Economics On-Demand Professional Development
Each On-Demand professional development will take approximately one hour. Complete at your own pace and receive a certificate for each course!
Standard 1: Scarcity Economics On-Demand PD
Productive resources are limited. Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others.
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Standard 2: Decision Making Economics On-Demand PD
Effective decision making requires comparing the additional costs of alternatives with the additional benefits. Many choices involve doing a little more or a little less of something: few choices are “all or nothing” decisions.
Standard 3: Allocation Economics On-Demand PD
Different methods can be used to allocate goods and services. People acting individually or collectively must choose which methods to use to allocate different kinds of goods and services.
Standard 4: Incentives Economics On-Demand PD
People usually respond predictably to positive and negative incentives.
Standard 5: Trade Economics On-Demand PD
Voluntary exchange occurs only when all participating parties expect to gain. This is true for trade among individuals or organizations within a nation, and among individuals or organizations in different nations.
Standard 6: Specialization Economics On-Demand PD
When individuals, regions, and nations specialize in what they can produce at the lowest cost and then trade with others, both production and consumption increase.
Standard 7: Markets & Prices Economics On-Demand PD
A market exists when buyers and sellers interact. This interaction determines market prices and thereby allocates scarce goods and services.
Standard 8: Role of Prices Economics On-Demand PD
Prices send signals and provide incentives to buyers and sellers. When supply or demand changes, market prices adjust, affecting incentives.
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Standard 9: Competition and Market Structure Economics On-Demand PD
Competition among sellers usually lowers costs and prices, and encourages producers to produce what consumers are willing and able to buy.
Standard 10: Institutions Economics On-Demand PD
Institutions evolve and are created to help individuals and groups accomplish their goals. Banks, labor unions, markets, corporations, legal systems, and not-for-profit organizations are examples of important institutions.
Standard 11: Money and Inflation Economics On-Demand PD
Money makes it easier to trade, borrow, save, invest, and compare the value of goods and services. The amount of money in the economy affects the overall price level. Inflation is an increase in the overall price level that reduces the value of money
Standard 12: Interest Rates Economics On-Demand PD
Interest rates, adjusted for inflation, rise and fall to balance the amount saved with the amount borrowed, which affects the allocation of scarce resources between present and future uses.
Standard 13: Income Economics On-Demand PD
Income for most people is determined by the market value of the productive resources they sell. What workers earn primarily depends on the market value of what they produce.
Standard 14: Entrepreneurship Economics On-Demand PD
Entrepreneurs take on the calculated risk of starting new businesses, either by embarking on new ventures similar to existing ones or by introducing new innovations. Entrepreneurial innovation is an important source of economic growth.
Standard 15: Economic Growth Economics On-Demand PD
Investment in factories, machinery, new technology, and in the health, education, and training of people stimulates economic growth and can raise future standards of living.
Standard 16: Role of Government and Market Failure Economics On-Demand PD
There is an economic role for government in a market economy whenever the benefits of a government policy outweigh its costs.
Standard 17: Government Failure Economics On-Demand PD
Costs of government policies sometimes exceed benefits.
Standard 18: Economic Fluctuations Economics On-Demand PD
Fluctuations in a nation’s overall levels of income, employment, and prices are determined by the interaction of spending and production decisions made by all households, firms, government agencies, and others in the economy.
Standard 19: Unemployment and Inflation Economics On-Demand PD
Unemployment imposes costs on individuals and the overall economy. Inflation, both expected and unexpected, also imposes costs on individuals and the overall economy. Unemployment increases during recessions and decreases during recoveries.
Standard 20: Fiscal and Monetary Policy Economics On-Demand PD
Federal government budgetary policy and the Federal Reserve System’s monetary policy influence the overall levels of employment, output, and prices.