Economic Standards

Academic Expectations

Students understand economic principles and are able to make economic decisions that have consequences in daily living.

Program of Studies

Primary

SS-P-E-1

Students will recognize fundamental economic concepts (e.g., wants and needs, making choices, money as a means of exchange). Zoorific – Personal Finance-Pocket Power

SS-P-E-2

Students will recognize fundamental economic concepts (e.g., goods and services, supply and demand, scarcity, and opportunity cost). Econ & Me –  MCG K-2 – KidsEcon Posters

SS-P-E-3

Students will recognize different roles of family, workers, banks, and businesses in economic systems. Community Publishing Co – Gingerbread Man

SS-P-E-4

Students will understand that consumer wants influence the production and consumption of goods and services. Children in the Marketplace – Playdough

SS-P-E-5

Students will recognize skills used in the decision-making process in order to make informed economic decisions. Choices & Changes  –  Econ & Me

SS-P-E-6

Students will explore the world of work and recognize relationships among work, wages, purchasing power, and lifestyle. Classroom Mini-Economy

Intermediate

SS-4-E-1

Students will understand the basic economic problem of scarcity (imbalance between unlimited wants and limited resources) and recognize how people have addressed the problem through decision making. Voyages of Columbus  –  FFL-Steps to Financial Fitness

SS-4-E-2

Students will understand that producers create goods and services and consumers make economic decisions and choices. Entrepreneurs in Kentucky – Playdough

SS-4-E-3

Students will understand economic concepts (e.g., markets, goods and services, supply and demand, scarcity, opportunity cost, money as a means of exchange, profits) and use them appropriately in context to explain conditions or events in Kentucky history and regions of the United States. Entrepreneurs in Kentucky  –  Kaleidoscope – Stock Market Game

SS-4-E-4

Students will recognize that economic systems are created to deal with the problem of scarcity.  Seas, Trees, and Economies  –  Zooconomy

Middle School

SS-6-E-1

Students will understand the concept of scarcity (imbalance between unlimited wants and limited resources) as it applies to individuals, societies, and governments across geographic regions. Economics and the Environment  –  Econ Detectives

SS-6-E-2

Students will explain economic concepts (e.g., supply, demand, money as a form of exchange, goods, services, markets, competition, opportunity cost) as they apply in regard to individuals, societies, and governments. FFL-Shaping up Your Financial Future  –  Focus: MS Economics  –  Master Curriculum Guide 5-6 – Stock Market Game

SS-6-E-3

Students will recognize that all regions must address the questions of production, distribution, and consumption and recognize how their resources are used to produce goods and services. Eyes on the US Economy Vol. 1

SS-6-E-4

Students will compare and contrast ways that regions increase their productivity.  Entrepreneurs in Kentucky

SS-6-E-5

Students will examine economic interdependence among regions.  Partners in Prosperity

High School

SS-H-US-E-1

Students will examine the transformation of the United States from a rural economy to an industrial economy to a leader in the global economy.  Eyes on the US Economy-Vol 2 – Focus: International Economics

SS-H-US-E-2

Students will trace the economic development of the United States from laissez-faire economy to one with government intervention to a mixed economy. Focus: US History – Focus: Civics & Government

SS-H-US-E-3

Students will analyze changing relationships among business, labor, and government.  Focus: Economic Systems  –  Focus: World History

SS-H-US-E-4

Students will illustrate how technology has changed and continues to change the United States economy.  The Stock Market Game

Core Content for Assessment

Economics includes the study of production, distribution, and consumption of goods and services.  Students need to understand how their economic decisions affect them, others, and the nation as a whole.

Academic Expectation 2.18:  Students understand economic principles and are able to make economic decisions that have consequences in daily living.

Core Content for Assessment

Economics includes the study of production, distribution, and consumption of goods and services.  Students need to understand how their economic decisions affect them, others, and the nation as a whole.

Academic Expectation 2.18

Students understand economic principles and are able to make economic decisions that have consequences in daily living.

The basic economic problem confronting individuals and societies is the scarcity or imbalance between unlimited wants and limited resources available for satisfying those wants.

Elementary (Assessment at Grade 5)

SS-E-3.1.1

Scarcity requires people to make choices about using goods, services, and limited resources.

SS-E-3.1.2

Consumers use goods and services to satisfy economic wants and needs.

SS-E-3.1.3

Every time a choice is made, an opportunity cost is incurred. Opportunity cost refers to what is given up when an economic choice is made.

Middle Level (Assessment at Grade 8)

SS-M-3.1.1

Productive resources (land, labor, capital) are limited and do not satisfy all the wants of individuals, societies, and governments (scarcity).

