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: 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: 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: 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.