Framework: Social Studies
IV. Economics Perspective
Content Standard 1:
All students will describe
and demonstrate how the economic forces of scarcity and choice
affect the management of personal financial resources, shape
consumer decisions regarding the purchase, use, and disposal of
goods and services and affect the economic well-being of individuals
society. (Individual and Household Choices)
1. Explain why people must face scarcity when making economic
2. Identify the opportunity costs in personal
3. Use a decision making model to explain a personal
Content Standard 2: Later
All students will explain and demonstrate how businesses confront
scarcity and choice when organizing, producing, and using resources,
and when supplying the marketplace.
1. Distinguish between natural resources,human capital, and
capital equipment in the production of a good or service.
2. Distinguish among individual ownership,
Content Standard 4: Later
All students will explain how a free market economic system works,
as well as other economic systems, to coordinate and facilitate the
exchange, production, distribution, and consumption of goods and
services. (Economic Systems)
1. Explain how prices are determined in a market economy and how
they serve as a means of allocating resources.
2. Describe how they act as a producer and a
Content Standard 5: Later
All students will describe how trade generates economic development
and interdependence and analyze the resulting challenges and
benefits for individuals, producers, and
1. Describe how businesses are involved in trade as producers,
distributors, importers, and exporters.