Common Planner
K–12 Standards

Economics: Grade 11

Other Michigan Alternate Content Standards - Social Studies sets

THE MARKET ECONOMY E1

  • 1

    Individual, Business, and Government Choices E1.1

    1. 1

      Demonstrate an understanding of the concepts of scarcity and opportunity cost, and the role they play in the decisions people make. E.1.FI.11.EH1.1

    2. 2

      Demonstrate an understanding of what it means to be an entrepreneur.  E.1.FI.11.EH1.2

  • 2

    Competitive Markets E1.2

  • 3

    Prices, Supply, and DemandE1.3

    1. 1

      Demonstrate an understanding of supply or how a change in price affects supply, using real life examples. E.1.FI.11.EH3.1

    2. 2

      Demonstrate an understanding of demand or how a change in price affects demand, using real life examples. E.1.FI.11.EH3.2

    3. 3

      Demonstrate an understanding of how the price of goods and services can change based on the interaction between supply and demand, using real life examples. E.1.FI.11.EH3.3

  • 4

    Role of Government in the Market E1.4

    1. 2

      Identify one or more financial or legal methods the government uses to protect consumers or change behavior. E.1.FI.11.EH4.2

    2. 3

      Identify one or more ways in which state and local governments generate and/or spend revenue. (See also E.2.FI.11EH2.5, which assesses similar concepts, but at the federal level.) E.1.FI.11.EH4.3

    3. 4

      Identify one or more roles the government plays in a market economy (e.g., provides goods/services, redistributes income and wealth through taxation and entitlements, and regulates labor). E.1.FI.11.EH4.

THE NATIONAL ECONOMY OF THE UNITED STATES OF AMERICA E2

  • 1

    Understanding National Markets E2.1

    1. 1

      Identify one or more reasons why businesses and individuals sell goods and services, using real life examples. E.2.FI.11.EH1.1

  • 2

    Role of Government in the United States EconomyE2.2

    1. 1

      Identify one or more goals of an economic system. E.2.FI.11.EH2.1

    2. 4

      Demonstrate an understanding of interest rates (e.g., what body sets them and their impact on such things as car loans, home loans, credit cards, etc.). E.2.FI.11.EH2.4

    3. 5

      Demonstrate an understanding of a way the federal government generates and/or spends revenue. E.2.FI.11.EH2.5

THE INTERNATIONAL ECONOMY E3

  • 1

    Economic Systems E3.1

  • 2

    Economic Interdependence – Trade E3.2

PERSONAL FINANCE E4

  • 1

    Decision MakingE4.1

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What grade levels do these standards cover?
Grade 11

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Alternate Content Standards - Social Studies