Riada American School

Economics Scope and Sequence





1.Understands that scarcity of productive resources requires choices that generate opportunity costs

Economics

Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs

Economics

Standard 1 : Understands that scarcity of productive resources requires choices that generate opportunity costs

Reference code: NE,2,5;EE,9-12

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level Pre-K (Grade Pre-K)
   1. Knows that people in the community have different jobs and responsibilities (e.g., firefighters, doctors, bus drivers)
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
Topic
   Level Pre-K (Grade Pre-K)
  Benchmark 1.Knows that people in the community have different jobs and responsibilities (e.g., firefighters, doctors, bus drivers)
   Vocabulary terms
A.  job
B.  firefighter
C.  doctor
D.  bus driver
  Knowledge/skill statements
  1. Knows that people in the community have different jobs   
  2. Knows some jobs in the community   
  3. Knows the role some people play in the community through their job   
  4. Understands the role of firefighters in the community   
  5. Understands the role of doctors in the community   
  6. Understands the role of bus drivers in the community   


Citation Log: BD(HSE,20;​MHE,87;​DDE;​TE;​NZE,56)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level I (Grade K-2)
   1. Knows that goods are objects that can satisfy people's wants, and services are activities that can satisfy people's wants
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
TopicGoods and services
   Level I (Grade K-2)
  Benchmark 1.Knows that goods are objects that can satisfy people's wants, and services are activities that can satisfy people's wants
   Vocabulary terms
A.  good
B.  people’s wants
C.  people’s needs
D.  service
  Knowledge/skill statements
  1. Knows that goods are made or grown by people   
  2. Knows that goods can satisfy people’s needs and wants   
  3. Knows that services are jobs that people perform   
  4. Knows that services can satisfy people’s needs and wants   


Citation Log: BD(NE,2;​CE,3;​EE,78;​JE,15;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Understands that since people cannot have everything they want, they must make choices about using goods and services to satisfy wants
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
Topics1. Goods and services; 2. Scarcity and choice
   Level I (Grade K-2)
  Benchmark 2.Understands that since people cannot have everything they want, they must make choices about using goods and services to satisfy wants
   Vocabulary terms
A.  choice about goods
B.  choice about services
C.  people’s wants
  Knowledge/skill statements
  1. Understands that people cannot have everything they want   
  2. Knows that people must make choices about goods   
  3. Knows that people must make choices about services   
  4. Knows that people must make choices about satisfying wants   


Citation Log: BD(NE,2;​BE,12;​CE,3;​EE,78;​JE,15;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Knows that a cost is what you give up when you decide to do something, and a benefit is something that satisfies your wants
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
TopicOpportunity costs and trade-offs
   Level I (Grade K-2)
  Benchmark 3.Knows that a cost is what you give up when you decide to do something, and a benefit is something that satisfies your wants
   Vocabulary terms
A.  cost
B.  benefit
C.  want
  Knowledge/skill statements
  1. Knows that a cost is something that you give up when you make a decision   
  2. Knows that a benefit is something that satisfies your wants   


Citation Log: BD(NE,5)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Knows that people who use goods and services are called consumers, and people who make goods or provide services are called producers, and that most people both produce and consume
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
Topics1. Production and consumption ; 2. Goods and services
   Level I (Grade K-2)
  Benchmark 4.Knows that people who use goods and services are called consumers, and people who make goods or provide services are called producers, and that most people both produce and consume
   Vocabulary terms
A.  good
B.  service
C.  consumer
D.  producer
E.  production
F.  consumption
  Knowledge/skill statements
  1. Knows that consumers are people who use goods    
  2. Knows that consumers are people who use services   
  3. Knows that producers are people who make goods    
  4. Knows that producers are people who perform services   
  5. Knows that most people are both consumers and producers   


Citation Log: BD(NE,3,16;​CE,4;​EE,78;​JE,15;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   5. Knows that natural resources are "gifts of nature" because they are present without human intervention
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
TopicResources
   Level I (Grade K-2)
  Benchmark 5.Knows that natural resources are "gifts of nature" because they are present without human intervention
   Vocabulary terms
A.  natural resource
B.  gift of nature
C.  human intervention
  Knowledge/skill statements
  1. Knows that natural resources are "gifts of nature"   
  2. Knows that natural resources are present without the intervention of humans   


Citation Log: BD(NE,3;​BI,12;​CE,3;​EE,78;​JE,15;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   6. Knows that capital resources are things made by people that are used to make other goods or to provide services  A 
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
Topics1. Resources; 2. Goods and services
   Level I (Grade K-2)
  Benchmark 6.Knows that capital resources are things made by people that are used to make other goods or to provide services
   Vocabulary terms
A.  capital resource
B.  production of goods
C.  provision of services
  Knowledge/skill statements
  1. Knows that capital resources are made by people   
  2. Knows that capital resources are used to make other goods   A   
  3. Knows that capital resources are used to provide other services   A   


 A  = Assessment items available

Citation Log: BD(NE,3;​BE,12;​CE,3;​EE,78;​JE,15;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   7. Knows that human resources (i.e., labor or human capital) are the efforts of people who work to produce goods and to provide services
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
Topics1. Resources; 2. Goods and services
   Level I (Grade K-2)
  Benchmark 7.Knows that human resources (i.e., labor or human capital) are the efforts of people who work to produce goods and to provide services
   Vocabulary terms
A.  human resource
B.  labor
C.  human capital
D.  production of goods
E.  provision of services
  Knowledge/skill statements
  1. Knows that labor is another word for human resources   
  2. Knows that human capital is another word for human resources   
  3. Knows that labor is the effort of people who work to produce goods and provide services   
  4. Knows that human capital is the effort of people who work to produce goods and provide services   


Citation Log: BD(NE,3,29;​BE,12;​CE,3;​EE,78;​JE,15;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   8. Knows that choices about what goods and services to buy and consume determine how resources will be used.
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
Topics1. Scarcity and choice; 2. Resources
   Level I (Grade K-2)
  Benchmark 8.Knows that choices about what goods and services to buy and consume determine how resources will be used.
   Vocabulary terms
A.  purchasing choice
B.  consumption choice
C.  resource use
  Knowledge/skill statements
  1. Knows that choices about what goods to buy and consume determine how resources will be used   
  2. Knows that choices about what services to buy determine how resources will be used   


Citation Log: BD(NE,2;​CE,3;​EE,78;​JE,18;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level II (Grade 3-5)
   1. Knows that productive resources are all natural resources, human resources, and capital resources used to produce goods and to provide services
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
Topics1. Goods and services; 2. Resources
   Level II (Grade 3-5)
  Benchmark 1.Knows that productive resources are all natural resources, human resources, and capital resources used to produce goods and to provide services
   Vocabulary terms
A.  productive resource
B.  capital resource as productive resource
C.  natural resource as productive resource
D.  human resource as productive resource
  Knowledge/skill statements
  1. Knows that productive resources are those used to produce goods and to provide services   
  2. Knows that all natural resources used to produce goods and provide services are productive resources   
  3. Knows that all human resources used to produce goods and provide services are productive resources   
  4. Knows that all capital resources used to produce goods and provide services are productive resources   


Citation Log: BD(NE,3;​CI,3;​EE,78;​JE,15;​PE,11;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Understands that goods and services are scarce because there are not enough productive resources to satisfy all of the wants of individuals, governments, and societies
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
TopicScarcity and choice
   Level II (Grade 3-5)
  Benchmark 2.Understands that goods and services are scarce because there are not enough productive resources to satisfy all of the wants of individuals, governments, and societies
   Vocabulary terms
A.  scarce good
B.  scarce service
C.  productive resource
D.  want of individual
E.  want of government
F.  want of society
  Knowledge/skill statements
  1. Understands that sometimes goods and services are scarce   
  2. Understands that goods and services are scarce because there are not enough productive resources to satisfy all the wants of individuals   
  3. Understands that goods and services are scarce because there are not enough productive resources to satisfy all of the wants of governments   
  4. Understands that goods and services are scarce because there are not enough resources to satisfy all the wants of societies   


Citation Log: BD(NE,3;​CI,3;​EE,92;​JE,16;​PE,11;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Understands that federal, state, and local governments have problems of scarcity also; because they have limited budgets, they must compare their revenues to the costs of public projects their citizens want
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
TopicScarcity and choice
   Level II (Grade 3-5)
  Benchmark 3.Understands that federal, state, and local governments have problems of scarcity also; because they have limited budgets, they must compare their revenues to the costs of public projects their citizens want
   Vocabulary terms
A.  federal government
B.  state government
C.  local government
D.  scarcity
E.  limited budget
F.  revenue
G.  cost of public projects
H.  citizen’s want
  Knowledge/skill statements
  1. Understands that federal governments have problems of scarcity   
  2. Understands that state governments have problems of scarcity   
  3. Understands that local governments have problems of scarcity   
  4. Knows that federal governments have limited budgets   
  5. Knows that state governments have limited budgets   
  6. Knows that local governments have limited budgets   
  7. Understands that because of limited budgets, governments must compare their revenues to the costs of public projects their citizen’s want   


Citation Log: BD(NE,3;​CI,3,4;​EE,92;​JE,16;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Knows that innovation is the introduction of an invention into a use that has economic value
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
TopicEntrepreneurship/Innovation
   Level II (Grade 3-5)
  Benchmark 4.Knows that innovation is the introduction of an invention into a use that has economic value
   Vocabulary terms
A.  innovation
B.  invention
C.  economic value
  Knowledge/skill statements
  1. Knows the meaning of economic value   
  2. Knows the difference between an invention and an innovation   


Citation Log: BD(NE,31)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   5. Knows that entrepreneurs are people who use resources to produce innovative goods and services they hope people will buy
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
TopicEntrepreneurship/Innovation
   Level II (Grade 3-5)
  Benchmark 5.Knows that entrepreneurs are people who use resources to produce innovative goods and services they hope people will buy
   Vocabulary terms
A.  entrepreneur
B.  production of innovative goods
C.  production of innovative services
  Knowledge/skill statements
  1. Knows that entrepreneurs are people who use resources to produce innovative goods and services   
  2. Knows that entrepreneurs hope that people will buy their innovative goods and services   


Citation Log: BD(NE,31,32;​CE,3;​EE,92;​JE,16;​PE,15;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   6. Understands that entrepreneurs take the risk that people won’t buy their products or won’t pay enough for them to cover the entrepreneurs’ costs
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
TopicEntrepreneurship/Innovation
   Level II (Grade 3-5)
  Benchmark 6.Understands that entrepreneurs take the risk that people won’t buy their products or won’t pay enough for them to cover the entrepreneurs’ costs
   Vocabulary terms
A.  entrepreneur
B.  entrepreneur’s risk
C.  entrepreneur’s costs
  Knowledge/skill statements
  1. Understands that entrepreneurs take the risk that people won’t buy their products   
  2. Understands that entrepreneurs take the risk that people won’t pay enough for their products to cover the entrepreneur’s costs   


Citation Log: BD(NE,31,32;​CE,3;​EE,92;​JE,16;​PE,15;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   7. Understands that when productive resources are used to produce one good or service, the opportunity cost (i.e., what is given up) is other goods and services that would have been made with the same resources if the chosen good or service had not been made  A 
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
Topics1. Scarcity and choice; 2. Opportunity costs and trade-offs
   Level II (Grade 3-5)
  Benchmark 7.Understands that when productive resources are used to produce one good or service, the opportunity cost (i.e., what is given up) is other goods and services that would have been made with the same resources if the chosen good or service had not been made
   Vocabulary terms
A.  productive resource
B.  opportunity cost
  Knowledge/skill statements
  1. Knows that the opportunity cost is something that is given up   
  2. Understands that when productive resources are used the opportunity costs are other goods and services  A   
  3. Understands that other goods and services could have been made from productive resources if the chosen good or service had not been made   


