I can Statements for Economics

I Can Statements

ECON 12.1   Economic Basics

1 I can explain the relationship between scarcity and needs

2 I can describe what is opportunity cost

3 I can explain the concept of marginal benefit

4 I can explain the concept of marginal cost

5 I can describe what are incentives

ECON 12.2   Elements of American Economy

6 I can define supply and demand

7 I can explain intellectual property rights

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

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

10 I can explain substitutes and complements

12.3   Federal Government on US Economy

11 I can  define price controls and name 3

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

13 I can identify the environmental regulations in place now

14 I can identify monopolies and anti-trust laws

15 I can describe consumer rights laws

16 I can describe taxes

17 I can describe banking

18 I can discuss the monetary policy

12.5   Aggregate Behavior that affects the Economy

19 I can describe a  recession

20  I can identify economic expansion

21 I can explain inflation

22 I can define financial instruments

12.6   International Trade

23 I can explain the importance of  international trade

24 I can describe major trade blocs

25 I can explain exchange rate