EconEdLink

National
Standards in Economics

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


LESSON

The Trading Game ~ http://www.econedlink.org/e855

Grades: 6-8, 9-12


STANDARDS

Name: Trade

Standard: 5

  • Students will understand that: Voluntary exchange occurs only when all participating parties expect to gain. This is true for trade among individuals or organizations within a nation, and among individuals or organizations in different nations.
  • Students will be able to use this knowledge to: Negotiate exchanges and identify the gains to themselves and others. Compare the benefits and costs of policies that alter trade barriers between nations, such as tariffs and quotas.

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.