Standards for Lewis and Clark barter with the Native Americans

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National Standards in Economics

Name: Decision Making

Standard: 2

  • Students will understand that: Effective decision making requires comparing the additional costs of alternatives with the additional benefits. Many choices involve doing a little more or a little less of something: few choices "are all or nothing" decisions.
  • Students will be able to use this knowledge to: Make effective decisions as consumers, producers, savers, investors, and citizens.

Name: Scarcity

Standard: 1

  • 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.

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.

State Standards