Standards in Economics

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


WIDGET PRODUCTION: Producing More, Using Less ~

Grades: 3-5, 6-8


Name: Specialization

Standard: 6

Grades: 4-12

  • 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.