General Business II: Business Law and Economics

Standard 1: Analyze the relationship between ethics and the law and describe the sources of the law, the structure of the court system, the different classifications of procedural law, and the different classifications of substantive law.

Benchmark: Students will understand the relationship between ethics and the law.

a. TLW explain a person’s responsibility to obey the law.

b. TLW describe the role of values in constructing an ethical code and legal system.

c. TLW identify consequences of unethical and illegal conduct. (Reading S2B1-c)

d. TLW list the most common sources of the law.

Benchmark: Students will know the sources of the law.

a. TLW explain the Constitution and describe the branches of government as presented in the Constitution.

b. TLW define regulations and explain how administrative agencies create regulations.

c. TLW identify the basic freedoms guaranteed by the Bill of Rights and describe several key Constitutional amendments beyond the Bill of Rights.

d. TLW determine how courts make law and explain the role of precedent in the legal system.

e. TLW analyze specific cases by stating the facts, finding the legal question, applying the law, and resolving the issue.

Benchmark: Students will understand the structure of the courts.

a. TLW explain the function of the court.

b. TLW describe the basic structure of the national and state court system.

c. TLW differentiate among cases that belong within the jurisdiction of the federal and state court systems.

Standard 2: Analyze the relationships among contract law, law of sales and consumer law.

Benchmark: Students will be able to explain contract law.

a. TLW demonstrate an understanding of the nature of a contractual relationship.

b. TLW list the elements required to create a contract.

c. TLW explain how offer and acceptance can create contractual rights and duties.

d. TLW differentiate among the ways that assent can be disrupted, such as fraud, non-disclosure, misrepresentation, mistake, duress and undue influence.

e. TLW explain a minor’s right to avoid a contract and identify people who lack contractual capacity.

f. TLW list the ways a contract can be discharged.

g. TLW describe breach of contract and the remedies available when a contract is breached.

Standard 3: Identify opportunity costs and trade-offs involved in making choices about how to use scarce economic resources.

Benchmark: Students will understand how availability of resources affects economic choices.

a. TLW define and give examples of economic wants and needs. (Reading S1B2-a)

b. TLW explain how economic wants are satisfied.

c. TLW identify the resources that are used to satisfy economic wants.

d. TLW explain why scarcity requires individuals, governments, and societies to make choices.

e. TLW apply the steps in a rational decision-making process to a situation involving an economic decision by an individual and a group. (Reading S2B1-c)

Standard 4: Explain why societies develop economic systems, identify the basic features of different economic systems, and discuss the major features of the U.S. economy.

Benchmark: Students will be able to analyze the U.S. economy.

a. TLW identify why a society needs an economic system.

b. TLW describe the major features of the U.S. economy.

c. TLW explain government’s role in the U.S. economy.

Standard 5: Analyze the role of the law of supply and demand in the U.S. economy.

Benchmark: Students will understand the law of supply and demand.

a. TLW describe supply and demand.

b. TLW identify determinants of supply and demand for goods and services.

c. TLW identify factors that affect the price of goods or services in markets that are not purely competitive.

Standard 6: Describe different types of competitive structures and illustrate the role of competitive markets in the U.S. and other economies.

Benchmark: Students will develop and understanding of economic competition.

a. TLW recognize that buyers and sellers establish prices for identical and similar products in settings called markets.

b. TLW describe how competition in a purely competitive market encourages the production of higher quality goods and services.

c. TLW discuss examples of U.S. laws and government regulations that are designed to maintain competition.

Standard 7: Examine the importance of economic relationships among nations and discuss the role of international trade and investment and international monetary relations in the global economy.

Benchmark: Students will understand basic global economics.

a. TLW identify examples of goods or services that are exported from a particular state and the countries to which they are exported.

b. TLW explain the advantages and disadvantages of free trade agreements between and among nations.

c. TLW describe how what is done in one nation affects the rest of the world and what is done in the rest of the world affects each individual nation. (Reading S2B1-f)