E T S Praxis Series

Middle School Social Studies (0089)

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Topics Covered

Representative descriptions of topics covered in each category are provided below.

Current section: V. Economics

V. Economics

  1. Microeconomics I:
    • Knows the concepts of scarcity, choice and opportunity costs.
    • Knows the differences among market, command and mixed economies.
  1. Microeconomics II:
    • Demonstrates knowledge of types of market structure and the characteristics and behavior of firms in perfect competition, monopoly, oligopoly and monopolistic competition.
    • Demonstrates understanding of factor markets and the determination of income distributions and the returns to factors of production (wage, interest, rent, profits).
  1. Macroeconomics I:
    • Demonstrates understanding of gross domestic product (GDP) and its components.
    • Demonstrates understanding of how unemployment is measured and its causes and consequences.
    • Understands the principle of supply and demand.
    • Knows how government intervention and public policies affect the economy (e.g., taxation, regulation).
    • Knows how consumer choices affect the economy.
    • Understands basic principles of personal finance (e.g., budgeting, interest, investment).
    • Understands how the factors of production (i.e., land, labor, capital and entrepreneurship) affect economic activity.
    • Knows different measures of economic performance (e.g., GDP, unemployment, inflation).
    • Understands basic functions of money and how it circulates through the economy.
    • Knows the interdependence of the global economy.