EconEdLink

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: 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.

Name: Economic Growth

Standard: 15

• 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.