 A  = Assessment items available

Citation Log: BD(NE,2,4;​BE,12;​CE,3;​EE,78;​JE,17;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   8. Understands that choices usually involve trade-offs; people can give up buying or doing a little of one thing in order to buy or do a little of something else
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
Topics1. Scarcity and choice; 2. Opportunity costs and trade-offs
   Level II (Grade 3-5)
  Benchmark 8.Understands that choices usually involve trade-offs; people can give up buying or doing a little of one thing in order to buy or do a little of something else
   Vocabulary terms
A.  choice
B.  trade-off
  Knowledge/skill statements
  1. Understands that choices usually involve trade-offs   
  2. Knows that a trade-off is when people give up buying or doing a little of something in order to buy or do a little of something else   
  
McREL Activity(s)
   Going Camping


Citation Log: BD(NE,5;​CE,3;​EE,92;​JE,17;​PI,11;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   9. Knows that economic specialization occurs when people produce a narrower range of goods and services than they consume
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
TopicSpecialization and interdependence
   Level II (Grade 3-5)
  Benchmark 9.Knows that economic specialization occurs when people produce a narrower range of goods and services than they consume
   Vocabulary terms
A.  economic specialization
B.  narrower range of goods
C.  narrower range of services
  Knowledge/skill statements
  1. Knows what causes economic specialization   
  2. Knows the meaning of economic specialization   


Citation Log: BD(NE,13;​EE,78;​JE,18;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   10. Understands how labor productivity can be increased as a result of specialization, division of labor, and more capital goods such as tools and machines
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
Topics1. Productivity; 2. Goods and services
   Level II (Grade 3-5)
  Benchmark 10.Understands how labor productivity can be increased as a result of specialization, division of labor, and more capital goods such as tools and machines
   Vocabulary terms
A.  labor productivity
B.  specialization
C.  division of labor
D.  capital goods
  Knowledge/skill statements
  1. Understands that specialization can increase labor productivity   
  2. Understands that the division of labor can increase labor productivity   
  3. Understands that more capital goods can increase labor productivity   
  4. Knows that tools and machines are examples of capital goods   


Citation Log: BD(NE,13,34;​CE,4;​EE,92;​JE,18;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   11. Understands that the quality of labor resources (i.e., human capital) can be improved through investments in education, training, and health care
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
TopicResources
   Level II (Grade 3-5)
  Benchmark 11.Understands that the quality of labor resources (i.e., human capital) can be improved through investments in education, training, and health care
   Vocabulary terms
A.  labor resource
B.  human capital as labor resource
C.  investment in education
D.  investment in training
E.  investment in health care
  Knowledge/skill statements
  1. Knows that human capital is another name for labor resources   
  2. Understands that labor resources can be improved through investments in education   
  3. Understands that labor resources can be improved through investments in training   
  4. Understands that labor resources can be improved through investments in health care   


Citation Log: BD(NE,3,33;​CE,4;​EE,92;​JE,16;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level III (Grade 6-8)
   1. Understands that scarcity of resources necessitates choice at both the personal and the societal levels
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
TopicScarcity and choice
   Level III (Grade 6-8)
  Benchmark 1.Understands that scarcity of resources necessitates choice at both the personal and the societal levels
   Vocabulary terms
A.  scarcity of resources
B.  individual choice
C.  societal choice
  Knowledge/skill statements
  1. Understands that scarcity of resources necessitates choice at the personal level   
  2. Understands that scarcity of resources necessitates choice at the societal level   


Citation Log: BD(NE,8;​BE,12;​CE,3;​EE,92;​JE,16;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Knows that all decisions involve opportunity costs and that effective economic decision making involves weighing the costs and benefits associated with alternative choices  A 
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
Topics1. Opportunity costs and trade-offs ; 2. Scarcity and choice; 3. Economic decision-making
   Level III (Grade 6-8)
  Benchmark 2.Knows that all decisions involve opportunity costs and that effective economic decision making involves weighing the costs and benefits associated with alternative choices
   Vocabulary terms
A.  economic decision
B.  economic decision-making
C.  cost of alternative choices
D.  benefit of alternative choices
  Knowledge/skill statements
  1. Knows that all decisions involve opportunity costs  A   
  2. Knows that economic decision-making involves weighing the costs and benefits of alternative choices  A   


 A  = Assessment items available

Citation Log: BD(NE,6;​BE,12;​CE,4;​EE,92;​JE,17;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Understands that the evaluation of choices and opportunity costs is subjective and differs across individuals and societies
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
Topics1. Scarcity and choice; 2. Opportunity costs and trade-offs
   Level III (Grade 6-8)
  Benchmark 3.Understands that the evaluation of choices and opportunity costs is subjective and differs across individuals and societies
   Vocabulary terms
A.  subjective evaluation of choices
B.  subjective evaluation of opportunity costs
  Knowledge/skill statements
  1. Understands that the evaluation of choices is subjective   
  2. Understands that the evaluation of opportunity costs is subjective   
  3. Knows that individuals evaluate choices differently   
  4. Knows that societies evaluate choices differently   
  5. Knows that individuals evaluate opportunity costs differently   
  6. Knows that societies evaluate opportunity costs differently   


Citation Log: BD(NE,4;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Knows that productivity can be measured as output per worker, per hour, per machine, or per unit of land
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
TopicProductivity
   Level III (Grade 6-8)
  Benchmark 4.Knows that productivity can be measured as output per worker, per hour, per machine, or per unit of land
   Vocabulary terms
A.  measure of productivity
B.  output per worker
C.  output per hour
D.  output per machine
E.  output per unit of land
  Knowledge/skill statements
  1. Knows that productivity can be measured as output per worker   
  2. Knows that productivity can be measured as output per hour   
  3. Knows that productivity can be measured as output per machine   
  4. Knows that productivity can be measured as output per unit of land   


Citation Log: BD(NE,14,34;​CE,4;​EE,92;​JE,18;​PI,18;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   5. Understands that increasing labor productivity is the major way in which a nation can improve the standard of living of its people
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
TopicProductivity
   Level III (Grade 6-8)
  Benchmark 5.Understands that increasing labor productivity is the major way in which a nation can improve the standard of living of its people
   Vocabulary terms
A.  national labor productivity
B.  standard of living
  Knowledge/skill statements
  1. Knows how labor productivity is measured   
  2. Knows the meaning of "standard of living"   
  3. Knows how "standard of living" is measured   


Citation Log: BD(NE,34;​CI,4;​EE,121;​JE,19;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level IV (Grade 9-12)
   1. Understands that marginal benefit is the change in total benefit resulting from an action, and marginal cost is the change in total cost resulting from an action
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
TopicOpportunity costs and trade-offs
   Level IV (Grade 9-12)
  Benchmark 1.Understands that marginal benefit is the change in total benefit resulting from an action, and marginal cost is the change in total cost resulting from an action
   Vocabulary terms
A.  marginal benefit
B.  change in total benefit
C.  marginal cost
D.  change in total cost
  Knowledge/skill statements
  1. Knows the meaning of marginal benefit   
  2. Understands the relationship between marginal benefit and total benefit   
  3. Knows the meaning of marginal cost   
  4. Understands the relationship between marginal cost and total cost   


Citation Log: BD(NE,6;​PE,11)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Understands that optimal levels of output (e.g., production output, output of services provided by a public program) can be determined by comparing the marginal benefits and costs of producing a little more against the marginal benefits and costs of producing a little less  A 
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
TopicOpportunity costs and trade-offs
   Level IV (Grade 9-12)
  Benchmark 2.Understands that optimal levels of output (e.g., production output, output of services provided by a public program) can be determined by comparing the marginal benefits and costs of producing a little more against the marginal benefits and costs of producing a little less
   Vocabulary terms
A.  optimal level of output
B.  production output
C.  service output
D.  marginal benefit
E.  marginal cost
F.  production cost
  Knowledge/skill statements
  1. Knows that production output is a type of output that has an optimal level   
  2. Knows that output of services provided by a public program is a type of output that has an optimal level   
  3. Understands how to determine the optimal level of output  A   
  4. Knows that production output is an optimal level of output   
  5. Knows that the output of services provided by a public program is an optimal level of output   


 A  = Assessment items available

Citation Log: BD(NE,6;​PE,12;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Understands that increases in productivity are affected by incentives that reward successful innovation and investments (e.g., in research and development, and in physical and human capital)  A 
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
Topics1. Productivity; 2. Economic incentives
   Level IV (Grade 9-12)
  Benchmark 3.Understands that increases in productivity are affected by incentives that reward successful innovation and investments (e.g., in research and development, and in physical and human capital)
   Vocabulary terms
A.  increases in productivity
B.  incentive for successful innovation
C.  incentive for successful investment
E.  investment in research and development
F.  investment in human capital
G.  investment in physical capital
H.  innovation in research and development
  Knowledge/skill statements
  1. Understands that incentives can bring about increases in productivity    
  2. Knows that incentives reward successful innovation and investment in areas such as research and development   
  3. Knows that incentives reward successful innovation and investment in areas such as physical capital   
  4. Knows that incentives reward successful innovation and investment in areas such as human capital  A   


 A  = Assessment items available

Citation Log: BD(NE,35;​EE,121;​JE,19;​PE,18;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Understands that investing in new physical or human capital involves a trade-off of lower current consumption in anticipation of greater future production and consumption  A 
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
Topics1. Opportunity costs and trade-offs ; 2. Production and consumption
   Level IV (Grade 9-12)
  Benchmark 4.Understands that investing in new physical or human capital involves a trade-off of lower current consumption in anticipation of greater future production and consumption
   Vocabulary terms
A.  investment in human capital
B.  investment in physical capital
C.  investment trade-off
D.  current consumption
E.  future consumption
F.  future production
  Knowledge/skill statements
  1. Understands that investing in new physical capital involves trade-offs   
  2. Understands that investing in new human capital involves trade-offs   
  3. Understands that investing in new physical capital involves a trade-off of lower current consumption in anticipation of greater future production and consumption   
  4. Understands that investing in new human capital involves a trade-off of lower current consumption in anticipation of greater future production and consumption  A   


 A  = Assessment items available

Citation Log: BD(NE,35;​CI,4;​EE,92;​JE,18;​PE,15;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   5. Understands that technological change and investments in capital goods and human capital may increase labor productivity but have significant opportunity costs and economic risks  A 
Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
Topics1. Productivity; 2. Opportunity costs and trade-offs
   Level IV (Grade 9-12)
  Benchmark 5.Understands that technological change and investments in capital goods and human capital may increase labor productivity but have significant opportunity costs and economic risks
   Vocabulary terms
A.  technological change
B.  investment in capital goods
C.  investment in human capital
D.  economic risk
  Knowledge/skill statements
  1. Understands that technological change may increase labor productivity    
  2. Understands that investments in capital goods may increase labor productivity    
  3. Understands that investments in human capital may increase labor productivity   A   
  4. Understands that technological change may have significant opportunity costs    
  5. Understands that technological change may have significant economic risks   
  6. Understands that investments in capital goods may have significant opportunity costs    
  7. Understands that investments in capital goods may have significant economic risks   
  8. Understands that investments in human capital may have significant opportunity costs    
  9. Understands that investments in human capital may have significant economic risks   


 A  = Assessment items available

Citation Log: BD(NE,34,35;​CE,4;​EE,92,121;​JE,19;​PE,18;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
    

 A  = Assessment items available
2.Understands characteristics of different economic systems, economic institutions, and economic incentives

Economics

Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives

Economics

Standard 2 : Understands characteristics of different economic systems, economic institutions, and economic incentives

