Social Studies:
Intermediate
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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.
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Key Idea
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Economics requires the development and application of the skills needed to make informed and well-reasoned economic decisions in daily and national life.
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PI |
Students evaluate economic data by differentiating fact from opinion and identifying frames of reference.
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Students develop conclusions about economic issues and problems by creating broad statements which summarize findings and solutions.
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PI |
Students present economic information by using media and other appropriate visuals such as tables, charts, and graphs to communicate ideas and conclusions.
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PI |
Students identify and collect economic information from standard reference works, newspapers, periodicals, computer databases, textbooks, and other primary and secondary sources.
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PI |
Students organize and classify economic information by distinguishing relevant from irrelevant information, placing ideas in chronological order, and selecting appropriate labels for data.
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Key Idea
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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.
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PI |
Students understand how scarcity requires people and nations to make choices which involve costs and future considerations.
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Students understand how people in the United States and throughout the world are both producers and consumers of goods and services.
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PI |
Students investigate how people in the United States and throughout the world answer the three fundamental economic questions and solve basic economic problems.
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PI |
Students describe how traditional, command, market, and mixed economies answer the three fundamental economic questions.
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Students explain how nations throughout the world have joined with one another to promote economic development and growth.
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Students define basic economic concepts such as scarcity, supply and demand, markets, opportunity costs, resources, productivity, economic growth, and systems.
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Students explain how societies and nations attempt to satisfy their basic needs and wants by utilizing scarce capital, natural, and human resources.
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