Intermediate Key Ideas | ||||
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Standard 4: Economics Intermediate Grades 5-8
Students
will use a variety of intellectual skills to demonstrate their understanding of
how the United States and other societies develop economic systems and
associated institutions to allocate scarce resources, how major decision-making
units function in the U.S. and other national economies, and how an economy
solves the scarcity problem through market and nonmarket mechanisms.
Key Idea 1: The study of economics requires an understanding of major
economic concepts and systems, the principles of economic decision making, and
the interdependence of economies and economic systems throughout the
world.
Performance
Indicators: This is evident when
students
·
explain how societies and nations attempt to satisfy their
basic needs and wants by utilizing scarce capital, natural, and human resources
·
define basic economic concepts such as scarcity, supply and
demand, markets, opportunity costs, resources, productivity, economic growth,
and systems
·
understand how scarcity requires people and nations to make
choices which involve costs and future considerations
·
understand how people in the United States and throughout
the world are both producers and consumers of goods and services
·
investigate how people in the United States and throughout
the world answer the three fundamental economic questions and solve basic
economic problems
·
describe how traditional, command, market, and mixed
economies answer the three fundamental economic questions
·
explain how nations throughout the world have joined with
one another to promote economic development and growth
Key Idea 2: Economics
requires the development and application of the skills needed to make informed
and well-reasoned economic decisions in daily and national life.
Performance Indicators: This is evident when students
·
identify and collect economic information from standard
reference works, newspapers, periodicals, computer databases, textbooks, and
other primary and secondary sources
·
organize and classify economic information by distinguishing
relevant from irrelevant information, placing ideas in chronological order, and
selecting appropriate labels for data
·
evaluate economic data by differentiating fact from opinion
and identifying frames of reference
·
develop conclusions about economic issues and problems by
creating broad statements which summarize findings and solutions
·
present economic information by using media and other
appropriate visuals such as tables, charts, and graphs to communicate ideas and
conclusions