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 1: Lesson 1 - Resources Are Scarce

http://fffl.councilforeconed.org/lessons.php?lid=68232&gradeLevel=6-8

Grades: 6-8


STANDARDS

Standard: 1

Grades: 4-12

  • Scarcity
  • Students will understand that: 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.
  • Students will be able to use this knowledge to: Identify what they gain and what they give up when they make choices.

Standard: 13

Grades: 4-12

  • Income
  • Students will understand that: 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.
  • Students will be able to use this knowledge to: Predict future earnings based on their current plans for education, training, and career options.

Standard: 3

Grades: 4-12

  • Allocation
  • Students will understand that: 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.
  • Students will be able to use this knowledge to: Evaluate different methods of allocating goods and services, by comparing the benefits to the costs of each method.

Standard: 2

Grades: 4-12

  • Decision Making
  • Students will understand that: 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.
  • Students will be able to use this knowledge to: Make effective decisions as consumers, producers, savers, investors, and citizens.

Standard: 15

Grades: 4-12

  • Economic Growth
  • Students will understand that: 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.
  • Students will be able to use this knowledge to: Predict the consequences of investment decisions made by individuals, businesses, and governments.

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