N.M. Admin. Code § 6.29.11.18 - ANCHOR STANDARDS AND PERFORMANCE STANDARDS FOR HIGH SCHOOL ECONOMICS

A. High school economics.

(1) The student shall demonstrate an understanding of economic decision-making by:

(a) applying understanding of economic concepts and systems to analyze decision-making and the interactions between consumers, businesses, governments, and societies;

(b) gathering and evaluating sources to explain the relationship between economic decisions and environmental consequences;

(c) using cost-benefit analysis and marginal analysis to evaluate an economic issue;

(d) evaluating how economic principles influence choices and can produce varied outcomes for different individuals or groups; and

(e) evaluating the market value of income earned through wages and other activities associated with saving and investing.

(2) The student shall demonstrate an understanding of economic systems and models by:

(a) analyzing the production, distribution, and consumption of goods and services;

(b) evaluating economic theories for their compatibility with democracy;

(c) comparing the advantages and disadvantages of major economic systems found around the world;

(d) critiquing inequalities that exist in economic systems;

(e) using economic data to evaluate the positive and negative aspects of American capitalism in relation to other economic systems;

(f) analyzing how national and global economic trends, practices, and policies impact the state and local economies in New Mexico;

(g) critiquing the impact of globalization on New Mexico and its citizens;

(h) evaluating the impact of environmental externalities in New Mexican communities; and

(i) evaluating opportunities for economic diversification that can significantly impact state and local conditions.

(3) The student shall demonstrate an understanding of money and markets by:

(a) explaining how buyers and sellers interact to create markets and market structures;

(b) evaluating how a variety of factors and conditions in a market determine price and the allocation of scarce goods and resources;

(c) evaluating the role played by competition in the market;

(d) evaluating the role of financial institutions in a market economy;

(e) analyzing the role of money in the economy;

(f) critiquing specific government policies and regulations initiated to improve market outcomes and the intended and unintended consequences experienced by individuals, businesses, communities, and states;

(g) generating possible explanations for a government role in markets when market inefficiencies exist;

(h) evaluating the causes and implications of market failures;

(i) explaining how governments establish the rules and institutions in which markets operate at the local, state, tribal, national, and international levels;

(j) using economic indicators and data to analyze the health of the national economy in relation to other countries;

(k) evaluating how fiscal and monetary policy choices have economic consequences for different stakeholders in a variety of economic conditions;

(l) evaluating foreign and domestic issues related to United States economic growth overtime; and

(m) explaining the effect of advancements in technology and training on economic growth and standards of living across diverse groups and circumstances.

(4) The student shall demonstrate an understanding of global economy by:

(a) explaining how current globalization trends and policies affect economic growth, labor, markets, rights of citizens, the environment, and resource and income distribution in different nations;

(b) explaining how economic conditions and policies in one nation increasingly affect economic conditions and policies in other nations;

(c) evaluating how geography, demographics, industry structure, and the rules of economic institutions influence a nation's economic development;

(d) analyzing why a country might participate in global trade;

(e) connecting how trade agreements between nations have short- and long-term effects; and

(f) constructing an argument about how global interdependence impacts individuals, institutions, or societies based on documented evidence.

(5) The student shall demonstrate an understanding of personal financial literacy by:

(a) explaining how and why people make choices to improve their economic well-being;

(b) comparing the costs and benefits of saving, using credit, or making certain types of financial investments;

(c) evaluating how and why individuals choose to accept risk, reduce risk, or transfer risk to others;

(d) investigating ways personal information is fraudulently obtained;

(e) identifying voluntary (i.e. retirement contributions) and involuntary deductions (i.e. payroll taxes) and how they impact net income;

(f) preparing a budget or spending plan that depicts varying sources of income, a planned saving strategy, taxes, and other sources of fixed and variable spending;

(g) evaluating options for payment on credit cards and the consequences of each option;

(h) describing how a credit score impacts the ability to borrow money and at what rate;

(i) identifying various strategies students can use to finance higher education and how to access student aid through completion of the free application for federal student aid;

(j) calculating the total cost of repaying a loan under various rates of interest and over different time periods;

(k) explaining what a mortgage is, why most Americans require a mortgage to finance a home, and the challenges of financing mortgages on tribal land;

(l) explaining how investing may build wealth and help meet financial goals (e.g. stocks, bonds, mutual funds, retirement savings options, real estate); and

(m) explaining various types of insurance and the purpose of using insurance to protect financial interests.

B. Inquiry.

(1) The student shall demonstrate an understanding of constructing compelling and supporting questions by:

(a) creating compelling questions representing key ideas within the disciplines; and

(b) developing supporting questions that contribute to an inquiry and demonstrate how, through engaging source work, new compelling and supporting questions emerge.

(2) The student shall demonstrate an understanding of gathering and evaluating sources by:

(a) gathering relevant information from multiple sources representing a wide range of views while using the origin, authority, structure, context, and corroborative value of the sources to guide the selection; and

(b) evaluating the credibility of a source by examining how experts value the source.

(3) The student shall demonstrate an understanding of developing claims by:

(a) identifying evidence that draws information directly and substantively from multiple sources to detect inconsistencies in evidence to revise or strengthen claims; and

(b) refining claims and counterclaims attending to precision, significance, and knowledge conveyed through the claim while pointing out the strengths and limitations of both.

(4) The student shall demonstrate an understanding of communicating and critiquing conclusions by:

(a) constructing arguments using precise and knowledgeable claims, with evidence from multiple sources, while acknowledging counterclaims and evidentiary weaknesses;

(b) constructing explanations using reasoning, correct sequence, examples, and details with significant and pertinent information and data, while acknowledging the strengths and weaknesses of the explanations given its purpose;

(c) presenting adaptations of arguments and explanations that feature evocative ideas and perspectives on issues and topics to reach a range of audiences and venues outside the classroom using print, oral, and digital technologies; and

(d) critiquing the use of claims and evidence in arguments for credibility.

(5) The student shall demonstrate an understanding of taking informed action by:

(a) using disciplinary and interdisciplinary lenses to understand the characteristics and causes of local, regional, and global problems; instances of such problems in multiple contexts; and challenges and opportunities faced by those trying to address these problems over time and place; and

(b) applying a range of deliberative and democratic strategies and procedures to make decisions and take action in their classrooms, schools, and out-of-school contexts.

Notes

N.M. Admin. Code § 6.29.11.18

Adopted by New Mexico Register, Volume XXXIII, Issue 04, February 22, 2022, eff. 2/22/2022