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More Social Studies Commencement Standards
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Social Studies: Commencement
Standard 4: Economics
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 United States and other national economies, and how an economy solves the scarcity problem through market and nonmarket mechanisms.
Key Idea Economics requires the development and application of the skills needed to make informed and well-reasoned economic decisions in daily and national life.
  PI

Students present economic information and conclusions in different formats, including graphic representations, computer models, research reports, and oral presentations.

  PI

Students identify, locate, and evaluate economic information from standard reference works, newspapers, periodicals, computer databases, monographs, textbooks, government publications, and other primary and secondary sources.

  PI

Students apply a problem-solving model to identify economic problems or issues, generate hypotheses, test hypotheses, investigate and analyze selected data, consider alternative solutions or positions, and make decisions about the best solution or position.

  PI

Students use economic information by identifying similarities and differences in trends; inferring relationships between various elements of an economy: organizing and arranging information in charts, tables, and graphs; extrapolating and making conclusions about economic questions, issues, and problems.

       
Key Idea 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.
  PI

Students understand the roles in the economic system of consumers, producers, workers, investors, and voters.

  PI

Students 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.

  PI

Students understand the nature of scarcity and how nations of the world make choices which involve economic and social costs and benefits.

  PI

Students describe the ideals, principles, structure, practices, accomplishments, and problems related to the United States economic system.

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Students compare and contrast the United States economic system with other national economic systems, focusing on the three fundamental economic questions.

  PI

Students explain how economic decision making has become global as a result of an interdependent world economy.

  PI

Students 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.

       
 
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