EconEdLink

National
Standards in Economics

Below are the National Standards in Economics that most closely relate to the following lesson.


LESSON

The Economics of Income: Which 'Wood' You Choose? ~ http://www.econedlink.org/e140

Grades: 9-12


STANDARDS

Name: Scarcity

Standard: 1

  • 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.