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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