Standards in Economics

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


President Obama's Allowance ~

Grades: 3-5


Name: Scarcity

Standard: 1

Grades: 4-12

  • 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.