Standards for Jokes, Quotations, and Cartoons in Economics

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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: Institutions

Standard: 10

  • Students will understand that: Institutions evolve and are created to help individuals and groups accomplish their goals. Banks, labor unions, markets, corporations, legal systems, and not-for-profit organizations are examples of important institutions. A different kind of institution, clearly defined and enforced property rights, is essential to a market economy.
  • Students will be able to use this knowledge to: Describe the roles of various economic institutions and explain the importance of property rights in a market economy.

State Standards