Reference code: NE,7,9,23;EE,14-17

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level Pre-K (Grade Pre-K)
   1. Not appropriate for this level
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
Topic
   Level Pre-K (Grade Pre-K)
  Benchmark 1.Not appropriate for this level
    


Citation Log: (none)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level I (Grade K-2)
   1. Not appropriate for this level
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
Topic
   Level I (Grade K-2)
  Benchmark 1.Not appropriate for this level
    


Citation Log: (none)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level II (Grade 3-5)
   1. Knows that people's choices and behavior are influenced by positive incentives (i.e., rewards that make people better off) and negative incentives (i.e., penalties that make people worse off)  A 
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
TopicEconomic incentives
   Level II (Grade 3-5)
  Benchmark 1.Knows that people's choices and behavior are influenced by positive incentives (i.e., rewards that make people better off) and negative incentives (i.e., penalties that make people worse off)
   Vocabulary terms
A.  people’s choices
B.  people’s behavior
C.  positive incentive
D.  negative incentive
  Knowledge/skill statements
  1. Knows that people’s choices and behaviors are influenced by positive incentives  A   
  2. Knows that people’s choices and behaviors are influenced by negative incentives   
  3. Knows that a positive incentive is a reward that makes people better off   
  4. Knows that a negative incentive is a penalty that makes people worse off   


 A  = Assessment items available

Citation Log: BD(NE,9;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Knows that because people's views of rewards and penalties are different, the influence of an incentive can vary with the individual
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
TopicEconomic incentives
   Level II (Grade 3-5)
  Benchmark 2.Knows that because people's views of rewards and penalties are different, the influence of an incentive can vary with the individual
   Vocabulary terms
A.  differing views of rewards
B.  differing views of penalties
C.  differing influence of incentives
  Knowledge/skill statements
  1. Knows that people view rewards and penalties differently   
  2. Knows that the influence of an incentive can vary with the individual   


Citation Log: BD(NE,9;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Understands that the hope of earning profit (i.e., the difference between revenues and the costs of producing or selling a good or service) is the incentive that persuades entrepreneurs and business firms to take the risks of producing goods and services to sell
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
TopicEconomic incentives
   Level II (Grade 3-5)
  Benchmark 3.Understands that the hope of earning profit (i.e., the difference between revenues and the costs of producing or selling a good or service) is the incentive that persuades entrepreneurs and business firms to take the risks of producing goods and services to sell
   Vocabulary terms
A.  profit
B.  revenue
C.  cost of production
D.  sale of goods
E.  sale of services
F.  incentive
G.  entrepreneur
H.  business firm
I.  risk of producing goods and services
  Knowledge/skill statements
  1. Knows that the hope of earning a profit is an incentive for entrepreneurs and business firms   
  2. Knows that profit is the difference between revenues and the costs of producing or selling a good or service   
  3. Understands that the hope of earning a profit persuades entrepreneurs and business firms to take the risks of producing goods and services to sell   


Citation Log: BD(NE,10;​CI,6;​EE,79,93;​JE,21;​PI,15;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Knows that households (i.e., individuals or family units), as consumers, buy goods and services from business firms
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
TopicProduction and consumption
   Level II (Grade 3-5)
  Benchmark 4.Knows that households (i.e., individuals or family units), as consumers, buy goods and services from business firms
   Vocabulary terms
A.  individual as household
B.  family unit as household
C.  household as consumer
  Knowledge/skill statements
  1. Knows that households are consumers   
  2. Knows that a household can consist of an individual or a family unit   
  3. Knows that households buy goods and services from business firms   


Citation Log: BD(NE,16;​CE,5;​EE,79,93;​JE,21;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   5. Knows that households, as resource owners, sell productive resources (e.g., labor, natural resources, capital resources, entrepreneurial resources) to firms in order to earn income
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
TopicResources
   Level II (Grade 3-5)
  Benchmark 5.Knows that households, as resource owners, sell productive resources (e.g., labor, natural resources, capital resources, entrepreneurial resources) to firms in order to earn income
   Vocabulary terms
A.  household
B.  resource owner
C.  productive resource
D.  labor as productive resource
E.  natural resource as productive resource
F.  capital resource as productive resource
G.  entrepreneurial resource as productive resource
H.  income
  Knowledge/skill statements
  1. Knows that households are resource owners   
  2. Knows that households sell productive resources in order to earn incomes   
  3. Knows that labor is an example of a productive resource that a household can sell   
  4. Knows that natural resources are an example of a productive resource that a household can sell   
  5. Knows that capital resources are an example of a productive resource that a household can sell   
  6. Knows that entrepreneurial resources are an example of a productive resource that a household can sell   


Citation Log: BD(NE,29;​CE,5;​EE,79,93;​JE,21;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   6. Understands that all societies have developed various economic systems in order to allocate their resources to produce and distribute goods and services and there are advantages and disadvantages to each type of system  A 
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
TopicEconomic systems
   Level II (Grade 3-5)
  Benchmark 6.Understands that all societies have developed various economic systems in order to allocate their resources to produce and distribute goods and services and there are advantages and disadvantages to each type of system
   Vocabulary terms
A.  society
B.  economic system
C.  resource allocation
  Knowledge/skill statements
  1. Understands that all societies have economic systems   
  2. Knows that a variety of economic systems exist   
  3. Understands that economic systems have been developed to allocate resources  A   
  4. Understands that economic systems have been developed to distribute goods and services   
  5. Knows that there are advantages and disadvantages to each type of economic system   


 A  = Assessment items available

Citation Log: BD(NE,7;​CE,5;​EE,92;​JE,19;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level III (Grade 6-8)
   1. Understands that employers are willing to pay wages and salaries to workers because they expect to sell the goods and services those workers produce at prices high enough to cover the wages and salaries and all other costs of production  A 
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
TopicEconomic incentives
   Level III (Grade 6-8)
  Benchmark 1.Understands that employers are willing to pay wages and salaries to workers because they expect to sell the goods and services those workers produce at prices high enough to cover the wages and salaries and all other costs of production
   Vocabulary terms
A.  employer
B.  payment of wage
C.  payment of salary
  Knowledge/skill statements
  1. Understands that employers pay wages and salaries to workers because they expect to sell the goods and services those workers produce   
  2. Understands that employers expect to sell the goods and services that workers produce at prices high enough to cover wages and salaries of the workers  A   
  3. Understands that employers expect to sell the goods and services that workers produce at prices high enough to cover all costs of production  A   


 A  = Assessment items available

Citation Log: BD(NE,29;​PE,14)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Knows that in a command economic system a central authority, usually the government, makes the major decisions about production and distribution
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
TopicEconomic systems
   Level III (Grade 6-8)
  Benchmark 2.Knows that in a command economic system a central authority, usually the government, makes the major decisions about production and distribution
   Vocabulary terms
A.  command economic system
B.  central authority
C.  government as central authority
D.  decision-making
E.  production decision
F.  distribution decision
  Knowledge/skill statements
  1. Knows that in a command economic system the central authority makes the major decisions about production   
  2. Knows that in a command economic system the central authority makes the major decisions about distribution   
  3. Knows that the government is usually the central authority in a command economic system   


Citation Log: BD(NE,8;​BE,13,16;​CI,5;​EE,93;​JE,20;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Knows that in a market economic system individual households and business firms make the major decisions about production and distribution in a decentralized manner following their own self-interests
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
TopicEconomic systems
   Level III (Grade 6-8)
  Benchmark 3.Knows that in a market economic system individual households and business firms make the major decisions about production and distribution in a decentralized manner following their own self-interests
   Vocabulary terms
A.  market economic system
B.  household’s economic decision
C.  business firm’s economic decision
D.  economic decision-making
E.  production decision
F.  distribution decision
G.  decentralization
H.  economic self-interest
  Knowledge/skill statements
  1. Knows that in a market economic system, individual households and business firms make the major decisions about production   
  2. Knows that in a market economic system, individual households and business firms make the major decisions about distribution   
  3. Knows that in a market economic system, major decisions are made in a decentralized manner   
  4. Knows that in a market economic system, decision makers follow their own self interest   


Citation Log: BD(NE,8;​BE,13;​CI,5;​EE,93;​JE,20;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Understands that national economies vary in the extent to which they rely on government directives (central planning) and signals from private markets
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
Topics1. Economic systems; 2. Role of government
   Level III (Grade 6-8)
  Benchmark 4.Understands that national economies vary in the extent to which they rely on government directives (central planning) and signals from private markets
   Vocabulary terms
A.  national economy
B.  government directive
C.  central planning
D.  private market
  Knowledge/skill statements
  1. Understands that national economies vary in the extent to which they rely on government directive   
  2. Understands that national economies vary in the extent to which they rely on signals from private markets   
  3. Knows that central planning is another way of saying government directives   


Citation Log: BD(NE,8;​BE,13;​CE,5;​EE,93;​JE,20;​PE,17;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   5. Understands the types of specialized economic institutions found in market economies (e.g., corporations, partnerships, cooperatives, labor unions, banks, nonprofit organizations)
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
TopicEconomic institutions
   Level III (Grade 6-8)
  Benchmark 5.Understands the types of specialized economic institutions found in market economies (e.g., corporations, partnerships, cooperatives, labor unions, banks, nonprofit organizations)
   Vocabulary terms
A.  specialized economic institution
B.  market economy
C.  corporation
D.  partnership
E.  cooperative
F.  labor union
G.  bank
H.  nonprofit organization
I.  tax exemption
  Knowledge/skill statements
  1. Understands different types of specialized economic institutions   
  2. Knows various types of specialized economic institutions found in a market economy   
  3. Knows that a corporation is an example of a specialized economic institution found in a market economy   
  4. Knows that a partnership is an example of a specialized economic institution found in a market economy   
  5. Knows that a cooperative is an example of a specialized economic institution found in a market economy   
  6. Knows that a labor union is an example of a specialized economic institution found in a market economy   
  7. Knows that a bank is an example of a specialized economic institution found in a market economy   
  8. Knows that a nonprofit organization is an example of a specialized economic institution found in a market economy   


Citation Log: BD(NE,24;​CI,6;​EE,93;​JE,22;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   6. Understands that economic incentives such as wanting to acquire money or goods and services and wanting to avoid loss are powerful forces affecting the way people behave  A 
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
TopicEconomic incentives
   Level III (Grade 6-8)
  Benchmark 6.Understands that economic incentives such as wanting to acquire money or goods and services and wanting to avoid loss are powerful forces affecting the way people behave
   Vocabulary terms
A.  economic incentive
B.  incentive to acquire money
C.  incentive to acquire goods
D.  incentive to acquire services
E.  incentive to avoid loss
  Knowledge/skill statements
  1. Understands that economic incentives affect the way people behave  A   
  2. Knows that the desire to acquire money, goods, or services is a powerful incentive  A   
  3. Knows that the desire to avoid loss is a powerful incentive   


 A  = Assessment items available

Citation Log: BD(NE,10;​CI,6;​EE,93;​JE,22;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   7. Understands that entrepreneurs respond to incentives such as profits, the opportunity to be their own boss, the chance to achieve recognition, the satisfaction of creating new products, and disincentives such as losses and the responsibility, long hours, and stress of running a business  A 
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
TopicEconomic incentives
   Level III (Grade 6-8)
  Benchmark 7.Understands that entrepreneurs respond to incentives such as profits, the opportunity to be their own boss, the chance to achieve recognition, the satisfaction of creating new products, and disincentives such as losses and the responsibility, long hours, and stress of running a business
   Vocabulary terms
A.  entrepreneur’s response to incentive
B.  fringe benefit
C.  work rule
  Knowledge/skill statements
  1. Understands that entrepreneurs respond to incentives   
  2. Understands that profit is an incentive to which entrepreneurs respond   A   
  3. Understands that self-employment is an incentive to which entrepreneurs respond    
  4. Understands that recognition is an incentive to which entrepreneurs respond    
  5. Understands that the satisfaction of creating new products is an incentive to which entrepreneurs respond    
  6. Understands that entrepreneurs respond to disincentives   
  7. Understands that loss is a disincentive to which entrepreneurs respond    
  8. Understands that responsibility is a disincentive to which entrepreneurs respond    
  9. Understands that long work hours are a disincentive to which entrepreneurs respond    
  10. Understands that the stress of running a business is a disincentive to which entrepreneurs respond    


