Teachers, you can now register your students for TWO NATIONAL COMPETITIONS this spring—our National Personal Finance Challenge (financial stability/mobility) and our National Economics Challenge (micro/macroeconomics).

Standards for Opportunity Cost

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National Standards in Economics

Name: Markets and Prices

Standard: 7

  • Students will understand that: Markets exist when buyers and sellers interact. This interaction determines market prices and thereby allocates scarce goods and services.
  • Students will be able to use this knowledge to: Identify markets in which they have participated as a buyer and seller and describe how the interaction of all buyers and sellers influences prices. Also, predict how prices change when there is either a shortage or surplus of the product available.

Name: Money and Inflation

Standard: 11

  • Students will understand that: Money makes it easier to trade, borrow, save, invest, and compare the value of goods and services. The amount of money in the economy affects the overall price level. Inflation is an increase in the overall price level that reduces the value of money.
  • Students will be able to use this knowledge to: Explain how their lives would be more difficult in a world with no money, or in a world where money sharply lost its value.

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.

National Standards in Financial Literacy

Name: Buying Goods and Services

Standard:

  • Students will understand that: People cannot buy or make all the goods and services they want; as a result, people choose to buy some goods and services and not buy others. People can improve their economic wellbeing by making informed spending decisions, which entails collecting information, planning, and budgeting.

Name: Earning Income

Standard:

  • Students will understand that: Income for most people is determined by the market value of their labor, paid as wages and salaries. People can increase their income and job opportunities by choosing to acquire more education, work experience, and job skills. The decision to undertake an activity that increases income or job opportunities is affected by the expected benefits and costs of such an activity. Income also is obtained from other sources such as interest, rents, capital gains, dividends, and profits.

Name: Saving

Standard:

  • Students will understand that: Saving is the part of income that people choose to set aside for future uses. People save for different reasons during the course of their lives. People make different choices about how they save and how much they save. Time, interest rates, and inflation affect the value of savings.

State Standards

Common Core State Standards

Name: RH.11-12.1

Standard: History/Social Studies -- Grade 11-12

Area: History/Social Studies -- Grade 11-12

  • Cite specific textual evidence to support analysis of primary and secondary sources, connecting insights gained from specific details to an understanding of the text as a whole.

Name: RH.11-12.2

Standard: History/Social Studies -- Grade 11-12

Area: History/Social Studies -- Grade 11-12

  • Determine the central ideas or information of a primary or secondary source; provide an accurate summary that makes clear the relationships among the key details and ideas.

Name: RH.11-12.7

Standard: History/Social Studies -- Grade 11-12

Area: History/Social Studies -- Grade 11-12

  • Integrate and evaluate multiple sources of information presented in diverse formats and media (e.g., visually, quantitatively, as well as in words) in order to address a question or solve a problem.

Name: RH.11-12.9

Standard: History/Social Studies -- Grade 11-12

Area: History/Social Studies -- Grade 11-12

  • Integrate information from diverse sources, both primary and secondary, into a coherent understanding of an idea or event, noting discrepancies among sources.

Name: RH.9-10.1

Standard: History/Social Studies -- Grade 9-10

Area: History/Social Studies -- Grade 9-10

  • Cite specific textual evidence to support analysis of primary and secondary sources, attending to such features as the date and origin of the information.

Name: RH.9-10.2

Standard: History/Social Studies -- Grade 9-10

Area: History/Social Studies -- Grade 9-10

  • Determine the central ideas or information of a primary or secondary source; provide an accurate summary of how key events or ideas develop over the course of the text.

Name: RH.9-10.9

Standard: History/Social Studies -- Grade 9-10

Area: History/Social Studies -- Grade 9-10

  • Compare and contrast treatments of the same topic in several primary and secondary sources.

Name: WHST.11-12.1

Standard: Writing Grade 11-12

Area: Writing Grade 11-12

  • Write arguments focused on discipline-specific content.

Name: WHST.11-12.7

Standard: Writing Grade 11-12

Area: Writing Grade 11-12

  • Conduct short as well as more sustained research projects to answer a question (including a self-generated question) or solve a problem; narrow or broaden the inquiry when appropriate; synthesize multiple sources on the subject, demonstrating understanding of the subject under investigation.

Name: WHST.11-12.8

Standard: Writing Grade 11-12

Area: Writing Grade 11-12

  • Gather relevant information from multiple authoritative print and digital sources, using advanced searches effectively; assess the strengths and limitations of each source in terms of the specific task, purpose, and audience; integrate information into the text selectively to maintain the flow of ideas, avoiding plagiarism and over reliance on any one source and following a standard format for citation.

Name: WHST.11-12.9

Standard: Writing Grade 11-12

Area: Writing Grade 11-12

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

Name: WHST.9-10.1

Standard: Writing Grade 9-10

Area: Writing Grade 9-10

  • Write arguments focused on discipline-specific content.

Name: WHST.9-10.8

Standard: Writing Grade 9-10

Area: Writing Grade 9-10

  • Gather relevant information from multiple authoritative print and digital sources, using advanced searches effectively; assess the usefulness of each source in answering the research question; integrate information into the text selectively to maintain the flow of ideas, avoiding plagiarism and following a standard format for citation.

Name: WHST.9-10.9

Standard: Writing Grade 9-10

Area: Writing Grade 9-10

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