National Standards in Economics

Below are the National Standards in Economics that most closely relate to the following lesson. Switch to National Standards in Personal Finance


LESSON

Theme 3: Lesson 10 - Why Do I Want All This Stuff?

http://fffl.councilforeconed.org/lessons.php?lid=68173&gradeLevel=3-5

Grades: 3-5


STANDARDS

Standard: 7

Grades: 4-12

  • Markets and Prices
  • Students will understand that: Markets exist when buyers and sellers interact. This interaction determines market prices and thereby allocates scarce goods and services.
  • Students will be able to use this knowledge to: Identify markets in which they have participated as a buyer and seller and describe how the interaction of all buyers and sellers influences prices. Also, predict how prices change when there is either a shortage or surplus of the product available.

Standard: 8

Grades: 4-12

  • Role of Prices
  • Students will understand that: Prices send signals and provide incentives to buyers and sellers. When supply or demand changes, market prices adjust, affecting incentives.
  • Students will be able to use this knowledge to: Predict how changes in factors such as consumers' tastes or producers' technology affect prices.

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