Economics Rubrics

ECONOMICS RUBRICS

1. Scarcity and Needs  

I can explain the relationship between scarcity and needs  

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I identify what is scarcity and what is a need and the relationship between them while providing an example at the Micro and macro economic level including example in business news today.	I identify what is scarcity and what is a need and the relationship between them while providing an example at the Micro and macro economic level.	I identify what is scarcity and what is a need and the relationship between them .	I identify what is scarcity and what is a need.

2. Opportunity Cost  

I can describe what is opportunity cost

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I describe opportunity cost and provide an example at the macro and micro economic level and provide an example in current business news.	I describe opportunity cost and provide an example at the macro  and micro economic level.	I describe opportunity cost and provide an example at the micro level or a personal example	I describe opportunity cost

3. Marginal Benefit  

I can explain the concept of marginal benefit

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I explain marginal benefit and chart it.  I give examples at the micro and macro level and how producers and consumers use marginal benefit in decision making including an example from the perspective of producers and consumers	I explain marginal benefit and chart it.  I give examples at the micro and macro level and how producers and consumers use marginal benefit in decision making	I explain marginal benefit and chart it.  I give examples at the micro and macro level	I explain marginal benefit and chart it.

4. Marginal Cost

I can explain the concept of marginal benefit

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I explain marginal cost and chart it.  I give examples at the micro and macro level and how producers  use marginal cost in decision making including an example from the perspective of producers and consumers	I explain marginal cost and chart it.  I give examples at the micro and macro level and how producers  use marginal cost in decision making.	I explain marginal cost and chart it.  I give examples at the micro and macro level	I explain marginal cost and chart it.

5. Incentives

I can describe what are incentives

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I explain marginal cost and chart it.  I give examples at the micro and macro level and how producers  use marginal cost in decision making including an example from the perspective of producers and consumers	I identify incentives and how they effect change in behavior of consumers and producers providing examples	I explain marginal cost and chart it.  I give examples at the micro and macro level	I explain marginal cost and chart it.

6. Supply and Demand

I can define supply and demand

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I explain supply and demand and how they affect each other providing examples at the micro and macro level. I chart supply and demand and demonstrate their movement on the chart.	I explain supply and demand and how they affect each other providing examples at the micro and macro level, including how scarcity, price and quantity affect supply and demand	I explain supply and demand and how they affect each other providing examples at the micro and macro level.	I explain supply and demand providing examples at the micro and macro level.

7. Intellectual Property Rights

I can explain intellectual property rights

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I explain how the law defines intellectual property rights and examples of intellectual property subcategories including multiple case examples	I explain how the law defines intellectual property rights and examples of intellectual property subcategories including one case example	I explain how the law defines intellectual property rights and examples of intellectual property subcategories	I explain how the law defines intellectual property rights

8. Competition

I can explain the role of competition and profit in the economy

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I describe the role and importance of competition and its relationship to profit providing examples at the macro level and in the new today.	I describe the role and importance of competition and its relationship to profit providing examples at the macro level.	I describe the role and importance of competition and its relationship to profit	I describe competition

9. Market Price

I can explain how a market price is determined and demonstrate it using a graph

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I explain how a market price is determined and demonstrate it providing an example using a graph and how the supply and demand curve move along  the graph	I explain how a market price is determined and demonstrate it providing an example using a graph	I explain how a market price is determined	I explain what is  market price

10. Substitutes and Complements

I can explain substitutes and complements

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I  explain substitutes and complements and provide at  least 10 examples for each and provide reasons for consumer and producer choices	I  explain substitutes and complements and provide at  least 10 examples for each and provide reasons for consumers choices	I  explain substitutes and complements and provide examples	I  explain substitutes and complements

11. Price Controls

I can  define price controls

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I can define government and corporate price controls and name 3 examples including reasons for price controls	I can  define government price controls and name 3 examples including reasons for price controls	I can  define government price controls and name 3 examples	I can  define government price controls

12. Military Budget

I can describe the military budget and its relation to the federal budget

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I define the military budget by branch and its relation to the federal budget including change over time and views from political parties	I define the military budget by branch and its relation to the federal budget including change over time	I define the military budget by branch and its percentage of the federal budget	I define the military budget

