EconEdLink
National
Standards in Economics
Below are the National Standards in Economics that most closely relate to the following lesson.
- Check out your State's Standards.
- Check out National Standards in Personal Finance.
LESSON
Big Banks, Piggy Banks ~ http://www.econedlink.org/e455
Grades: K-2, 3-5
STANDARDS
Name: Interest Rates
Standard: 12
- Students will understand that: Interest rates, adjusted for inflation, rise and fall to balance the amount saved with the amount borrowed, which affects the allocation of scarce resources between present and future uses.
- Students will be able to use this knowledge to: Explain situations in which they pay or receive interest, and explain how they would react to changes in interest rates if they were making or receiving interest payments.
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.