Standards for Private: The Effects of the Recession

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National Standards in Economics

Name: Economic Fluctuations

Standard: 18

  • Students will understand that: Fluctuations in a nation's overall levels of income, employment, and prices are determined by the interaction of spending and production decisions made by all households, firms, government agencies, and others in the economy. Recessions occur when overall levels of income and employment decline.
  • Students will be able to use this knowledge to: Interpret media reports about current economic conditions and explain how these conditions can influence decisions made by consumers, producers, and government policy makers.

Name: Unemployment and Inflation

Standard: 19

  • Students will understand that: Unemployment imposes costs on individuals and the overall economy. Inflation, both expected and unexpected, also imposes costs on individuals and the overall economy. Unemployment increases during recessions and decreases during recoveries.
  • Students will be able to use this knowledge to: Make informed decisions by anticipating the consequences of inflation and unemployment.

National Standards in Financial Literacy

Name: Earning Income

Standard: 1

  • Students will understand that: Most people earn wage and salary income in return for working, and they can also earn income from interest, dividends, rents, entrepreneurship, business profits, or increases in the value of investments. Employee compensation may also include access to employee benefits such as retirement plans and health insurance. Employers generally pay higher wages and salaries to more educated, skilled, and productive workers. The decision to invest in additional education or training can be made by weighing the benefit of increased income-earning and career potential against the opportunity costs in the form of time, effort, and money. Spendable income is lower than gross income due to taxes assessed on income by federal, state, and local governments.

Name: Saving

Standard: 3

  • Students will understand that: People who have sufficient income can choose to save some of it for future uses such as emergencies or later purchases. Savings decisions depend on individual preferences and circumstances. Funds needed for transactions, bill-paying, or purchases, are commonly held in federally insured checking or savings accounts at financial institutions because these accounts offer easy access to their money and low risk. Interest rates, fees, and other account features vary by type of account and between financial institutions, with higher rates resulting in greater compound interest earned by savers.

Name: Spending

Standard: 2

  • Students will understand that: A budget is a plan for allocating a person’s spendable income to necessary and desired goods and services. When there is sufficient money in their budget, people may decide to give money to others, save, or invest to achieve future goals. People can often improve their financial wellbeing by making well-informed spending decisions, which includes critical evaluation of price, quality, product information, and method of payment. Individual spending decisions may be influenced by financial constraints, personal preferences, unique needs, peers, and advertising.

State Standards

Common Core State Standards

Name: RH.6-8.2

Standard: History/Social Studies -- Grade 6-8

Area: History/Social Studies -- Grade 6-8

  • Determine the central ideas or information of a primary or secondary source; provide an accurate summary of the source distinct from prior knowledge or opinions.

Name: RH.6-8.7

Standard: History/Social Studies -- Grade 6-8

Area: History/Social Studies -- Grade 6-8

  • Integrate visual information (e.g., in charts, graphs, photographs, videos, or maps) with other information in print and digital texts.

Name: RH.6-8.9

Standard: History/Social Studies -- Grade 6-8

Area: History/Social Studies -- Grade 6-8

  • Analyze the relationship between a primary and secondary source on the same topic.

Name: WHST.6-8.2

Standard: Writing Grade 6-8

Area: Writing Grade 6-8

  • Write informative/explanatory texts, including the narration of historical events, scientific procedures/ experiments, or technical processes.

Name: WHST.6-8.4

Standard: Writing Grade 6-8

Area: Writing Grade 6-8

  • Produce clear and coherent writing in which the development, organization, and style are appropriate to task, purpose, and audience.

Name: WHST.6-8.7

Standard: Writing Grade 6-8

Area: Writing Grade 6-8

  • Conduct short research projects to answer a question (including a self-generated question), drawing on several sources and generating additional related, focused questions that allow for multiple avenues of exploration.

Name: WHST.6-8.8

Standard: Writing Grade 6-8

Area: Writing Grade 6-8

  • Gather relevant information from multiple print and digital sources, using search terms effectively; assess the credibility and accuracy of each source; and quote or paraphrase the data and conclusions of others while avoiding plagiarism and following a standard format for citation.

Name: WHST.6-8.9

Standard: Writing Grade 6-8

Area: Writing Grade 6-8

  • Draw evidence from informational texts to support analysis reflection, and research.