 A  = Assessment items available

Citation Log: BD(NE,32)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   8. Understands that in a market economy the pursuit of economic self-interest directs people and businesses in most of their economic decisions (e.g., to work, to save, to invest)
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
TopicEconomic decision-making
   Level III (Grade 6-8)
  Benchmark 8.Understands that in a market economy the pursuit of economic self-interest directs people and businesses in most of their economic decisions (e.g., to work, to save, to invest)
   Vocabulary terms
A.  market economy
B.  economic self-interest
C.  economic decision
  Knowledge/skill statements
  1. Understands that self-interest drives most economic decisions in a market economy   
  2. Knows that the decision to work or not is an economic decision   
  3. Knows that the decision to save or not is an economic decision   
  4. Knows that the decision to invest or not is an economic decision   


Citation Log: BD(NE,10,22;​CE,5;​EE,93;​JE,22;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   9. Understands that many non-economic factors (e.g., cultural traditions and customs, values, interests, abilities) influence patterns of economic behavior and decision making  A 
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
TopicEconomic decision-making
   Level III (Grade 6-8)
  Benchmark 9.Understands that many non-economic factors (e.g., cultural traditions and customs, values, interests, abilities) influence patterns of economic behavior and decision making
   Vocabulary terms
A.  non-economic factor
B.  pattern of economic behavior
C.  pattern of economic decision-making
  Knowledge/skill statements
  1. Understands that non-economic factors can influence economic behavior   
  2. Understands that non-economic factors can influence economic decision-making  A   
  3. Knows that cultural traditions and customs are examples of non-economic factors that may influence patterns of economic behavior    
  4. Knows that cultural traditions and customs are examples of non-economic factors that may influence patterns of economic decision making   
  5. Knows that values are an example of a non-economic factor that may influence patterns of economic behavior    
  6. Knows that values are an example of a non-economic factor that may influence patterns of economic decision making   
  7. Knows that interests are an example of a non-economic factor that may influence patterns of economic behavior    
  8. Knows that interests are an example of a non-economic factor that may influence patterns of economic decision making   
  9. Knows that abilities are an example of a non-economic factor that may influence patterns of economic behavior    
  10. Knows that abilities are an example of a non-economic factor that may influence patterns of economic decision making   


 A  = Assessment items available

Citation Log: BD(NE,10;​CI,5;​EE,93;​JE,22;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level IV (Grade 9-12)
   1. Understands that the effectiveness of allocation methods can be evaluated by comparing costs and benefits   A 
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
Topics1. Opportunity costs and trade-offs ; 2. Scarcity and choice
   Level IV (Grade 9-12)
  Benchmark 1.Understands that the effectiveness of allocation methods can be evaluated by comparing costs and benefits
   Vocabulary terms
A.  allocation method
B.  cost-benefit ratio
  Knowledge/skill statements
  1. Understands how effectiveness of allocation methods is measured   
  2. Understands how costs and benefits are related to the effectiveness of allocation methods  A   


 A  = Assessment items available

Citation Log: BD(NE,8;​PE,17;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Understands that economic institutions (e.g., small and large firms, labor unions, not-for-profit organizations) have different goals, rules, and constraints, and thus respond differently to changing economic conditions and incentives  A 
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
TopicEconomic institutions
   Level IV (Grade 9-12)
  Benchmark 2.Understands that economic institutions (e.g., small and large firms, labor unions, not-for-profit organizations) have different goals, rules, and constraints, and thus respond differently to changing economic conditions and incentives
   Vocabulary terms
A.  economic institution
B.  small firm as economic institution
C.  large firm as economic institution
D.  labor union as economic institution
E.  not-for-profit organization as economic institution
F.  changing economic conditions
G.  changing economic incentives
  Knowledge/skill statements
  1. Understands that different economic institutions have different goals, rules, and constraints  A   
  2. Understands that economic institutions respond differently to changing economic conditions and incentives   
  3. Knows that small business firms are an example of an economic institution   
  4. Knows that large business firms are an example of an economic institution   
  5. Knows that labor unions are an example of an economic institution   
  6. Knows that nonprofit organizations are an example of an economic institutions   


 A  = Assessment items available

Citation Log: BD(NE,10;​CI,6;​EE,121;​JE,22-23;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Understands that incorporation encourages investment by allowing firms to accumulate capital for large-scale investment and reducing risk to individual investors
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
TopicInvestment
   Level IV (Grade 9-12)
  Benchmark 3.Understands that incorporation encourages investment by allowing firms to accumulate capital for large-scale investment and reducing risk to individual investors
   Vocabulary terms
A.  incorporation
B.  investment
D.  accumulation of capital
E.  large-scale investment
F.  risk reduction
G.  investor
H.  stockholder
I.  shareholder
  Knowledge/skill statements
  1. Understands that incorporation encourages investment   
  2. Understands that incorporation allows firms to accumulate capital for large-scale investment   
  3. Understands that incorporation reduces risk for individual investors   


Citation Log: BD(NE,24;​PE,14;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Knows that property rights, contract enforcement, standards for weights and measures, and liability rules affect incentives for people to produce and exchange goods and services  A 
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
TopicEconomic incentives
   Level IV (Grade 9-12)
  Benchmark 4.Knows that property rights, contract enforcement, standards for weights and measures, and liability rules affect incentives for people to produce and exchange goods and services
   Vocabulary terms
A.  property right
B.  contract enforcement
C.  standard for weights
D.  standard for measures
E.  liability rule
F.  factor affecting incentives
  Knowledge/skill statements
  1. Knows that property rights affect incentives for people to produce and exchange goods and services   
  2. Knows that contract enforcement affects incentives for people to produce and exchange goods and services  A   
  3. Knows that standards for weights and measures affect incentives for people to produce and exchange goods and services   
  4. Knows that liability rules affect incentives for people to produce and exchange goods and services   


 A  = Assessment items available

Citation Log: BD(NE,24;​CE,5;​EE,121;​JE,23;​PE,14;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   5. Understands that in every economic system consumers, producers, workers, savers, and investors respond to incentives in order to allocate their scarce resources to obtain the highest possible return, subject to the institutional constraints of their society  A 
Economics 
 Standard 2.Understands characteristics of different economic systems, economic institutions, and economic incentives
  
Topics1. Economic incentives; 2. Scarcity and choice; 3. Economic decision-making
   Level IV (Grade 9-12)
  Benchmark 5.Understands that in every economic system consumers, producers, workers, savers, and investors respond to incentives in order to allocate their scarce resources to obtain the highest possible return, subject to the institutional constraints of their society
   Vocabulary terms
A.  consumer response to incentive
B.  producer response to incentive
C.  worker response to incentive
D.  saver response to incentive
E.  investor response to incentive
F.  allocation of scare resource
G.  return on investment
H.  institutional constraint
I.  circular flow
  Knowledge/skill statements
  1. Understands that in every economic system consumers are subject to the institutional constraints of their society   
  2. Understands that in every economic system consumers respond to incentives in order to allocate their scarce resources to obtain the highest possible return  A   
  3. Understands that in every economic system producers respond to incentives in order to allocate their scarce resources to obtain the highest possible return   
  4. Understands that in every economic system workers respond to incentives in order to allocate their scarce resources to obtain the highest possible return  A   
  5. Understands that in every economic system savers respond to incentives in order to allocate their scarce resources to obtain the highest possible return   
  6. Understands that in every economic system investors respond to incentives in order to allocate their scarce resources to obtain the highest possible return  A   
  7. Understands that in every economic system producers are subject to the institutional constraints of their society   
  8. Understands that in every economic system workers are subject to the institutional constraints of their society   
  9. Understands that in every economic system savers are subject to the institutional constraints of their society   
  10. Understands that in every economic system investors are subject to the institutional constraints of their society   


 A  = Assessment items available

Citation Log: BD(NE,10;​EE,121;​JE,23;​PE,12)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
    

 A  = Assessment items available
3.Understands the concept of prices and the interaction of supply and demand in a market economy

Economics

Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy

Economics

Standard 3 : Understands the concept of prices and the interaction of supply and demand in a market economy

Reference code: NE,17,19;EE,18-22

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level Pre-K (Grade Pre-K)
   1. Not appropriate for this level
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
Topic
   Level Pre-K (Grade Pre-K)
  Benchmark 1.Not appropriate for this level
    


Citation Log: (none)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level I (Grade K-2)
   1. Knows that a price is the amount of money that people pay when they buy a good or service
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
TopicMarkets and prices
   Level I (Grade K-2)
  Benchmark 1.Knows that a price is the amount of money that people pay when they buy a good or service
   Vocabulary terms
A.  price
B.  money
C.  good
D.  service
  Knowledge/skill statements
  1. Knows that price is usually an amount of money   
  2. Knows that people pay a price when they buy a good or service   


Citation Log: BD(NE,16;​CE,5;​EE,79;​JE,25;​SI,41-42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Knows that a market exists whenever buyers and sellers exchange goods and services
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
TopicMarkets and prices
   Level I (Grade K-2)
  Benchmark 2.Knows that a market exists whenever buyers and sellers exchange goods and services
   Vocabulary terms
A.  market
B.  buyer
C.  seller
D.  exchange of goods
E.  exchange of services
  Knowledge/skill statements
  1. Understands the concept of a market   
  2. Understands the relationship between markets and exchanges   


Citation Log: BD(NE,16;​CE,5;​EE,79;​JE,2;​PE,12;​SI,41-42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level II (Grade 3-5)
   1. Knows that in any market there is one price (i.e., the equilibrium or market clearing price) that makes the amount buyers want to buy equal to the amount sellers want to sell  A 
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
TopicMarkets and prices
   Level II (Grade 3-5)
  Benchmark 1.Knows that in any market there is one price (i.e., the equilibrium or market clearing price) that makes the amount buyers want to buy equal to the amount sellers want to sell
   Vocabulary terms
A.  equilibrium price
B.  market clearing price
C.  buyer’s price
D.  seller’s price
  Knowledge/skill statements
  1. Knows that in any market there is an equilibrium price   
  2. Knows that market clearing price is another name for equilibrium price   
  3. Knows that the equilibrium price (market clearing price) is whatever makes the amount that buyers want to buy equal to the amount sellers want to sell  A   


 A  = Assessment items available

Citation Log: BD(NE,17;​BE,14;​CI,6;​EE,94;​JE,26;​PE,12;​SI,41-42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Understands that people buy less of a product when its price goes up and more when its price goes down
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
TopicMarkets and prices
   Level II (Grade 3-5)
  Benchmark 2.Understands that people buy less of a product when its price goes up and more when its price goes down
   Vocabulary terms
A.  product
B.  effect of price change on sales
  Knowledge/skill statements
  1. Understands that people buy less of a product when its price goes up   
  2. Understands that people buy more of a product when its price goes down   