SS-M-3.1.2

To make informed choices, consumers must analyze advertisements, consider personal finances, and examine the opportunity cost.

High School (Assessment at Grade 11)

SS-H-3.1.1

Scarcity of resources necessitates choices at both the personal and societal levels.

SS-H-3.1.2

Federal, state, and local governments have limited budgets, so they must compare revenues to costs when planning public projects.

SS-H-3.1.3

To make informed choices, consumers must analyze advertisements, consider personal finances (including the importance of savings, investment, and use of credit), and examine opportunity cost.

To deal with the problem of scarcity, people and societies create economic systems and institutions.

Elementary (Assessment at Grade 5)

SS-E-3.2.1

Economic systems can be large (e.g., U.S. economy) or small (e.g., individuals and households).

SS-E-3.2.2

The U.S. economic system has financial institutions (e.g., banks).

SS-E-3.2.3

The U.S. economic system is based on free enterprise where businesses seek to make profits by producing or selling goods or services.

SS-E-3.2.4

Profit is the difference between revenues and the costs entailed in producing or selling goods or services.

Middle Level (Assessment at Grade 8)

SS-M-3.2.1

Economic systems include traditional, command, or market.  Modern economies use a mixed system that has features of all three.

SS-M-3.2.2

The hope of earning profit motivates businesses to take the risks involved in producing goods and services.

High School (Assessment at Grade 11)

SS-H-3.2.1

Economic systems can be evaluated by their abilities to achieve broad social goals such as freedom, efficiency, equity, security, and growth.

SS-H-3.2.2

Economic institutions include such organizations as corporations, labor unions, banks, stock markets, cooperatives, and partnerships.

SS-H-3.2.3

Individuals attempt to maximize their profits based on their role in the economy (e.g., producers try to maximize profit, workers try to maximize income, savers and investors try to maximize return).

Markets are institutional arrangements that enable buyers and sellers to exchange goods and services.

Elementary (Assessment at Grade 5)

SS-E-3.3.1

A market exists whenever buyers and sellers exchange goods and services. Prices and availability of goods and services are determined by supply and demand.

SS-E-3.3.2

The direct exchange of goods and services is called barter. Money has generally replaced barter as a more efficient system for exchange.

Middle Level (Assessment at Grade 8)

SS-M-3.3.1

Prices of goods and services are determined by supply and demand.  The market price is reached when quantity supplied equals quantity demanded.

SS-M-3.3.2

Money (unit of account) can be used to express the market value of goods and services.  Money makes it easier to trade, borrow, invest, and save.

SS-M-3.3.3

Competition among buyers and sellers impacts the price of goods and services.

High School (Assessment at Grade 11)

SS-H-3.3.1

Numerous factors influence the supply and demand for products (e.g., supply – technology, cost of inputs, number of sellers; demand – income, price of similar products, consumers’ preferences).

SS-H-3.3.2

Specific financial and non-financial incentives often influence individuals differently (e.g., discounts, sales promotions, trends, personal convictions).

SS-H-3.3.3

The level of competition in a market is largely determined by the number of buyers and sellers.

SS-H-3.3.4

Laws and government mandates (e.g., anti-trust legislation, tariff policy, regulatory policy) have been adopted to maintain competition in the United States.

All societies deal with questions about production, distribution, and consumption.

Elementary (Assessment at Grade 5)

SS-E-3.4.1

Producers create goods and services; consumers make economic choices about which ones to purchase.

SS-E-3.4.2

The government provides goods and services (e.g., police force, fire fighting, education, food surpluses) and pays for them with taxes.  Private businesses offer similar goods and services (e.g., security guards, private schools, grocery stores) for profit.

SS-E-3.4.3

Producers who specialize create specific goods or services (e.g., computer games, tennis shoes, movie theatres).

Middle Level (Assessment at Grade 8)

SS-M-3.4.1

The basic economic issues addressed by producers are production, distribution, and consumption of goods and services.

SS-M-3.4.2

Productivity can be improved by specialization, new knowledge, and technology/tools.

SS-M-3.4.3

Personal, national, and international economic activities are interdependent.

High School (Assessment at Grade 11)

SS-H-3.4.1

An entrepreneur is a person who organizes and manages a business and/or enterprise usually with considerable initiative and risk.

SS-H-3.4.2

Technological change and investments in capital goods and human capital/resources increase productivity.

SS-H-3.4.3

Investments in capital goods and labor can increase productivity but have significant opportunity costs.

SS-H-3.4.4

The interdependence of personal, national, and international economic activity often results in international issues and concerns (e.g., natural resource dependencies, economic sanctions, environmental and humanitarian issues).