Standard
4 Students will: use a variety of intellectual skills to demonstrate their understanding of how the United States and other societies develop economic systems and associated institutions to allocate scarce resources, how major decision-making units function in the U.S. and other national economies, and how an economy solves the scarcity problem through market and nonmarket mechanisms. |
Economics
Key Idea 1: The study of economics requires an understanding of major economic concepts and systems, the principles of economic decision making, and the interdependence of economies and economic systems throughout the world.
Performance Indicators--Students will: |
| Elementary | Intermediate |
Commencement |
| • know some ways
individuals and groups attempt to satisfy their basic needs
and wants by utilizing scarce resources • explain how people’s wants exceed their limited resources and that this condition defines scarcity • know that scarcity requires individuals to make choices and that these choices involve costs • study about how the availability and distribution of resources is important to a nation’s economic growth • understand how societies organize their economies to answer three fundamental economic questions: What goods and services shall be produced and in what quantities ? How shall goods and services be produced? For whom shall goods and services be produced? • investigate how production, distribution, exchange, and consumption of goods and services are economic decisions with which all societies and nations must deal |
• explain how
societies and nations attempt to satisfy their basic needs and wants by utilizing scarce
capital, natural, and human resources • define basic economic concepts such as scarcity, supply and demand, markets, opportunity costs, resources, productivity, economic growth, and systems • understand how scarcity requires people and nations to make choices which involve costs and future considerations • understand how people in the United States and throughout the world are both producers and consumers of goods and services • investigate how people in the United States and throughout the world answer the three fundamental economic questions and solve basic economic problems • describe how traditional, command, market, and mixed economies answer the three fundamental economic questions • explain how nations throughout the world have joined with one another to promote economic development and growth |
• analyze the
effectiveness of varying ways societies, nations, and regions of the world attempt to
satisfy their basic needs and wants by utilizing scarce resources • define and apply basic economic concepts such as scarcity, supply/demand, opportunity costs, production, resources, money and banking, economic growth, markets, costs, competition, and world economic systems • understand the nature of scarcity and how nations of the world make choices which involve economic and social costs and benefits • describe the ideals, principles, structure, practices, accomplishments, and problems related to the United States economic system • compare and contrast the United States economic system with other national economic systems, focusing on the three fundamental economic questions • explain how economic decision making has become global as a result of an interdependent world economy • understand the roles in the economic system of consumers, producers, workers, investors, and voters |