Citation Log: BD(NE,17,19;​CI,6;​EE,94;​JE,27;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Understands that businesses are willing and able to sell more of a product when its price goes up and less when its price goes down
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
TopicMarkets and prices
   Level II (Grade 3-5)
  Benchmark 3.Understands that businesses are willing and able to sell more of a product when its price goes up and less when its price goes down
   Vocabulary terms
A.  business
B.  sale of a product
C.  effect of price change on sales
  Knowledge/skill statements
  1. Understands that businesses are willing and able to sell more of a product when its price goes up   
  2. Understands that people are willing and able to sell less of a product when its price goes down   


Citation Log: BD(NE,17,19;​CI,6;​EE,94;​JE,27;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Understands that when consumers make purchases, goods and services are transferred from businesses to households in exchange for money payments, which are used in turn by businesses to pay for productive resources and to pay taxes
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
Topics1. Markets and prices; 2. Exchange and money
   Level II (Grade 3-5)
  Benchmark 4.Understands that when consumers make purchases, goods and services are transferred from businesses to households in exchange for money payments, which are used in turn by businesses to pay for productive resources and to pay taxes
   Vocabulary terms
A.  purchase
B.  transfer of goods
C.  transfer of services
D.  business
E.  household
F.  money payment
G.  productive resource
H.  tax
  Knowledge/skill statements
  1. Understands that when consumers make purchases, goods and services are transferred from businesses to households   
  2. Understands that when consumers make purchases, goods and services are exchanged for money payments   
  3. Knows that money payments are used by businesses to pay for productive resources and taxes   


Citation Log: BD(NE,42;​BE,23;​CE,6-7;​EE,94;​JE,26;​PE,19)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level III (Grade 6-8)
   1. Knows that relative prices refer to the price of one good or service compared to the prices of others goods and services
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
TopicMarkets and prices
   Level III (Grade 6-8)
  Benchmark 1.Knows that relative prices refer to the price of one good or service compared to the prices of others goods and services
   Vocabulary terms
A.  relative price
B.  price of goods and services
  Knowledge/skill statements
  1. Knows that relative prices refer to the price of one good compared to the prices of others goods    
  2. Knows that relative prices refer to the price of one service compared to the prices of others services   


Citation Log: BD(NE,17;​EE,94;​JE,26;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Understands that relative prices and how they affect people’s decisions are the means by which a market system provides answers to the basic economic questions: What goods and services will be produced? How will they be produced? Who will buy them?
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
Topics1. Markets and prices; 2. Economic decision-making
   Level III (Grade 6-8)
  Benchmark 2.Understands that relative prices and how they affect people’s decisions are the means by which a market system provides answers to the basic economic questions: What goods and services will be produced? How will they be produced? Who will buy them?
   Vocabulary terms
A.  relative price
B.  decision-making
C.  market economic system
  Knowledge/skill statements
  1. Knows how relative prices affect people’s decisions   
  2. Understands how relative prices and their affect on economic decision-making determine what goods and services are produced in a market system   
  3. Understands how relative prices and their affect on economic decision-making determine how goods and services are produced in a market system   
  4. Understands how relative prices and their affect on economic decision-making determine who will buy goods and services in a market system   


Citation Log: BD(NE,8;​CE,6;​EE,94;​JE,26;​PE,17;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Understands that the price of any one product is influenced by and also influences the prices of many other products
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
TopicMarkets and prices
   Level III (Grade 6-8)
  Benchmark 3.Understands that the price of any one product is influenced by and also influences the prices of many other products
   Vocabulary terms
A.  product price
  Knowledge/skill statements
  1. Understands that the price of one products is influenced by the prices of other products   
  2. Understands that the price of one product can influence the prices of other products   


Citation Log: BD(NE,19;​EE,94;​JE,28;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Understands that scarce goods and services are allocated in a market economy through the influence of prices on production and consumption decisions  A 
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
Topics1. Markets and prices; 2. Scarcity and choice; 3. Production and consumption
   Level III (Grade 6-8)
  Benchmark 4.Understands that scarce goods and services are allocated in a market economy through the influence of prices on production and consumption decisions
   Vocabulary terms
A.  allocation of goods
B.  allocation of services
C.  market economy
D.  influence of prices
E.  production decision
F.  consumption decision
  Knowledge/skill statements
  1. Understands that in a market economy scarce goods and services are allocated through the influence of prices on production decisions   
  2. Understands that in a market economy, scarce goods and services are allocated through the influence of prices on consumption decisions  A   


 A  = Assessment items available

Citation Log: BD(NE,20;​CI,6;​EE,122;​JE,27;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   5. Understands the "law of demand" (i.e., an increase in the price of a good or service encourages people to look for substitutes, causing the quantity demanded to decrease, and vice versa)  A 
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
TopicSupply and demand
   Level III (Grade 6-8)
  Benchmark 5.Understands the "law of demand" (i.e., an increase in the price of a good or service encourages people to look for substitutes, causing the quantity demanded to decrease, and vice versa)
   Vocabulary terms
A.  law of demand
B.  substitute product
C.  effect of price change on demand
D.  decrease in demand
E.  increase in demand
  Knowledge/skill statements
  1. Understands that when the price of a good or service is increased, people look for substitutes causing the quantity demanded to decrease  A   
  2. Understands that when the price of a good or service is decreased, people do not look for substitutes causing the quantity demanded to increase   


 A  = Assessment items available

Citation Log: BD(NE,19;​BE,13;​EE,122;​JE,28;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   6. Understands that an increase in the price of a good or service enables producers to cover higher costs and earn profits, causing the quantity supplied to increase (and vice versa), but that this relationship is true only as long as other factors influencing costs of product and supply do not change
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
Topics1. Supply and demand; 2. Markets and prices
   Level III (Grade 6-8)
  Benchmark 6.Understands that an increase in the price of a good or service enables producers to cover higher costs and earn profits, causing the quantity supplied to increase (and vice versa), but that this relationship is true only as long as other factors influencing costs of product and supply do not change
   Vocabulary terms
A.  effect of price change on supply
B.  covering higher costs
C.  earning profit
D.  increase in supply
E.  factor influencing cost of product
F.  factor influencing supply
  Knowledge/skill statements
  1. Understands that producers can cover higher costs and earn profits when the price of their product increases   
  2. Knows that when the prices of products increase, the quantities supplied increases   
  3. Knows that when the prices of products decrease the quantities supplied decrease   
  4. Understands that the relationship between price of products and supply is true only as long as other factors influencing cost and supply do not change   


Citation Log: BD(NE,19;​BI,13,14;​EE,122;​JE,29;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level IV (Grade 9-12)
   1. Understands that the demand for a product will normally change (i.e., the demand curve will shift) if there is a change in consumers’ incomes, tastes, and preferences, or a change in the prices of related (i.e., complementary or substitute) products  A 
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
TopicSupply and demand
   Level IV (Grade 9-12)
  Benchmark 1.Understands that the demand for a product will normally change (i.e., the demand curve will shift) if there is a change in consumers’ incomes, tastes, and preferences, or a change in the prices of related (i.e., complementary or substitute) products
   Vocabulary terms
A.  changing product demand
B.  demand curve
C.  shift in demand curve
D.  consumer income
E.  consumer tastes
F.  consumer preference
G.  related product
H.  complimentary product as related product
I.  substitute product as related product
  Knowledge/skill statements
  1. Understands that changes in the demand for a product is normal   
  2. Knows that the demand curve shifts as the demand for a product changes   
  3. Understands that the demand for a product may change when there is a change in consumers’ incomes  A   
  4. Understands that the demand for a product may change when there is a change in consumers’ tastes   
  5. Understands that the demand for a product may change when there is a change in consumers’ preferences   
  6. Understands that the demand for a product may change when there is a change in the prices of complimentary products   
  7. Understands that the demand for a product may change when there is a change in the prices of substitute products   


 A  = Assessment items available

Citation Log: BD(NE,20;​BE,13;​CE,6;​EE,122;​JE,28;​PE,13;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Understands that the supply of a product will normally change (i.e., the supply curve will shift) if there is a change in technology, in prices of inputs, or in the prices of other products that could be made and sold by producers
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
TopicSupply and demand
   Level IV (Grade 9-12)
  Benchmark 2.Understands that the supply of a product will normally change (i.e., the supply curve will shift) if there is a change in technology, in prices of inputs, or in the prices of other products that could be made and sold by producers
   Vocabulary terms
A.  changing product supply
B.  supply curve
C.  shift in supply curve
D.  change in technology
E.  input (of a product)
F.  change in price of substitute product
  Knowledge/skill statements
  1. Understands that change in the supply of a product is normal   
  2. Knows that the supply curve shifts as the supply of a product changes   
  3. Knows that a change in technology can change the supply of a product   
  4. Knows that a change in the prices of inputs (of a product) can change the supply of a product   
  5. Knows that a change in the price of other products that could be made and sold by the producer can change the supply of a product   


Citation Log: BD(NE,20;​BE,14;​CE,6;​EE,122;​JE,29;​PE,13;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Understands that changes in supply or demand cause relative prices to change; in turn, buyers and sellers adjust their purchase and sales decisions  A 
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
Topics1. Supply and demand; 2. Economic decision-making
   Level IV (Grade 9-12)
  Benchmark 3.Understands that changes in supply or demand cause relative prices to change; in turn, buyers and sellers adjust their purchase and sales decisions
   Vocabulary terms
A.  supply
B.  demand
C.  change in relative price
D.  purchase decision adjustment
E.  sales decision adjustment
F.  price elasticity of demand
  Knowledge/skill statements
  1. Understands that changes in supply cause relative prices to change  A   
  2. Understands that changes in demand cause relative prices to change   
  3. Understands that when relative prices change, buyers and sellers adjust their purchase and sales decisions   


 A  = Assessment items available

Citation Log: BD(NE,20;​PE,13;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Understands that a shortage occurs when buyers want to purchase more than producers want to sell at the prevailing price, and a surplus occurs when producers want to sell more than buyers want to purchase at the prevailing price
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
TopicSupply and demand
   Level IV (Grade 9-12)
  Benchmark 4.Understands that a shortage occurs when buyers want to purchase more than producers want to sell at the prevailing price, and a surplus occurs when producers want to sell more than buyers want to purchase at the prevailing price
   Vocabulary terms
A.  shortage
B.  prevailing price
C.  surplus
  Knowledge/skill statements
  1. Understands that a shortage occurs when buyers want to purchase more than producers want to sell at the prevailing price   
  2. Understands that a surplus occurs when producers want to sell more than buyers want to purchase at the prevailing price   


Citation Log: BD(NE,17;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   5. Understands that shortages or surpluses usually result in price changes for products in a market economy  A 
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
Topics1. Supply and demand; 2. Markets and prices
   Level IV (Grade 9-12)
  Benchmark 5.Understands that shortages or surpluses usually result in price changes for products in a market economy
   Vocabulary terms
A.  shortage
B.  surplus
C.  price change
  Knowledge/skill statements
  1. Understands that shortages usually result in price changes for products in a market economy  A   
  2. Understands that surpluses usually result in price changes for products in a market economy   


 A  = Assessment items available

Citation Log: BD(NE,17;​BE,14;​EE,122;​JE,30;​PE,12;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   6. Understands that when price controls are enforced, shortages and surpluses occur and create long-run allocation problems in the economy  A 
Economics 
 Standard 3.Understands the concept of prices and the interaction of supply and demand in a market economy
  
Topics1. Supply and demand; 2. Markets and prices
   Level IV (Grade 9-12)
  Benchmark 6.Understands that when price controls are enforced, shortages and surpluses occur and create long-run allocation problems in the economy
   Vocabulary terms
A.  price control (floor, ceiling)
B.  shortage
C.  surplus
D.  allocation problem
  Knowledge/skill statements
  1. Understands that when price controls are enforced, shortages and surpluses occur  A   
  2. Understands that enforced price controls can create long-run allocation problems in the economy   