13. Environmental Regulations

I can identify environmental regulations

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I identify  environmental regulations in place now and what regulations are in line to pass including the political stances of both parties	I identify  environmental regulations in place now and what regulations are in line to pass	I identify  environmental regulations in place now	I identify what are environmental regulations

14. Monopolies

I can identify monopolies and anti-trust laws

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
14 I define the concept of monopoly and oligopoly and other types of corporations. I define anti-trust laws and why they are in place.	14 I define the concept of monopoly and oligopoly; and anti-trust laws in place and why they are in place	14 I define the concept of monopoly and oligopoly; and anti-trust laws	14 I define the concept of monopoly

15. Consumer Rights

I can describe consumer rights

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I define consumer rights, their importance and provide 5 examples including law cases	I define consumer rights, their importance and provide 5 examples	I define consumer rights and provide examples	I define consumer rights

16. Taxes

I can describe the tax collection process and where it is spent

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I define consumer rights, their importance and provide 5 examples including law cases	I define consumer rights, their importance and provide 5 examples	I define consumer rights and provide examples	I define consumer rights

17. Banking

17  I can describe banking

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I describe the establishment, function and structure of the the Federal Reserve and its relationship to banks including minimum bank requirements.	I describe the function and structure of the the Federal Reserve and its relationship to banks including minimum bank requirements.	I describe the function and structure of the the Federal Reserve	I describe Federal Reserve

18. Monetary Policy

I can discuss the monetary policy

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I describe the monetary policy, how it is made and identify m1, m2, m3 and how the US government transitioned from the gold standard	I describe the monetary policy, how it is made and identify m1, m2, m3	I describe the monetary policy and how money is made	I describe the monetary policy

19. Recession

I can describe the relationship of a recession and depression

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I discuss the difference between a recession and depression and how they relate to unemployment.  I define unemployment and chart its change over 4 5yr periods  and what is  underemployment providing examples.	I discuss the difference between a recession and depression and how they relate to unemployment.  I define unemployment and chart its change over 4 5yr periods  and what is  underemployment	I discuss the difference between a recession and depression and how they relate to unemployment.  I define unemployment  and  underemployment	I discuss the difference between a recession and depression

20. Economic Expansion

I can identify economic expansion

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I identify the industries where the US economy is expanding and contracting today, define GDP and how it is used to describe expansion and contraction of economy and top 5 global economies in expansion	I identify the industries where the US economy is expanding today, define GDP and how it is used to describe expansion and contraction of economy	I identify the industries where the US economy is expanding today and define GDP	I identify the industries where the US economy is expanding today

21. Inflation

I can explain inflation

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I define inflation and deflation and the role of money creation and the Fed and recent developments on capitol hill	I define inflation and deflation and the role of money creation and the Fed	I define inflation and deflation	I define inflation

22. Financial Instruments

I can differentiate financial tools that use short term and long term interest rates

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I define lending and investing financial instruments and describe examples that use use short term and long term interest rates, providing real rates in apr for these instruments	I define lending and investing financial instruments and describe examples that use use short term and long term interest rates	I define lending and investing financial instruments	I define lending financial instruments

23. International Trade

I can explain the importance of  international trade

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I explain how international trade affects the US and the world,  identify 3 major US imports and exports, identify 5 major raw materials and where are they found in the world.  I identify 5 top Us trade partnerships.	I explain how international trade affects the US and the world,  identify 3 major US imports and exports, identify 5 major raw materials and where are they found in the world	I explain how international trade affects the US and the world	I explain the importance of international trade

24. Trade Blocs

I can describe major trade blocs

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I define at least 7 major trade blocs and benefits to their formation and region, name 5 recent sovereign nations and why they are self sustainable	I define at least 4 major trade blocs and benefits to their formation and region, name 3 recent sovereign nations and why they are self sustainable	I define at least 4 major trade blocs and benefits to their formation and region	I define at least 4 major trade blocs

25. Exchange Rate

I can explain the foreign exchange rate

(4) Advanced	(3) Proficient	(2) Developing	(1) Emerging
I can explain the foreign exchange rate, demonstrate how it is calculated in relation to the US dollar  with three examples and show its change over time against the Euro	I can explain the foreign exchange rate and demonstrate how it is calculated in relation to the US dollar  with three examples	I can define and explain the foreign exchange rate and demonstrate how it is calculated in relation to the US dollar  with one example	I can define what is  foreign exchange rate