High School Economics TEKS Standards

explain the law of supply and the law of demand, identify factors that cause changes in supply and demand, and analyze how shifts in supply and demand affect the equilibrium price and quantity.

distinguish among the characteristics of competitive markets, monopolies, and oligopolies, and explain the role of market competition in determining prices and output.

explain the effects of fiscal policy decisions, including taxation and government spending, on the economy, including economic growth, employment, and price stability.

explain the structure of the Federal Reserve System and the role of monetary policy in regulating the money supply and interest rates to influence economic conditions.

analyze the benefits and costs of international trade, including the principle of comparative advantage, and evaluate the effects of trade policies such as tariffs and trade agreements.

compare the characteristics of market, command, and mixed economic systems and explain how each system addresses the fundamental economic problem of scarcity.