 A  = Assessment items available

Citation Log: BD(NE,20;​BE,14;​EE,122;​JE,30;​PE,13;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
    

 A  = Assessment items available
4.Understands basic features of market structures and exchanges

Economics

Standard 4.Understands basic features of market structures and exchanges

Economics

Standard 4 : Understands basic features of market structures and exchanges

Reference code: NE,11,16,21,25;EE,22-23,24-26

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level Pre-K (Grade Pre-K)
   1. Understands basic concepts of buying, selling, and trading
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
TopicExchange and money
   Level Pre-K (Grade Pre-K)
  Benchmark 1.Understands basic concepts of buying, selling, and trading
   Vocabulary terms
A.  buying
B.  selling
C.  trading
  Knowledge/skill statements
  1. Understands that people buy things they need or want with money   
  2. Understands that people sell things to other people   
  3. Understands that people may trade something for something else   


Citation Log: BD(MHE,87;​DDE;​TE)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level I (Grade K-2)
   1. Understands that in an exchange people trade goods and services for other goods and services or for money
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
TopicExchange and money
   Level I (Grade K-2)
  Benchmark 1.Understands that in an exchange people trade goods and services for other goods and services or for money
   Vocabulary terms
A.  exchange
B.  trade
C.  good
D.  service
E.  money
  Knowledge/skill statements
  1. Understands that in an exchange people can trade goods and services for other goods and services   
  2. Understands that in an exchange people can trade goods and services for money   
  
McREL Activity(s)
   Trading Post Simulation


Citation Log: BD(NE,11;​CI,6;​EE,79;​JE,23;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Knows that money is a good that can be used to buy all other goods and services
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
TopicExchange and money
   Level I (Grade K-2)
  Benchmark 2.Knows that money is a good that can be used to buy all other goods and services
   Vocabulary terms
A.  money
B.  good
C.  service
  Knowledge/skill statements
  1. Knows that money is a good   
  2. Knows that money can be used to buy goods   
  3. Knows that money can be used to buy services   


Citation Log: BD(NE,25;​CE,6;​EE,79;​JE,23;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Understands that when two people trade because they want to, they expect to be better off after the exchange
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
TopicExchange and money
   Level I (Grade K-2)
  Benchmark 3.Understands that when two people trade because they want to, they expect to be better off after the exchange
   Vocabulary terms
A.  trade
B.  exchange
  Knowledge/skill statements
  1. Knows that sometimes people desire to make trades   
  2. Knows that people set certain expectations for trades   
  
McREL Activity(s)
   Trading Post Simulation


Citation Log: BD(NE,11;​CE,6;​EE,79;​JE,24;​SI,42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Knows that barter is trading goods and services for other goods and services without using money
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
TopicExchange and money
   Level I (Grade K-2)
  Benchmark 4.Knows that barter is trading goods and services for other goods and services without using money
   Vocabulary terms
A.  barter
B.  trade
C.  good
D.  service
E.  money
  Knowledge/skill statements
  1. Knows that bartering is trading goods and services for other goods and services   
  2. Knows that bartering does not use money   
  
McREL Activity(s)
   Trading Post Simulation


Citation Log: BD(NE,11;​CE,6;​EE,79;​JE,24;​SI,42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level II (Grade 3-5)
   1. Knows that competitive markets are those with many buyers and sellers, where no one person or firm controls prices or the number of products for sale
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
TopicCompetition and market structure
   Level II (Grade 3-5)
  Benchmark 1.Knows that competitive markets are those with many buyers and sellers, where no one person or firm controls prices or the number of products for sale
   Vocabulary terms
A.  competitive market
B.  price control
C.  competition
  Knowledge/skill statements
  1. Knows that a competitive market has many buyers and sellers   
  2. Knows that in a competitive market, no one person or firm controls prices   
  3. Knows that in a competitive market, no one person or firm controls the number of products for sale   


Citation Log: BD(NE,21,22;​CI,5,6;​EE,94;​JE,31;​SI,41-42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Understands that money reduces the problems barter faces because money is easy to divide, carry, and store  A 
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
TopicExchange and money
   Level II (Grade 3-5)
  Benchmark 2.Understands that money reduces the problems barter faces because money is easy to divide, carry, and store
   Vocabulary terms
A.  division of money
B.  transport of money
C.  storage of money
  Knowledge/skill statements
  1. Understands that money has fewer problems than barter  A   
  2. Knows that money is easy to divide   
  3. Knows that money is easy to carry   
  4. Knows that money is easy to store  A   


 A  = Assessment items available

Citation Log: BD(NE,25;​CI,6;​EE,79;​JE,24;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Knows that banks play a key role in providing currency and other forms of money to consumers, and that banks serve as intermediaries between savers and borrowers
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
Topics1. Exchange and money; 2. Economic institutions
   Level II (Grade 3-5)
  Benchmark 3.Knows that banks play a key role in providing currency and other forms of money to consumers, and that banks serve as intermediaries between savers and borrowers
   Vocabulary terms
A.  role of bank
B.  currency
C.  forms of money
D.  intermediary
E.  saver
F.  borrower
  Knowledge/skill statements
  1. Knows that banks play a key role in providing currency and other forms of money to consumers   
  2. Knows that banks serve as intermediaries between savers and borrowers   


Citation Log: BD(NE,24;​CE,6;​EE,79;​JE,25;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Understands that when people and nations specialize, they become more interdependent (i.e., less self-sufficient and more dependent on exchange)
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
TopicSpecialization and interdependence
   Level II (Grade 3-5)
  Benchmark 4.Understands that when people and nations specialize, they become more interdependent (i.e., less self-sufficient and more dependent on exchange)
   Vocabulary terms
A.  specialization
B.  interdependence
C.  self-sufficiency
  Knowledge/skill statements
  1. Understands that when people specialize, they become interdependent   
  2. Understands that when nations specialize, they become interdependent   
  3. Knows that economic interdependence means to be less self-sufficient and to be more dependent on exchange   


Citation Log: BD(NE,13;​CE,9;​EE,79;​JE,25;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   5. Understands that money makes it easier to compare the value of different kinds of goods and services and allows people to save purchasing power for a later time because it can easily be traded for goods and services at any time
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
TopicExchange and money
   Level II (Grade 3-5)
  Benchmark 5.Understands that money makes it easier to compare the value of different kinds of goods and services and allows people to save purchasing power for a later time because it can easily be traded for goods and services at any time
   Vocabulary terms
A.  value of goods
B.  value of services
C.  purchasing power
  Knowledge/skill statements
  1. Understands that money makes it easier to compare the value of different kinds of goods and services   
  2. Understands that money allows people to save purchasing power for a later time   
  3. Knows that money can be easily traded for goods and services at any time   


Citation Log: BD(NE,26;​CI,6;​EE,93;​JE,24;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   6. Understands how active competition among sellers results in lower prices and costs, higher product quality, and better customer service
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
TopicCompetition and market structure
   Level II (Grade 3-5)
  Benchmark 6.Understands how active competition among sellers results in lower prices and costs, higher product quality, and better customer service
   Vocabulary terms
A.  active competition
B.  price decrease
C.  cost decrease
D.  product quality
E.  customer service
  Knowledge/skill statements
  1. Understands how active competition among sellers results in lower prices and costs   
  2. Understands how active competition among sellers results in higher product quality   
  3. Understands how active competition among sellers results in better customer service   


Citation Log: BD(NE,21;​BI,21;​CI,6;​EE,94;​JE,31;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level III (Grade 6-8)
   1. Understands that not all competition is on the basis of price for identical products and that non-price competition includes style and quality differences, advertising, customer services, and credit policies
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
TopicCompetition and market structure
   Level III (Grade 6-8)
  Benchmark 1.Understands that not all competition is on the basis of price for identical products and that non-price competition includes style and quality differences, advertising, customer services, and credit policies
   Vocabulary terms
A.  price competition
B.  non-price competition
  Knowledge/skill statements
  1. Understands that not all competition for identical products is based on price   
  2. Knows that non-price competition includes style and quality differences    
  3. Knows that non-price competition includes advertising   
  4. Knows that non-price competition includes customer services   
  5. Knows that non-price competition includes credit policies   


Citation Log: BD(NE,21;​CI,6;​EE,94;​JE,32;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Understands how competition among buyers of a product results in higher prices for the product
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
Topics1. Competition and market structure; 2. Supply and demand
   Level III (Grade 6-8)
  Benchmark 2.Understands how competition among buyers of a product results in higher prices for the product
   Vocabulary terms
A.  competition among buyers
  Knowledge/skill statements
  1. Understands that buyers sometimes compete to purchase products   
  2. Understands how price of products is affected by competition among buyers    


Citation Log: BD(NE,21;​CI,6;​EE,94;​JE,31;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Understands that the United States government uses laws and regulations to maintain competition, but sometimes the government reduces competition unintentionally or in response to special interest groups
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
Topics1. Competition and market structure; 2. Role of government; 3. Market failures
   Level III (Grade 6-8)
  Benchmark 3.Understands that the United States government uses laws and regulations to maintain competition, but sometimes the government reduces competition unintentionally or in response to special interest groups
   Vocabulary terms
A.  U.S. government
B.  law to maintain competition
C.  regulation to maintain competition
D.  reduction of competition
  Knowledge/skill statements
  1. Understands that the United States government uses laws and regulations to maintain competition   
  2. Understands that sometimes the U.S. government reduces competition unintentionally   
  3. Understands that the U.S. government sometimes reduces competition in response to special interest groups   


Citation Log: BD(NE,37;​BE,22;​CE,8;​EE,123;​JE,32;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Understands that money encourages people to specialize because they can operate more efficiently in an exchange (i.e., sell what they produce to anyone, not just to someone who has something they want)
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
Topics1. Exchange and money; 2. Specialization and interdependence
   Level III (Grade 6-8)
  Benchmark 4.Understands that money encourages people to specialize because they can operate more efficiently in an exchange (i.e., sell what they produce to anyone, not just to someone who has something they want)
   Vocabulary terms
A.  money and specialization
B.  exchange efficiency
C.  double coincidence of wants
  Knowledge/skill statements
  1. Understands that money encourages people to specialize   
  2. Understands that money allows people to operate more efficiently in an exchange   
  3. Knows that money allows people to sell what they produce to anyone, not just someone who has something they want   


Citation Log: BD(NE,26;​CE,6;​EE,93;​JE,25;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level IV (Grade 9-12)
   1. Knows that the basic money supply is usually measured as the total value of coins, currency, and checking account deposits held by the public  A 
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
TopicExchange and money
   Level IV (Grade 9-12)
  Benchmark 1.Knows that the basic money supply is usually measured as the total value of coins, currency, and checking account deposits held by the public
   Vocabulary terms
A.  basic money supply
B.  total value of coins
C.  total value of currency
D.  total value of checking account deposits
  Knowledge/skill statements
  1. Knows that the basic money supply is the total value of money held by the public   
  2. Knows that the basic money supply includes coins  A   
  3. Knows that the basic money supply includes currency  A   
  4. Knows that the basic money supply include checking account deposits  A   


 A  = Assessment items available

Citation Log: BD(NE,26;​CE,6;​EE,93;​JE,24;​PE,17;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Knows that collusion among buyers or sellers reduces the level of competition in a market and is more difficult in markets with large numbers of buyers and sellers
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
Topics1. Competition and market structure; 2. Market failures
   Level IV (Grade 9-12)
  Benchmark 2.Knows that collusion among buyers or sellers reduces the level of competition in a market and is more difficult in markets with large numbers of buyers and sellers
   Vocabulary terms
A.  collusion
B.  collusion among buyers
C.  collusion among sellers
D.  level of competition
E.  market size
  Knowledge/skill statements
  1. Knows that collusion among buyers or sellers reduces the level of competition in a market   
  2. Knows that collusion among buyers or sellers is more difficult in markets with large numbers of buyers and sellers   


