Students earning the HSB Business Economics badge have demonstrated knowledge and skills in fundamental economic concepts, the impact of government on business activities, cost/profit relationships, economic indicators, global trade, quality control, and critical thinking.

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Instructional Area: Economics (EC)

Performance Element: Understand fundamental economic concepts to obtain a foundation for employment in business.

Performance Indicators:
EC:001 Describe the concepts of economics and economic activities (CS) LAP-EC-901
EC:122 Determine opportunity costs associated with economic decision-making (CS)
EC:123 Analyze the role of culture in the production, distribution, and consumption of goods and services (SP)
EC:005 Explain the principles of supply and demand (CS) LAP-EC-915
EC:006 Describe the functions of prices in markets (CS) LAP-EC-901

Performance Element: Acquire knowledge of the impact of government on business activities to make informed economic decisions.

Performance Indicators:
EC:072 Describe the nature of taxes (SP) LAP-EC-072
EC:073 Discuss the nature of monetary policy (MN)
EC:074 Explain the concept of fiscal policies (MN)

Performance Element: Analyze cost/profit relationships to guide business decision-making.

Performance Indicators:
EC:013 Explain the concept of productivity (CS) LAP-EC-018
EC:126 Analyze the effects of inputs and outputs on productivity levels (SP)
EC:014 Analyze impact of specialization/division of labor on productivity (SP) LAP-EC-914
EC:015 Explain the concept of organized labor and business (SP) LAP-EC-915
EC:023 Explain the impact of the law of diminishing returns (SP) LAP-EC-023

Performance Element: Understand economic indicators to recognize economic trends and conditions.

Performance Indicators:
EC:081 Discuss the measure of consumer spending as an economic indicator (SP)
EC:083 Describe the economic impact of inflation on business (SP) LAP-EC-083
EC:017 Explain the concept of Gross Domestic Product (GDP) (SP) LAP-EC-917
EC:082 Discuss the impact of a nation's unemployment rates (SP) LAP-EC-082
EC:084 Explain the economic impact of interest-rate fluctuations (SP)
EC:018 Determine the impact of business cycles on business activities (SP) LAP-EC-918

Performance Element: Understand global trade's impact to aid business decision-making.

Performance Indicators:
EC:109 Discuss the impact of globalization on business (SP)
EC:129 Explain forms of international business activities (SP)
EC:100 Describe the determinants of exchange rates and their effects on the domestic economy (SP) LAP-EC-100

Instructional Area: Operations (OP)

Performance Element: Implement quality-control processes to minimize errors and to expedite workflow.

Performance Indicators:
OP:335 Describe the nature of quality (CS)
OP:163 Identify quality-control measures (SP) LAP-OP-163

Instructional Area: Professional Development (PD)

Performance Element: Utilize critical-thinking skills to determine best options/outcomes.

Performance Indicators:
PD:126 Explain the need for innovation skills (CS) LAP-PD-126
PD:270 Employ a decision matrix to select best option (SP)