Examine basic economic concepts and their relation to product prices and consumer spending.
DefinitionExamination should include analyzing the impact of scarcity, choice, opportunity cost, trade-offs, costs, benefits, supply and demand, competition, specialization, and interdependence.
Related Standards of Learning
History and Social Science
The student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by
- planning inquiries by synthesizing information from diverse primary and secondary sources;
- analyzing how political and economic trends influence public policy, using demographic information and other data sources;
- comparing and contrasting historical, cultural, economic, and political perspectives;
- evaluating critically the quality, accuracy, and validity of information to determine misconceptions, fact and opinion, and bias;
- constructing informed, analytic arguments using evidence from multiple sources to introduce and support substantive and significant claims;
- explaining how cause-and-effect relationships impact political and economic events;
- taking knowledgeable, constructive action, individually and collaboratively, to address school, community, local, state, national, and global issues;
- using a decision-making model to analyze the costs and benefits of a specific choice, considering incentives and possible consequences;
- applying civic virtues and democratic principles to make collaborative decisions; and
- communicating conclusions orally and in writing to a wide range of audiences, using evidence from multiple sources and citing specific sources.
The student will collect and analyze data, determine the equation of the curve of best fit in order to make predictions, and solve practical problems, using mathematical models of linear and quadratic functions.
The student will collect and analyze data, determine the equation of the curve of best fit in order to make predictions, and solve practical problems, using mathematical models of linear, quadratic, and exponential functions.
Other Related Standards
Economics and Personal Finance Standards of Learning
The student will demonstrate knowledge of the role of producers and consumers in a market economy by
- describing how consumers, producers, workers, savers, investors, and citizens respond to incentives;
- explaining how businesses respond to consumer sovereignty;
- identifying the role of entrepreneurs;
- comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative;
- describing how costs and revenues affect profit and supply;
- describing how increased productivity affects costs of production and standard of living;
- examining how investment in human capital, capital goods, and technology can improve productivity;
- describing the effects of competition on producers, sellers, and consumers;
- explaining why monopolies or collusion among sellers reduces competition and raises prices; and
- illustrating the circular flow of economic activity.
The student will demonstrate knowledge of the price system by
- examining the laws of supply and demand and the determinants of each;
- explaining how the interaction of supply and demand determines equilibrium price;
- describing the elasticity of supply and demand; and
- examining the purposes and implications of price ceilings and price floors.
The student will develop consumer skills by
- examining basic economic concepts and their relation to product prices and consumer spending;
- examining the effect of supply and demand on wages and prices;
- describing the steps in making a purchase decision, including the roles of marginal benefit and marginal cost;
- determining the consequences of conspicuous consumption;
- describing common types of contracts and the implications of each;
- demonstrating comparison-shopping skills;
- maintaining a filing system for personal financial records;
- examining the impact of advertising and marketing on consumer demand and decision making in the global marketplace;
- accessing reliable financial information from a variety of sources;
- explaining consumer rights, responsibilities, remedies, and the importance of consumer vigilance; and
- examining precautions for protecting identity and other personal information.
FBLA Competitive Events and Activities Areas
Business Financial Plan
The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook.