Virtual Economics® Version 3.0 - 1200+ Economics Lessons

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Features : Standards Correlation : Indiana

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These standards were last updated in 2001. To visit the Indiana web site where these standards are located, click here.

Content Area: Economics
Grade: Kindergarten

Standard: K.4.1

Students explain how people do different jobs and work to meet basic economic wants.
- Explain that people work to earn money to buy the things they want.

Standard: K.4.2

Students explain how people do different jobs and work to meet basic economic wants.
- Identify different kinds of jobs that people do.

Standard: K.4.3

Students explain how people do different jobs and work to meet basic economic wants.
- Explain why people in a community have different jobs.

Standard: K.4.4

Students explain how people do different jobs and work to meet basic economic wants.
- Give examples of work activities that people do at home.

Content Area: Economics
Grade: Grade 1

Standard: 1.4.1

Students will explain how people in the school and community use goods and services and make choices as both producers and consumers.
- Identify goods that people use.

Standard: 1.4.2

Students will explain how people in the school and community use goods and services and make choices as both producers and consumers.
- Identify services that people do for each other.

Standard: 1.4.3

Students will explain how people in the school and community use goods and services and make choices as both producers and consumers.
- Compare and contrast different jobs people do to earn income.

Standard: 1.4.4

Students will explain how people in the school and community use goods and services and make choices as both producers and consumers.
- Describe how people in the school and community are both producers and consumers.

Standard: 1.4.5

Students will explain how people in the school and community use goods and services and make choices as both producers and consumers.
- Explain that people have to make choices about goods and services because of scarcity.

Standard: 1.4.6

Students will explain how people in the school and community use goods and services and make choices as both producers and consumers.
- Explain that people exchange goods and services to get the things they want.

Content Area: Economics
Grade: Grade 2

Standard: 2.4.1

Students will describe how people in a community use productive resources, specialize in different types of jobs, and depend on each other to supply goods and services.
- Define the three types of productive resources (human resources, natural resources, capital resources) and identify productive resources used to produce goods and services in the community.

Standard: 2.4.2

Students will describe how people in a community use productive resources, specialize in different types of jobs, and depend on each other to supply goods and services.
- Identify community workers who provide goods and services for the rest of the community and explain how their jobs benefit people in the community.

Standard: 2.4.3

Students will describe how people in a community use productive resources, specialize in different types of jobs, and depend on each other to supply goods and services.
- Explain that a price is what people pay when they buy a good or service and what people receive when they sell a good or service.

Standard: 2.4.4

Students will describe how people in a community use productive resources, specialize in different types of jobs, and depend on each other to supply goods and services.
- Research goods and services produced in the local community and describe how people may be both producers and consumers.

Standard: 2.4.5

Students will describe how people in a community use productive resources, specialize in different types of jobs, and depend on each other to supply goods and services.
- Explain that because of scarcity, people must make choices and incur opportunity costs.

Standard: 2.4.6

Students will describe how people in a community use productive resources, specialize in different types of jobs, and depend on each other to supply goods and services.
- Define specialization and identify specialized jobs in the school and community.

Standard: 2.4.7

Students will describe how people in a community use productive resources, specialize in different types of jobs, and depend on each other to supply goods and services.
- Explain why people trade for goods and services and explain how money makes trade easier.

Content Area: Economics
Grade: Grade 3

Standard: 3.4.1

Students will explain how people in the local community make choices about using goods, services, and productive resources; how they engage in trade to satisfy their economic wants; how they use a variety of sources to gather and apply information about economic changes in the community; and how they compare costs and benefits in economic decision making.
- Give examples from the local community that illustrate the scarcity of productive resources. Explain how this scarcity requires people to make choices and incur opportunity costs.

Standard: 3.4.2

Students will explain how people in the local community make choices about using goods, services, and productive resources; how they engage in trade to satisfy their economic wants; how they use a variety of sources to gather and apply information about economic changes in the community; and how they compare costs and benefits in economic decision making.
- Give examples of goods and services provided by local government.

Standard: 3.4.3

Students will explain how people in the local community make choices about using goods, services, and productive resources; how they engage in trade to satisfy their economic wants; how they use a variety of sources to gather and apply information about economic changes in the community; and how they compare costs and benefits in economic decision making.
- Give examples of trade in the local community and explain how trade benefits both parties.

Standard: 3.4.4

Students will explain how people in the local community make choices about using goods, services, and productive resources; how they engage in trade to satisfy their economic wants; how they use a variety of sources to gather and apply information about economic changes in the community; and how they compare costs and benefits in economic decision making.
- Define interdependence and give examples of how people in the local community depend on each other for goods and services.

Standard: 3.4.5

Students will explain how people in the local community make choices about using goods, services, and productive resources; how they engage in trade to satisfy their economic wants; how they use a variety of sources to gather and apply information about economic changes in the community; and how they compare costs and benefits in economic decision making.
- List the characteristics of money and explain how money makes trade easier.

Standard: 3.4.6

Students will explain how people in the local community make choices about using goods, services, and productive resources; how they engage in trade to satisfy their economic wants; how they use a variety of sources to gather and apply information about economic changes in the community; and how they compare costs and benefits in economic decision making.
- Identify different ways people save their income and explain advantages and disadvantages of each.

Standard: 3.4.7

Students will explain how people in the local community make choices about using goods, services, and productive resources; how they engage in trade to satisfy their economic wants; how they use a variety of sources to gather and apply information about economic changes in the community; and how they compare costs and benefits in economic decision making.
- Explain that buyers and sellers interact to determine the prices of goods and services in markets.

Standard: 3.4.8

Students will explain how people in the local community make choices about using goods, services, and productive resources; how they engage in trade to satisfy their economic wants; how they use a variety of sources to gather and apply information about economic changes in the community; and how they compare costs and benefits in economic decision making.
- Illustrate how people compare benefits and costs when making choices and decisions as consumers and producers.

Standard: 3.4.9

Students will explain how people in the local community make choices about using goods, services, and productive resources; how they engage in trade to satisfy their economic wants; how they use a variety of sources to gather and apply information about economic changes in the community; and how they compare costs and benefits in economic decision making.
- Gather data about a proposed economic change in the community using a variety of information resources.

Content Area: Economics
Grade: Grade 4

Standard: 4.4.1

Students will study and compare the characteristics of Indiana's changing economy in the past and present.
- Give examples of the kinds of goods and services produced in Indiana in different historical periods.

Standard: 4.4.2

Students will study and compare the characteristics of Indiana's changing economy in the past and present.
- Define productivity and provide examples of how productivity has changed in Indiana during the past 100 years.

Standard: 4.4.3

Students will study and compare the characteristics of Indiana's changing economy in the past and present.
- Explain why both parties benefit from voluntary trade and give examples of how people in Indiana engaged in trade in different time periods.

Standard: 4.4.4

Students will study and compare the characteristics of Indiana's changing economy in the past and present.
- Explain that prices change as a result of changes in supply and demand for specific products.

Standard: 4.4.5

Students will study and compare the characteristics of Indiana's changing economy in the past and present.
- Give examples of IndianaÕs role in world trade.

Standard: 4.4.6

Students will study and compare the characteristics of Indiana's changing economy in the past and present.
- List the functions of money and compare and contrast things that have been used as money in the past in Indiana, the United States, and the world.

Standard: 4.4.7

Students will study and compare the characteristics of Indiana's changing economy in the past and present.
- Identify entrepreneurs who have influenced Indiana and the local community.

Standard: 4.4.8

Students will study and compare the characteristics of Indiana's changing economy in the past and present.
- Define profit and describe how profit is an incentive for entrepreneurs.

Standard: 4.4.9

Students will study and compare the characteristics of Indiana's changing economy in the past and present.
- Identify important goods and services provided by state and local governments by giving examples of how state and local tax revenues are used.

Standard: 4.4.10

Students will study and compare the characteristics of Indiana's changing economy in the past and present.
- Explain how money helps people to save and develop a savings plan in order to make a future purchase.

Content Area: Economics
Grade: Grade 5

Standard: 5.4.1

Students will describe the productive resources and market relationships that influence the way people produce goods and services and earn a living in the United States in different historical periods.
- Describe the economic activities within and among American Indian cultures prior to contact with Europeans. Examine the economic factors that helped motivate European exploration and colonization.

Standard: 5.4.2

Students will describe the productive resources and market relationships that influence the way people produce goods and services and earn a living in the United States in different historical periods.
- Summarize a market economy and give examples of how the colonial and early American economy exhibited these characteristics.

Standard: 5.4.3

Students will describe the productive resources and market relationships that influence the way people produce goods and services and earn a living in the United States in different historical periods.
- Trace the development of technology and the impact of major inventions on business productivity during the early development of the United States.

Standard: 5.4.4

Students will describe the productive resources and market relationships that influence the way people produce goods and services and earn a living in the United States in different historical periods.
- Explain how education and training, specialization, and investment in capital resources increase productivity.

Standard: 5.4.5

Students will describe the productive resources and market relationships that influence the way people produce goods and services and earn a living in the United States in different historical periods.
- Use economic reasoning to explain why certain careers are more common in one region than in another and how specialization results in more interdependence.

Standard: 5.4.6

Students will describe the productive resources and market relationships that influence the way people produce goods and services and earn a living in the United States in different historical periods.
- Predict the effect of changes in supply and demand on price.

Standard: 5.4.7

Students will describe the productive resources and market relationships that influence the way people produce goods and services and earn a living in the United States in different historical periods.
- Analyze how the causes and effects of changes in price of certain goods and services had significant influence on events in United States history.

Standard: 5.4.8

Students will describe the productive resources and market relationships that influence the way people produce goods and services and earn a living in the United States in different historical periods.
- Identify the elements of a personal budget and explain why personal spending and saving decisions are important.

Content Area: Economics
Grade: Grade 6

Standard: 6.4.1

Students will examine the influence of physical and cultural factors upon the economic systems of countries in Europe and the Americas.
- Give examples of how trade related to key developments in the history of Europe and the Americas.

Standard: 6.4.2

Students will examine the influence of physical and cultural factors upon the economic systems of countries in Europe and the Americas.
- Analyze how countries of Europe and the Americas have benefited from trade in different historical periods.

Standard: 6.4.3

Students will examine the influence of physical and cultural factors upon the economic systems of countries in Europe and the Americas.
- Explain why international trade requires a system for exchanging currency between nations and provide examples of currencies from Europe and the Americas.

Standard: 6.4.4

Students will examine the influence of physical and cultural factors upon the economic systems of countries in Europe and the Americas.
- Define types of trade barriers.

Standard: 6.4.5

Students will examine the influence of physical and cultural factors upon the economic systems of countries in Europe and the Americas.
- Describe how different economic systems (traditional, command, market, mixed) in Europe and the Americas answer the basic economic questions on what to produce, how to produce, and for whom to produce.

Standard: 6.4.6

Students will examine the influence of physical and cultural factors upon the economic systems of countries in Europe and the Americas.
- Explain how financial institutions (banks, credit unions, stocks-and-bonds markets) channel funds from savers to borrowers and investors.

Standard: 6.4.7

Students will examine the influence of physical and cultural factors upon the economic systems of countries in Europe and the Americas.
- Compare the standard of living of various countries of Europe and the Americas today using Gross Domestic Product (GDP) per capita as an indicator.

Standard: 6.4.8

Students will examine the influence of physical and cultural factors upon the economic systems of countries in Europe and the Americas.
- Analyze current economic issues in the countries of Europe or the Americas using a variety of information resources.

Standard: 6.4.9

Students will examine the influence of physical and cultural factors upon the economic systems of countries in Europe and the Americas.
- Identify economic connections between the local community and the countries of Europe or the Americas and identify job skills needed to be successful in the workplace.

Standard: 6.4.10

Students will examine the influence of physical and cultural factors upon the economic systems of countries in Europe and the Americas.
- Identify situations in which the actions of consumers and producers in Europe or the Americas help or harm other individuals who are not directly involved in the consumption or production of a product.

Standard: 6.4.11

Students will examine the influence of physical and cultural factors upon the economic systems of countries in Europe and the Americas.
- Give reasons why saving and investing are important to the economies of the United States and other countrie, and compare and contrast individual saving and investing options.

Content Area: Economics
Grade: Grade 7

Standard: 7.4.1

Students will examine the influence of physical and cultural factors upon the economic systems found in countries of Africa, Asia, and the Southwest Pacific.
- Give examples of trade between countries in Africa, Asia, and the Southwest Pacific. Explain how voluntary trade benefits countries and results in higher standards of living.

Standard: 7.4.2

Students will examine the influence of physical and cultural factors upon the economic systems found in countries of Africa, Asia, and the Southwest Pacific.
- Identify economic connections between the local community and the countries of Africa, Asia, or the Southwest Pacific.

Standard: 7.4.3

Students will examine the influence of physical and cultural factors upon the economic systems found in countries of Africa, Asia, and the Southwest Pacific.
- Illustrate how international trade requires a system for exchanging currency between and among nations.

Standard: 7.4.4

Students will examine the influence of physical and cultural factors upon the economic systems found in countries of Africa, Asia, and the Southwest Pacific.
- Describe why and how different economic systems (traditional, command, market, mixed) in countries of Africa, Asia, and the Southwest Pacific answer the basic economic questions: What to produce? How to produce? For whom to produce?

Standard: 7.4.5

Students will examine the influence of physical and cultural factors upon the economic systems found in countries of Africa, Asia, and the Southwest Pacific.
- Explain how banks and other financial institutions channel funds from savers to borrowers and investors in Africa, Asia, and the Southwest Pacific.

Standard: 7.4.6

Students will examine the influence of physical and cultural factors upon the economic systems found in countries of Africa, Asia, and the Southwest Pacific.
- Compare and contrast the standard of living of various countries in Africa, Asia, and the Southwest Pacific using Gross Domestic Product (GDP) per capita as an indicator.

Standard: 7.4.7

Students will examine the influence of physical and cultural factors upon the economic systems found in countries of Africa, Asia, and the Southwest Pacific.
- Describe ways that people can increase individual human capital.

Standard: 7.4.8

Students will examine the influence of physical and cultural factors upon the economic systems found in countries of Africa, Asia, and the Southwest Pacific.
- Identify situations in which the actions of consumers and producers in Asia, Africa, and the Southwest Pacific are helpful ÒspilloversÓ or harmful ÒspilloversÓ to people inside and outside a country who are not directly involved in the consumption or production of a product.

Standard: 7.4.9

Students will examine the influence of physical and cultural factors upon the economic systems found in countries of Africa, Asia, and the Southwest Pacific.
- Research how individuals save and invest in different countries of Asia, Africa, and the Southwest Pacific compared to the United States.

Content Area: Economics
Grade: Grade 8

Standard: 8.4.1

Students will identify, describe, and evaluate the influence of economic factors on national development from the founding of the nation to the end of Reconstruction.
- Identify economic factors contributing to the European exploration and colonization in North America and the American Revolution, and the drafting of the Constitution of the United States.

Standard: 8.4.2

Students will identify, describe, and evaluate the influence of economic factors on national development from the founding of the nation to the end of Reconstruction.
- Illustrate elements of the three types of economic systems, using cases from United States history.

Standard: 8.4.3

Students will identify, describe, and evaluate the influence of economic factors on national development from the founding of the nation to the end of Reconstruction.
- Evaluate how the characteristics of a market economy have affected the economic development of the United States.

Standard: 8.4.4

Students will identify, describe, and evaluate the influence of economic factors on national development from the founding of the nation to the end of Reconstruction.
- Explain the basic economic functions of the government in the economy of the United States.

Standard: 8.4.5

Students will identify, describe, and evaluate the influence of economic factors on national development from the founding of the nation to the end of Reconstruction.
- Analyze contributions of entrepreneurs, inventors, and other key individuals in the development of the United States economy.

Standard: 8.4.6

Students will identify, describe, and evaluate the influence of economic factors on national development from the founding of the nation to the end of Reconstruction.
- Relate technological change and inventions to changes in labor productivity in the United States in the eighteenth and nineteenth centuries.

Standard: 8.4.7

Students will identify, describe, and evaluate the influence of economic factors on national development from the founding of the nation to the end of Reconstruction.
- Trace the development of different kinds of money used in the United States and explain how money helps make saving easier.

Standard: 8.4.8

Students will identify, describe, and evaluate the influence of economic factors on national development from the founding of the nation to the end of Reconstruction.
- Examine the development of the banking system in the United States.

Standard: 8.4.9

Students will identify, describe, and evaluate the influence of economic factors on national development from the founding of the nation to the end of Reconstruction.
- Explain and evaluate examples of domestic and international interdependence throughout United States history.

Standard: 8.4.10

Students will identify, describe, and evaluate the influence of economic factors on national development from the founding of the nation to the end of Reconstruction.
- Examine the importance of borrowing and lending (the use of credit) in the United States and list the advantages and disadvantages of using credit.

Standard: 8.4.11

Students will identify, describe, and evaluate the influence of economic factors on national development from the founding of the nation to the end of Reconstruction.
- Compare and contrast job skills needed in different time periods in United States history and use a variety of information resources to research jobs and careers.

Content Area: Economics

Standard: E.1.1

Scarcity and Economic Reasoning
- 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.
  - Define each of the productive resources (natural, human, capital) and explain why they are necessary for the production of goods and services. (Geography)

Standard: E.1.2

Scarcity and Economic Reasoning
- 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.
  - Explain how consumers and producers confront the condition of scarcity, by making choices which involve opportunity costs and tradeoffs.

Standard: E.1.3

Scarcity and Economic Reasoning
- 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.
  - Identify and explain broad economic and social goals, such as freedom, efficiency, equity, security, growth, price stability, and full employment. (Civics and Government)

Standard: E.1.4

Scarcity and Economic Reasoning
- 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.
  - Describe how people respond predictably to positive and negative incentives.

Standard: E.1.5

Scarcity and Economic Reasoning
- 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.
  - Predict how interest rates will act as an incentive for savers and borrowers.

Standard: E.1.6

Scarcity and Economic Reasoning
- 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.
  - Recognize that voluntary exchange occurs when all participating parties expect to gain.

Standard: E.1.7

Scarcity and Economic Reasoning
- 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.
  - Compare and contrast how the various economic systems (traditional, market, command, mixed) answer the questions: What to produce? How to produce it? For whom to produce?

Standard: E.1.8

Scarcity and Economic Reasoning
- 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.
  - Describe how clearly defined and enforced property rights are essential to a market economy. (Civics and Government)

Standard: E.1.9

Scarcity and Economic Reasoning
- 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.
  - Use a production possibilities curve to explain the concepts of choice, scarcity, opportunity cost, tradeoffs, unemployment, productivity, and growth.

Standard: E.1.10

Scarcity and Economic Reasoning
- 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.
  - Use a decision-making model to analyze a public policy issue affecting the studentÕs community. (Civics and Government)

Standard: E.1.11

Scarcity and Economic Reasoning
- 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.
  - Formulate a savings or financial investment plan for a future goal.

Standard: E.2.1

Supply and Demand
- Students will understand the role that supply and demand, prices, and profits play in determining production and distribution in a market economy.
  - Define supply and demand.

Standard: E.2.2

Supply and Demand
- Students will understand the role that supply and demand, prices, and profits play in determining production and distribution in a market economy.
  - Identify factors that cause changes in market supply and demand.

Standard: E.2.3

Supply and Demand
- Students will understand the role that supply and demand, prices, and profits play in determining production and distribution in a market economy.
  - Describe the role of buyers and sellers in determining the equilibrium price.

Standard: E.2.4

Supply and Demand
- Students will understand the role that supply and demand, prices, and profits play in determining production and distribution in a market economy.
  - Describe how prices send signals to buyers and sellers.

Standard: E.2.5

Supply and Demand
- Students will understand the role that supply and demand, prices, and profits play in determining production and distribution in a market economy.
  - Recognize that consumers ultimately determine what is produced in a market economy (consumer sovereignty).

Standard: E.2.6

Supply and Demand
- Students will understand the role that supply and demand, prices, and profits play in determining production and distribution in a market economy.
  - Explain the function of profit in a market economy as an incentive for entrepreneurs to accept the risks of business failure.

Standard: E.2.7

Supply and Demand
- Students will understand the role that supply and demand, prices, and profits play in determining production and distribution in a market economy.
  - Demonstrate how supply and demand determine equilibrium price and quantity in the product, resource, and financial markets.

Standard: E.2.8

Supply and Demand
- Students will understand the role that supply and demand, prices, and profits play in determining production and distribution in a market economy.
  - Demonstrate how changes in supply and demand influence equilibrium price and quantity in the product, resource, and financial markets.

Standard: E.2.10

Supply and Demand
- Students will understand the role that supply and demand, prices, and profits play in determining production and distribution in a market economy.
  - Analyze how changes in the price of certain goods, such as gasoline, impact the lives of people in the community. (Civics and Government; Individuals, Society, and Culture)

Standard:

Supply and Demand
- Students will understand the role that supply and demand, prices, and profits play in determining production and distribution in a market economy.
  - Demonstrate how government wage and price controls, such as rent controls and minimum wage laws, create shortages and surpluses. (Civics and Government)

Standard: E.2.11

Supply and Demand
- Students will understand the role that supply and demand, prices, and profits play in determining production and distribution in a market economy.
  - Use concepts of price elasticity of demand and supply to explain and predict changes in quantity as price changes.

Standard: E.2.12

Supply and Demand
- Students will understand the role that supply and demand, prices, and profits play in determining production and distribution in a market economy.
  - Illustrate how investment in factories, machinery, new technology, and the health, education, and training of people increases productivity and raises future standards of living. (Individuals,Society, and Culture)

Standard: E.2.13

Supply and Demand
- Students will understand the role that supply and demand, prices, and profits play in determining production and distribution in a market economy.
  - Explain how financial markets, such as the stock market, channel funds from savers to investors.

Standard: E.3.1

Market Structures
- Students will understand the organization and role of business firms and analyze the various typesof market structures in the United States economy.
  - Compare and contrast the following forms of business organization: sole proprietorship, partnership, and corporation.

Standard: E.3.2

Market Structures
- Students will understand the organization and role of business firms and analyze the various typesof market structures in the United States economy.
  - Identify the three basic ways that firms finance operations (retained earnings, stock issues, and borrowing) and explain the advantages and disadvantages of each.

Standard: E.3.3

Market Structures
- Students will understand the organization and role of business firms and analyze the various typesof market structures in the United States economy.
  - Recognize that economic institutions, such as labor unions, nonprofit organizations, and cooperatives, evolve in market economies to help individuals accomplish their goals. (Civics and Government; Individuals, Society, and Culture)

Standard: E.3.4

Market Structures
- Students will understand the organization and role of business firms and analyze the various typesof market structures in the United States economy.
  - Identify the basic characteristics of the four market structures: monopoly, oligopoly, monopolistic competition, and pure competition.

Standard: E.3.5

Market Structures
- Students will understand the organization and role of business firms and analyze the various typesof market structures in the United States economy.
  - Explain how competition among many sellers lowers costs and prices and encourages producers to produce more.

Standard: E.3.6

Market Structures
- Students will understand the organization and role of business firms and analyze the various typesof market structures in the United States economy.
  - Demonstrate how firms determine price and output through marginal analysis.

Standard: E.3.7

Market Structures
- Students will understand the organization and role of business firms and analyze the various typesof market structures in the United States economy.
  - Explain ways that firms engage in price and nonprice competition.

Standard: E.3.8

Market Structures
- Students will understand the organization and role of business firms and analyze the various typesof market structures in the United States economy.
  - Identify laws and regulations adopted in the United States to promote competition among firms. (Civics and Government)

Standard: E.3.9

Market Structures
- Students will understand the organization and role of business firms and analyze the various typesof market structures in the United States economy.
  - Describe the benefits of natural monopolies (economies of scale) and the purposes of government regulation of these monopolies, such as utilities. (Civics and Government)

Standard: E.3.10

Market Structures
- Students will understand the organization and role of business firms and analyze the various typesof market structures in the United States economy.
  - Explain how cartels affect product price and output.

Standard: E.3.11

Market Structures
- Students will understand the organization and role of business firms and analyze the various typesof market structures in the United States economy.
  - Describe how the earnings of workers are determined by the market value of the product produced and workersÕ productivity.

Standard: E.4.1

The Role of Government
- The student will understand the roles of government in a market economy are the provision of public goods and services, redistribution of income, protection of property rights, and resolution of market failures.
  - Explain the basic functions of government in a market economy. (Civics and Government)

Standard: E.4.2

The Role of Government
- The student will understand the roles of government in a market economy are the provision of public goods and services, redistribution of income, protection of property rights, and resolution of market failures.
  - Explain how government responds to market failures by providing public goods and services. (Civics and Government)

Standard: E.4.3

The Role of Government
- The student will understand the roles of government in a market economy are the provision of public goods and services, redistribution of income, protection of property rights, and resolution of market failures.
  - Describe major revenue and expenditure categories and their respective proportions of local, state, and federal budgets. (Civics and Government)

Standard: E.4.4

The Role of Government
- The student will understand the roles of government in a market economy are the provision of public goods and services, redistribution of income, protection of property rights, and resolution of market failures.
  - Explore the ways that tax revenue is used in the community. (Civics and Government)

Standard: E.4.5

The Role of Government
- The student will understand the roles of government in a market economy are the provision of public goods and services, redistribution of income, protection of property rights, and resolution of market failures.
  - Identify taxes paid by students. (Civics and Government)

Standard: E.4.6

The Role of Government
- The student will understand the roles of government in a market economy are the provision of public goods and services, redistribution of income, protection of property rights, and resolution of market failures.
  - Define progressive, proportional, and regressive taxation. (Civics and Government)

Standard: E.4.7

The Role of Government
- The student will understand the roles of government in a market economy are the provision of public goods and services, redistribution of income, protection of property rights, and resolution of market failures.
  - Determine whether different types of taxes (including income, sales, and social security) are progressive, proportional, or regressive. (Civics and Government)

Standard: E.4.8

The Role of Government
- The student will understand the roles of government in a market economy are the provision of public goods and services, redistribution of income, protection of property rights, and resolution of market failures.
  - Describe how costs of government policies may exceed benefits, because social or political goals other than economic efficiency are being pursued. (Civics and Government)

Standard: E.4.9

The Role of Government
- The student will understand the roles of government in a market economy are the provision of public goods and services, redistribution of income, protection of property rights, and resolution of market failures.
  - Predict possible future effects of the national debt on the individual and the economy. (Civics and Government)

Standard: E.4.10

The Role of Government
- The student will understand the roles of government in a market economy are the provision of public goods and services, redistribution of income, protection of property rights, and resolution of market failures.
  - Predict how changes in federal spending and taxation would affect budget deficits and surpluses and the national debt. (Civics and Government)

Standard: E.5.1

National Economic Performance
- Students will understand the means by which economic performance is measured.
  - Define aggregate supply and demand, Gross Domestic Product (GDP), economic growth, unemployment, and inflation.

Standard: E.5.2

National Economic Performance
- Students will understand the means by which economic performance is measured.
  - Explain how GDP, economic growth, unemployment, and inflation are calculated.

Standard: E.5.3

National Economic Performance
- Students will understand the means by which economic performance is measured.
  - Explain the limitations of using GDP to measure economic welfare.

Standard: E.5.4

National Economic Performance
- Students will understand the means by which economic performance is measured.
  - Explain the four phases of the business cycle.

Standard: E.5.5

National Economic Performance
- Students will understand the means by which economic performance is measured.
  - Analyze the impact of events in United States history, such as wars and technological developments, on business cycles. (History)

Standard: E.5.6

National Economic Performance
- Students will understand the means by which economic performance is measured.
  - Identify the different causes of inflation and explain who gains and loses because of inflation.

Standard: E.5.7

National Economic Performance
- Students will understand the means by which economic performance is measured.
  - Analyze the impact of inflation on studentsÕ economic decisions.

Standard: E.5.8

National Economic Performance
- Students will understand the means by which economic performance is measured.
  - Recognize that a countryÕs overall level of income, employment, and prices are determined by the individual spending and production decisions of households, firms, and government. (Civics and Government; Individuals, Society, and Culture)

Standard: E.5.9

National Economic Performance
- Students will understand the means by which economic performance is measured.
  - Illustrate and explain how the relationship between aggregate supply and aggregate demand is an important determinant of the levels of unemployment and inflation in an economy.

Standard: E.5.10

National Economic Performance
- Students will understand the means by which economic performance is measured.
  - Analyze the unemployment rate in the community.

Standard: E.5.11

National Economic Performance
- Students will understand the means by which economic performance is measured.
  - Propose solutions for addressing issues of unemployment in the community. (Civics and Government)

Standard: E.6.1

Money and the Role of Financial Institutions
- Students will understand the means by which economic performance is measured.
  - Explain the basic functions of money.

Standard: E.6.2

Money and the Role of Financial Institutions
- Students will understand the means by which economic performance is measured.
  - Identify the composition of the money supply of the United States.

Standard: E.6.3

Money and the Role of Financial Institutions
- Students will understand the means by which economic performance is measured.
  - Explain the role of banks and other financial institutions in the economy of the United States. (History)

Standard: E.6.4

Money and the Role of Financial Institutions
- Students will understand the means by which economic performance is measured.
  - Describe the organization and functions of the Federal Reserve System. (Civics and Government)

Standard: E.6.5

Money and the Role of Financial Institutions
- Students will understand the means by which economic performance is measured.
  - Compare and contrast credit, savings, and investment services available to the consumer from financial institutions.

Standard: E.6.6

Money and the Role of Financial Institutions
- Students will understand the means by which economic performance is measured.
  - Demonstrate how banks create money through the principle of fractional reserve banking.

Standard: E.6.7

Money and the Role of Financial Institutions
- Students will understand the means by which economic performance is measured.
  - Research and monitor financial investments, such as stocks, bonds, and mutual funds.

Standard: E.6.8

Money and the Role of Financial Institutions
- Students will understand the means by which economic performance is measured.
  - Formulate a credit plan for purchasing a major item comparing different interest rates.

Standard: E.7.1

Economic Stabilization
- Students will understand economic stabilization policies and how they impact the economy.
  - Define and explain fiscal and monetary policy. (Civics and Government)

Standard: E.7.2

Economic Stabilization
- Students will understand economic stabilization policies and how they impact the economy.
  - Define the tools of fiscal and monetary policy. (Civics and Government)

Standard: E.7.3

Economic Stabilization
- Students will understand economic stabilization policies and how they impact the economy.
  - Describe the negative impacts of unemployment and unintended inflation on an economy and how individuals and organizations try to protect themselves. (Individuals, Society, and Culture)

Standard: E.7.4

Economic Stabilization
- Students will understand economic stabilization policies and how they impact the economy.
  - Illustrate and explain cost-push and demand-pull inflation.

Standard: E.7.5

Economic Stabilization
- Students will understand economic stabilization policies and how they impact the economy.
  - Explain how monetary policy affects the level of inflation in the economy.

Standard: E.7.6

Economic Stabilization
- Students will understand economic stabilization policies and how they impact the economy.
  - Analyze how the government uses taxing and spending decisions (fiscal policy) to promote price stability, full employment, and economic growth. (Civics and Government)

Standard: E.7.7

Economic Stabilization
- Students will understand economic stabilization policies and how they impact the economy.
  - Analyze how the Federal Reserve uses monetary tools to promote price stability, full employment, and economic growth. (Civics and Government)

Standard: E.7.8

Economic Stabilization
- Students will understand economic stabilization policies and how they impact the economy.
  - Articulate how a change in monetary or fiscal policy can impact a studentÕs purchasing decision.

Standard: E.8.1

Trade
- Students will understand why individuals, businesses, and governments trade goods and services and how trade affects the economies of the world.
  - Explain the benefits of trade among individuals, regions, and countries. (Geography; Individuals, Society, and Culture)

Standard: E.8.2

Trade
- Students will understand why individuals, businesses, and governments trade goods and services and how trade affects the economies of the world.
  - Define and distinguish between absolute and comparative advantage.

Standard: E.8.3

Trade
- Students will understand why individuals, businesses, and governments trade goods and services and how trade affects the economies of the world.
  - Define trade barriers, such as quotas and tariffs. (Civics and Government)

Standard: E.8.4

Trade
- Students will understand why individuals, businesses, and governments trade goods and services and how trade affects the economies of the world.
  - Explain why countries sometimes erect barriers to trade. (Civics and Government)

Standard: E.8.5

Trade
- Students will understand why individuals, businesses, and governments trade goods and services and how trade affects the economies of the world.
  - Explain the difference between balance of trade and balance of payments.

Standard: E.8.6

Trade
- Students will understand why individuals, businesses, and governments trade goods and services and how trade affects the economies of the world.
  - Compare and contrast labor productivity trends in the United States and other developed countries.

Standard: E.8.7

Trade
- Students will understand why individuals, businesses, and governments trade goods and services and how trade affects the economies of the world.
  - Explain how most trade occurs because of a comparative advantage in the production of a particular good or service.

Standard: E.8.8

Trade
- Students will understand why individuals, businesses, and governments trade goods and services and how trade affects the economies of the world.
  - Explain how changes in exchange rates impact the purchasing power of people in the United States and other countries. (Individuals, Society, and Culture)

Standard: E.8.9

Trade
- Students will understand why individuals, businesses, and governments trade goods and services and how trade affects the economies of the world.
  - Evaluate the arguments for and against free trade.

Standard: E.8.10

Trade
- Students will understand why individuals, businesses, and governments trade goods and services and how trade affects the economies of the world.
  - Identify skills individuals need to be successful in the workplace. (Individuals, Society, and Culture)

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