EconEdLink

National
Standards in Economics

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


LESSON

U.S. Senate Rejects Minimum Wage Bill ~ http://www.econedlink.org/e27

Grades: 9-12


STANDARDS

Name: Markets and Prices

Standard: 7

  • Students will understand that: Markets exist when buyers and sellers interact. This interaction determines market prices and thereby allocates scarce goods and services.
  • Students will be able to use this knowledge to: Identify markets in which they have participated as a buyer and seller and describe how the interaction of all buyers and sellers influences prices. Also, predict how prices change when there is either a shortage or surplus of the product available.

Name: Allocation

Standard: 3

  • Students will understand that: Different methods can be used to allocate goods and services. People acting individually or collectively must choose which methods to use to allocate different kinds of goods and services.
  • Students will be able to use this knowledge to: Evaluate different methods of allocating goods and services, by comparing the benefits to the costs of each method.

Name: Role of Prices

Standard: 8

  • Students will understand that: Prices send signals and provide incentives to buyers and sellers. When supply or demand changes, market prices adjust, affecting incentives.
  • Students will be able to use this knowledge to: Predict how changes in factors such as consumers' tastes or producers' technology affect prices.

Name: Incentives

Standard: 4

  • Students will understand that: People usually respond predictably to positive and negative incentives.
  • Students will be able to use this knowledge to: Identify incentives that affect people's behavior and explain how incentives affect their own behavior.