personal interests, abilities, life goals, and possible career choices




GE-7.3

Predict your future lifestyle and income based on current global economic trends




GE-7.4

Evaluate the impact of sociological, economic and technological changes on future careers






Indiana Academic Standards

Content Area Literacy: History/Social Studies

Approved April 2014



Guiding Principle: Students develop discipline-specific reading and writing skills. Within the areas of History/Social Studies, students apply these skills in order to develop a deeper understanding of the content area.
There are six key areas found in the Literacy in History/Social Studies section for grades 6-12: Key Ideas and Textual Support, Structural Elements and Organization, Synthesis and Connection of Ideas, Writing Genres, the Writing Process, and the Research Process. By demonstrating the skills listed in each section, students should be able to meet the Learning Outcome for Literacy in History/Social Studies.
Note that the standards in this section are not designed for implementation in an English/Language Arts classroom. Instead, t hey provide guidance to content area teachers in grades 6-12 (e.g., History/Social Studies teachers, Science teachers, Career and Technical Education teachers, etc.) on expectations for integrating reading and writing skills into their classrooms.

In Literacy in History/Social Studies, students are expected to do the following:



LH.1: LEARNING OUTCOME FOR LITERACY IN HISTORY/SOCIAL STUDIES

Read and comprehend history/social studies texts independently and proficiently, and write effectively for a variety of discipline-specific tasks, purposes, and audiences

GRADES 6-8

GRADES 9-10

GRADES 11-12

6-8.LH.1.1: Read and comprehend history/social studies texts within a range of complexity appropriate for grades 6-8 independently and proficiently by the end of grade 8.

9-10.LH.1.1: Read and comprehend history/social studies texts within a range of complexity appropriate for grades 9-10 independently and proficiently by the end of grade 10.

11-12.LH.1.1: Read and comprehend history/social studies texts within a range of complexity appropriate for grades 11-CCR independently and proficiently by the end of grade 12.

6-8.LH.1.2: Write routinely over a variety of time

frames for a range of discipline-specific tasks, purposes, and audiences.



9-10.LH.1.2: Write routinely over a variety of time

frames for a range of discipline-specific tasks, purposes, and audiences.



11-12.LH.1.2: Write routinely over a variety of time

frames for a range of discipline-specific tasks, purposes, and audiences.


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