National Standards in Economics
Below are the National Standards in Economics that most closely relate to the following lesson. Switch to National Standards in Personal Finance
Theme 2: Lesson 6 - Productivity
- Students will understand that: Income for most people is determined by the market value of the productive resources they sell. What workers earn primarily depends on the market value of what they produce.
- Students will be able to use this knowledge to: Predict future earnings based on their current plans for education, training, and career options.
- Students will understand that: When individuals, regions, and nations specialize in what they can produce at the lowest cost and then trade with others, both production and consumption increase.
- Students will be able to use this knowledge to: Explain how they can benefit themselves and others by developing special skills and strengths.
- 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.
- Students will be able to use this knowledge to: Identify what they gain and what they give up when they make choices.
- Economic Growth
- Students will understand that: Investment in factories, machinery, new technology, and in the health, education, and training of people stimulates economic growth and can raise future standards of living.
- Students will be able to use this knowledge to: Predict the consequences of investment decisions made by individuals, businesses, and governments.