EconEdLink

National
Standards in Economics

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


LESSON

Henry Ford and the Model T: A Case Study in Productivity (Part 1) ~ http://www.econedlink.org/e668

Grades: 6-8, 9-12


STANDARDS

Name: Income

Standard: 13

  • 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.

Name: Specialization

Standard: 6

  • 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.