Citation Log: BD(NE,22;​CI,6;​EE,123;​JE,32;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Understands that in the long run the level of competition in an industry is determined largely by how difficult and expensive it is for new firms to enter the market and by consumers’ information about the availability, price, and quantity of substitute goods and services
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
TopicCompetition and market structure
   Level IV (Grade 9-12)
  Benchmark 3.Understands that in the long run the level of competition in an industry is determined largely by how difficult and expensive it is for new firms to enter the market and by consumers’ information about the availability, price, and quantity of substitute goods and services
   Vocabulary terms
A.  competition in an industry
B.  level of competition
C.  consumer information
D.  monopolistic competition
  Knowledge/skill statements
  1. Understands that a factor influencing the level of competition in an industry is how difficult and expensive it is for new firms to enter the market   
  2. Understands that a factor influencing the level of competition in an industry is consumers’ information about the availability of substitute goods and services   
  3. Understands that a factor influencing the level of competition in an industry is consumers’ information about the price of substitute goods and services   
  4. Understands that a factor influencing the level of competition in an industry is consumers’ information about the quantity of substitute goods and services   


Citation Log: BD(NE,22;​EE,123;​JE,32;​PE,13;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Understands that the introduction of new products and production methods by entrepreneurs is an important form of competition and source of technological progress and economic growth
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
Topics1. Competition and market structure; 2. Entrepreneurship/Innovation
   Level IV (Grade 9-12)
  Benchmark 4.Understands that the introduction of new products and production methods by entrepreneurs is an important form of competition and source of technological progress and economic growth
   Vocabulary terms
A.  introduction of products
B.  introduction of production methods
C.  form of competition
D.  technological progress
E.  economic growth
  Knowledge/skill statements
  1. Understands that the introduction of new products and production methods by entrepreneurs is an important form of competition   
  2. Understands that the introduction of new products and production methods by entrepreneurs is a source of technological progress   
  3. Understands that the introduction of new products and production methods by entrepreneurs is a source of economic growth   


Citation Log: BD(NE,22;​PE,13;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   5. Understands that externalities are unintended positive or negative side effects that result when the production or consumption of a good or service affects the welfare of people who are not the parties directly involved in the market exchange (e.g., a negative externality in consumption occurs when cigarette smoking by one individual has harmful or undesirable effects on nonsmokers, a positive externality in production occurs when a neighbor’s home improvements increase the value of nearby properties)
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
TopicMarket failures
   Level IV (Grade 9-12)
  Benchmark 5.Understands that externalities are unintended positive or negative side effects that result when the production or consumption of a good or service affects the welfare of people who are not the parties directly involved in the market exchange (e.g., a negative externality in consumption occurs when cigarette smoking by one individual has harmful or undesirable effects on nonsmokers, a positive externality in production occurs when a neighbor’s home improvements increase the value of nearby properties)
   Vocabulary terms
A.  externality
B.  positive externality
C.  negative externality
D.  spillover effects
  Knowledge/skill statements
  1. Understands that externalities are unintended positive or negative side effects    
  2. Understands that externalities result when the production or consumption of a good or service affects the welfare of people who are not the parties directly involved in the market exchange   
  3. Knows that an example of a negative externality in consumption is when cigarette smoking by one individual has harmful or undesirable effects on nonsmokers   
  4. Knows that an example of a positive externality in production is when a neighbor’s home improvements increase the value of nearby properties   
  
McREL Activity(s)
   Not In My Back Yard!


Citation Log: BD(NE,38;​BE,15;​EE,95;​JE,35;​PE,16;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   6. Understands that a natural monopoly exists when it is cheaper for one supplier to produce all of the output in a market than for two or more producers to share the output (e.g., electric companies)
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
Topics1. Market failures; 2. Competition and market structure
   Level IV (Grade 9-12)
  Benchmark 6.Understands that a natural monopoly exists when it is cheaper for one supplier to produce all of the output in a market than for two or more producers to share the output (e.g., electric companies)
   Vocabulary terms
A.  monopoly
B.  natural monopoly
C.  market output
D.  oligopoly
  Knowledge/skill statements
  1. Understands what a natural monopoly is   
  2. Knows the conditions required for a natural monopoly to form   
  3. Knows that electric companies are an example of a natural monopoly   


Citation Log: BD(NE,38;​CI,6;​EE,95;​JE,36;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   7. Understands that public service commissions typically regulate natural monopolies because people cannot rely on competition to control price and service levels in these cases
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
Topics1. Role of government; 2. Competition and market structure; 3. Market failures
   Level IV (Grade 9-12)
  Benchmark 7.Understands that public service commissions typically regulate natural monopolies because people cannot rely on competition to control price and service levels in these cases
   Vocabulary terms
A.  public service commission
B.  regulation
C.  natural monopoly
  Knowledge/skill statements
  1. Knows that public service commissions typically regulate natural monopolies   
  2. Understands that competition cannot control prices and service levels when natural monopolies are present   


Citation Log: BD(NE,38;​CI,6;​EE,95;​JE,37;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   8. Understands that when transaction costs (e.g., tariffs, costs of gathering or disseminating information on products, transportation costs paid by the consumer) decrease, more specialization and trading will occur  A 
Economics 
 Standard 4.Understands basic features of market structures and exchanges
  
Topics1. Exchange and money; 2. Specialization and interdependence
   Level IV (Grade 9-12)
  Benchmark 8.Understands that when transaction costs (e.g., tariffs, costs of gathering or disseminating information on products, transportation costs paid by the consumer) decrease, more specialization and trading will occur
   Vocabulary terms
A.  transaction cost
  Knowledge/skill statements
  1. Understands that when transactions costs decrease, specialization increases  A   
  2. Understands that when transaction costs decrease, trading increases   
  3. Knows that tariffs are an example of transaction costs   
  4. Knows that the costs of gathering or disseminating information on products is an example of a transaction cost   
  5. Knows that transportation costs paid by the consumer are an example of transaction costs   


 A  = Assessment items available

Citation Log: BD(NE,37;​CI,6;​EE,122;​JE,25;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
    

 A  = Assessment items available
5.Understands unemployment, income, and income distribution in a market economy

Economics

Standard 5.Understands unemployment, income, and income distribution in a market economy

Economics

Standard 5 : Understands unemployment, income, and income distribution in a market economy

Reference code: NE,29,42,44;EE,23,31-32

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level Pre-K (Grade Pre-K)
   1. Not appropriate for this level
Economics 
 Standard 5.Understands unemployment, income, and income distribution in a market economy
  
Topic
   Level Pre-K (Grade Pre-K)
  Benchmark 1.Not appropriate for this level
    


Citation Log: (none)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level I (Grade K-2)
   1. Not appropriate for this level
Economics 
 Standard 5.Understands unemployment, income, and income distribution in a market economy
  
Topic
   Level I (Grade K-2)
  Benchmark 1.Not appropriate for this level
    


Citation Log: (none)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level II (Grade 3-5)
   1. Knows that unemployed people are those who are willing and able to work at current wage rates, but do not have jobs
Economics 
 Standard 5.Understands unemployment, income, and income distribution in a market economy
  
TopicUnemployment
   Level II (Grade 3-5)
  Benchmark 1.Knows that unemployed people are those who are willing and able to work at current wage rates, but do not have jobs
   Vocabulary terms
A.  unemployment
B.  wage rate
C.  job
  Knowledge/skill statements
  1. Knows that unemployed people are willing to work at current wage rates   
  2. Knows that unemployed people are able to work at current wage rates   
  3. Knows that unemployed people do not have jobs   


Citation Log: BD(NE,44;​CI,5;​EE,95;​JE,45;​PE,20)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level III (Grade 6-8)
   1. Knows the four basic categories of earned income: wages and salaries, rent, interest, and profit
Economics 
 Standard 5.Understands unemployment, income, and income distribution in a market economy
  
TopicIncome distribution
   Level III (Grade 6-8)
  Benchmark 1.Knows the four basic categories of earned income: wages and salaries, rent, interest, and profit
   Vocabulary terms
A.  earned income
B.  wage and salary income
C.  rent income
D.  interest income
E.  profit income
  Knowledge/skill statements
  1. Knows that wages and salaries is a basic category of earned income   
  2. Knows that rent is a basic category of earned income   
  3. Knows that interest is a basic category of earned income   
  4. Knows that profit is a basic category of earned income   


Citation Log: BD(NE,29;​BI,23;​EE,94;​JE,33)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Understands that wages and salary are influenced by forces of supply and demand for labor, as well as an individual's productivity, education, training and skills
Economics 
 Standard 5.Understands unemployment, income, and income distribution in a market economy
  
Topics1. Income distribution; 2. Supply and demand
   Level III (Grade 6-8)
  Benchmark 2.Understands that wages and salary are influenced by forces of supply and demand for labor, as well as an individual's productivity, education, training and skills
   Vocabulary terms
A.  factor affecting wage
B.  factor affecting salary
  Knowledge/skill statements
  1. Understands that wages and salary are influenced by supply of labor   
  2. Understands that wages and salary are influenced by demand for labor   
  3. Understands that wages and salary are influenced by an individual’s productivity   
  4. Understands that wages and salary are influenced by an individual’s education   
  5. Understands that wages and salary are influenced by an individual’s training and skills   


Citation Log: BD(NE,30;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Knows that the government defines "the labor force" as people at least 16 years old who either have a job or are actively looking for work
Economics 
 Standard 5.Understands unemployment, income, and income distribution in a market economy
  
Topics1. Unemployment; 2. Role of government
   Level III (Grade 6-8)
  Benchmark 3.Knows that the government defines "the labor force" as people at least 16 years old who either have a job or are actively looking for work
   Vocabulary terms
A.  labor market
B.  labor force
C.  government definition
  Knowledge/skill statements
  1. Knows that the government has official definitions of certain words and phrases   
  2. Knows the government definition of "the labor force"   


Citation Log: BD(NE,45;​CI,5;​EE,96;​JE,45)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Understands that the unemployment rate (i.e., the percentage of the labor force considered to be unemployed) rises during a recession, and the economy's production is less than its potential level
Economics 
 Standard 5.Understands unemployment, income, and income distribution in a market economy
  
Topics1. Unemployment; 2. Productivity
   Level III (Grade 6-8)
  Benchmark 4.Understands that the unemployment rate (i.e., the percentage of the labor force considered to be unemployed) rises during a recession, and the economy's production is less than its potential level
   Vocabulary terms
A.  unemployment rate
B.  labor force and unemployment rate
D.  recession
E.  economy’s production
F.  potential production level
  Knowledge/skill statements
  1. Knows what the unemployment rate is    
  2. Knows how the unemployment rate is measured   
  3. Understands how the size of the labor force is related to the unemployment rate   
  4. Understands how recession affects the unemployment rate    
  5. Understands how recession affects the economy’s potential level of production   


Citation Log: BD(NE,44,45;​BI,26;​EE,96;​JE,45)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level IV (Grade 9-12)
   1. Understands that personal income is influenced by changes in the structure of the economy, the level of gross domestic product, technology, government policies, production costs and demand for specific goods and services, and discrimination
Economics 
 Standard 5.Understands unemployment, income, and income distribution in a market economy
  
