Economics - Level 1
Badge holder demonstrated understanding of economic principles and concepts fundamental to business operations. Skills and concepts assessed include: fundamental economic concepts; the nature of business and its contributions to society; economic systems; the impact of government on business activities; cost/profit relationships; economic indicators; and the impact of global trade.
Instructional Area: Economics (EC)
Standard: Understands the economic principles and concepts fundamental to business operations
Performance Element: Understand fundamental economic concepts to obtain a foundation for employment in business.
Distinguish between economic goods and services (EC:002, LAP-EC-010) (CS)
Explain the concept of economic resources (EC:003, LAP-EC-014) (CS)
Describe the concepts of economics and economic activities (EC:001, LAP-EC-006) (CS)
Determine economic utilities created by business activities (EC:004, LAP-EC-013) (CS)
Explain the principles of supply and demand (EC:005, LAP-EC-011) (CS)
Describe the functions of prices in markets (EC:006, LAP-EC-012) (CS)
Performance Element: Understand the nature of business to show its contributions to society.
Explain the role of business in society (EC:070, LAP-EC-020) (CS)
Describe types of business activities (EC:071, LAP-EC-019) (CS)
Performance Element: Understand economic systems to be able to recognize the environments in which businesses function.
Explain the types of economic systems (EC:007, LAP-EC-017) (CS)
Identify the impact of small business/entrepreneurship on market economies (EC:065) (CS)
Explain the concept of private enterprise (EC:009, LAP-EC-015) (CS)
Identify factors affecting a business's profit (EC:010, LAP-EC-002) (CS)
Determine factors affecting business risk (EC:011, LAP-EC-003) (CS)
Explain the concept of competition (EC:012, LAP-EC-008) (CS)
Performance Element: Acquire knowledge of the impact of government on business activities to make informed economic decisions.
Determine the relationship between government and business (EC:008, LAP-EC-016) (CS)
Performance Element: Analyze cost/profit relationships to guide business decision-making.
Explain the concept of productivity (EC:013, LAP-EC-018) (CS)