Objective from GACE website for Economics:
0012 Understand major concepts, principles, and methods of inquiry related to economics.
For example:
• recognizing basic economic concepts (e.g., scarcity, supply and demand, needs and
wants, opportunity cost, productivity, trade) and the purposes and functions of currency
• demonstrating knowledge of the basic structure of the U.S. economy and ways in which
the U.S. economy relates to and interacts with the economies of other nations
• recognizing the roles and interactions of consumers and producers in the U.S. economy
• identifying the functions of private business, banks, and the government in the U.S.
economy
• identifying the knowledge and skills necessary to make reasoned and responsible
financial decisions as a consumer, producer, saver, and borrower in a market economy
• demonstrating knowledge of strategies (e.g., interpreting graphs and tables) and
resources for inquiry related to economics
Click on the links below to study the material more in depth.