TopicIncome distribution
   Level IV (Grade 9-12)
  Benchmark 1.Understands that personal income is influenced by changes in the structure of the economy, the level of gross domestic product, technology, government policies, production costs and demand for specific goods and services, and discrimination
   Vocabulary terms
A.  personal income
B.  factor affecting personal income
  Knowledge/skill statements
  1. Understands that personal income is influenced by changes in the structure of the economy   
  2. Understands that personal income is influenced by changes in the level of gross domestic product   
  3. Understands that personal income is influenced by changes in technology   
  4. Understands that personal income is influenced by changes in government policies   
  5. Understands that personal income is influenced by changes in production costs   
  6. Understands that personal income is influenced by changes in the demand for specific goods and services   
  7. Understands that personal income is influenced by changes in discrimination   


Citation Log: BD(NE,30)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Understands the concept of supply and demand in the labor market (e.g., if wage or salary payments increase, workers will increase the quantity of labor they supply and firms will decrease the quantity of labor they demand)
Economics 
 Standard 5.Understands unemployment, income, and income distribution in a market economy
  
Topics1. Supply and demand; 2. Income distribution
   Level IV (Grade 9-12)
  Benchmark 2.Understands the concept of supply and demand in the labor market (e.g., if wage or salary payments increase, workers will increase the quantity of labor they supply and firms will decrease the quantity of labor they demand)
   Vocabulary terms
A.  supply in labor market
B.  demand in labor market
  Knowledge/skill statements
  1. Understands the concept of supply in the labor market   
  2. Understands the concept of demand in the labor market   
  3. Knows how changes in wages and salaries may affect levels of supply and demand in the labor market   


Citation Log: BD(NE,30)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Understands that for the functional distribution of income economists analyze what percentage of national income is paid out as wages and salaries, proprietors' income, rental income, and interest payments and trace that pattern of income distribution over time
Economics 
 Standard 5.Understands unemployment, income, and income distribution in a market economy
  
TopicIncome distribution
   Level IV (Grade 9-12)
  Benchmark 3.Understands that for the functional distribution of income economists analyze what percentage of national income is paid out as wages and salaries, proprietors' income, rental income, and interest payments and trace that pattern of income distribution over time
   Vocabulary terms
A.  functional distribution of income
B.  national income
C.  wage
D.  salary
E.  proprietor’s income
F.  rental income
  Knowledge/skill statements
  1. Understands how the functional distribution of income is calculated   
  2. Knows that economists analyze what percentage of national income is paid out as wages and salaries and trace that pattern of income distribution over time   
  3. Knows that economists analyze what percentage of national income is paid out as proprietors’ income and trace that pattern of income distribution over time   
  4. Knows that economists analyze what percentage of national income is paid out as rental income and trace that pattern of income distribution over time   
  5. Knows that economists analyze what percentage of national income is paid out as interest payments and trace that pattern of income distribution over time   


Citation Log: BD(NE,30;​EE,123;​JE,33)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Understands that the personal distribution of income classifies the population according to the amount of income they receive, including transfer payments
Economics 
 Standard 5.Understands unemployment, income, and income distribution in a market economy
  
TopicIncome distribution
   Level IV (Grade 9-12)
  Benchmark 4.Understands that the personal distribution of income classifies the population according to the amount of income they receive, including transfer payments
   Vocabulary terms
A.  personal distribution of income
B.  transfer payment
  Knowledge/skill statements
  1. Understands the purpose of personal distribution of income    
  2. Knows what personal distribution of income means   
  3. Knows how to measure personal distribution of income   


Citation Log: BD(NE,30;​EE,123;​JE,34)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   5. Understands that governments often redistribute income directly when individuals or interest groups are not satisfied with the income distribution resulting from markets, and that governments may also redistribute income indirectly as side-effects of other government actions that affect prices or output levels for various goods and services  A 
Economics 
 Standard 5.Understands unemployment, income, and income distribution in a market economy
  
Topics1. Income distribution; 2. Role of government
   Level IV (Grade 9-12)
  Benchmark 5.Understands that governments often redistribute income directly when individuals or interest groups are not satisfied with the income distribution resulting from markets, and that governments may also redistribute income indirectly as side-effects of other government actions that affect prices or output levels for various goods and services
   Vocabulary terms
A.  governmental redistribution of income
B.  direct redistribution of income
C.  indirect redistribution of income
D.  interest group
E.  distribution of income
  Knowledge/skill statements
  1. Knows that the government may redistribute income directly   
  2. Knows that the government may redistribute income indirectly   
  3. Understands why governments might redistribute income directly   A   
  4. Understands how governments might redistribute income indirectly    
  5. Knows that the government may intervene when individuals and interests groups are not satisfied with the income distribution resulting from markets   
  6. Knows that government actions that affect prices or output levels may also affect income distribution   


 A  = Assessment items available

Citation Log: BD(NE,38;​PE,18;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   6. Understands that the standard measure of the unemployment rate is flawed (e.g., it does not include discouraged workers, it does not weigh part-time and full-time employment differently, it does not account for differences in the intensity with which people look for jobs)
Economics 
 Standard 5.Understands unemployment, income, and income distribution in a market economy
  
TopicUnemployment
   Level IV (Grade 9-12)
  Benchmark 6.Understands that the standard measure of the unemployment rate is flawed (e.g., it does not include discouraged workers, it does not weigh part-time and full-time employment differently, it does not account for differences in the intensity with which people look for jobs)
   Vocabulary terms
A.  standard measure of unemployment rate
B.  part-time employment
C.  full-time employment
  Knowledge/skill statements
  1. Knows that one example of a flaw in the standard measure of the unemployment rate is that it does not include discouraged workers   
  2. Knows that one example of a flaw in the standard measure of the unemployment rate is that it does not weigh part-time and full-time employment differently   
  3. Knows that one example of a flaw in the standard measure of the unemployment rate is that it does not account for differences in the intensity with which people look for jobs   
  4. Knows what the standard measure of the unemployment rate is   


Citation Log: BD(NE,45;​BE,26;​EE,125;​JE,45)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   7. Understands that many factors contribute to differing unemployment rates for various regions and groups (e.g., regional economic differences; differences in labor force immobility; differences in ages, races, sexes, work experiences, training and skills; discrimination)
Economics 
 Standard 5.Understands unemployment, income, and income distribution in a market economy
  
TopicUnemployment
   Level IV (Grade 9-12)
  Benchmark 7.Understands that many factors contribute to differing unemployment rates for various regions and groups (e.g., regional economic differences; differences in labor force immobility; differences in ages, races, sexes, work experiences, training and skills; discrimination)
   Vocabulary terms
A.  differing unemployment rates
B.  regional unemployment rate
C.  unemployment rate of a group
  Knowledge/skill statements
  1. Knows factors that contribute to differences in unemployment rates for various regions   
  2. Knows factors that contribute to differences in unemployment rates for various groups   
  3. Knows that regional economic differences are an example of factors that contribute to differing unemployment rates for various regions and groups   
  4. Knows that differences in labor force mobility are an example of factors that contribute to differing unemployment rates for various regions and groups   
  5. Knows that differences in age are an example of factors that contribute to differing unemployment rates for various regions and groups   
  6. Knows that differences in the number of men and women are an example of factors that contribute to differing unemployment rates for various regions and groups   
  7. Knows that differences in work experiences are an example of factors that contribute to differing unemployment rates for various regions and groups   
  8. Knows that differences in training and skills are an example of factors that contribute to differing unemployment rates for various regions and groups   
  9. Knows that differences in discrimination are an example of factors that contribute to differing unemployment rates for various regions and groups   


Citation Log: BD(NE,45;​BE,26;​EE,125-126;​JE,45-46;​PE,20)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   8. Knows that economists do not define full employment as 100 percent employment of the labor force because there is always some unavoidable unemployment due to people changing jobs (i.e., frictional unemployment) or entering the labor force for the first time
Economics 
 Standard 5.Understands unemployment, income, and income distribution in a market economy
  
TopicUnemployment
   Level IV (Grade 9-12)
  Benchmark 8.Knows that economists do not define full employment as 100 percent employment of the labor force because there is always some unavoidable unemployment due to people changing jobs (i.e., frictional unemployment) or entering the labor force for the first time
   Vocabulary terms
A.  full employment
B.  unavoidable unemployment
C.  frictional unemployment
D.  natural rate of unemployment
  Knowledge/skill statements
  1. Knows that economists do not define full employment as 100 percent employment of the labor force   
  2. Knows that there is always some unavoidable unemployment due to people changing jobs   
  3. Knows the meaning of "frictional employment"   
  4. Knows that there is always some unavoidable unemployment due to people entering the labor force for the first time   
  5. Knows the meaning of "full employment"   


Citation Log: BD(NE,46;​BE,26;​EE,126;​JE,46)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   9. Understands frictional, seasonal, structural, and cyclical unemployment and that different policies may be required to reduce each
Economics 
 Standard 5.Understands unemployment, income, and income distribution in a market economy
  
TopicUnemployment
   Level IV (Grade 9-12)
  Benchmark 9.Understands frictional, seasonal, structural, and cyclical unemployment and that different policies may be required to reduce each
   Vocabulary terms
A.  frictional unemployment
B.  seasonal unemployment
C.  structural unemployment
D.  cyclical unemployment
  Knowledge/skill statements
  1. Understands frictional unemployment   
  2. Understands seasonal unemployment   
  3. Understands structural unemployment   
  4. Understands cyclical unemployment   
  5. Understands that different policies may be required to reduce different types of unemployment   


Citation Log: BD(NE,45;​BE,26;​CE,5;​EE,126;​JE,46;​PE,20)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
    

 A  = Assessment items available
6.Understands the roles government plays in the United States economy

Economics

Standard 6.Understands the roles government plays in the United States economy

Economics

Standard 6 : Understands the roles government plays in the United States economy

Reference code: NE,36,40;EE,26-27

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level Pre-K (Grade Pre-K)
   1. Not appropriate for this level
Economics 
 Standard 6.Understands the roles government plays in the United States economy
  
Topic
   Level Pre-K (Grade Pre-K)
  Benchmark 1.Not appropriate for this level
    


Citation Log: (none)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level I (Grade K-2)
   1. Knows that some of the goods and services we use are provided by the government (e.g., schools, parks, police and fire protection)
Economics 
 Standard 6.Understands the roles government plays in the United States economy
  
Topics1. Public goods and services; 2. Role of government
   Level I (Grade K-2)
  Benchmark 1.Knows that some of the goods and services we use are provided by the government (e.g., schools, parks, police and fire protection)
   Vocabulary terms
A.  good
B.  service
C.  government
  Knowledge/skill statements
  1. Knows that the government provides some public goods and services   
  2. Knows examples of government provided goods and services   
  3. Knows that public schools are a good and service provided by the government   
  4. Knows that parks are a good and service provided by the government   
  5. Knows that police departments are a service provided by the government   
  6. Knows that fire departments are a service provided by the government   


Citation Log: BD(NE,36;​CE,7;​EE,79;​JE,37;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level II (Grade 3-5)
   1. Knows that the government pays for the goods and services it provides through taxing and borrowing
Economics 
 Standard 6.Understands the roles government plays in the United States economy
  
TopicRole of government
   Level II (Grade 3-5)
  Benchmark 1.Knows that the government pays for the goods and services it provides through taxing and borrowing
   Vocabulary terms
A.  payment for goods
B.  payment for services
C.  government taxation
D.  government borrowing
  Knowledge/skill statements
  1. Knows that taxes are used to pay for the goods and services provided by the government    
  2. Knows that the government borrows to pay for some of the goods and services it provides   


Citation Log: BD(NE,36;​CE,7;​EE,95;​JE,37;​PE,18;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level III (Grade 6-8)
   1. Knows that in a market economy the government helps markets to operate efficiently by protecting property rights (i.e. the right to exclude others from using a good or service and the right to transfer ownership) and by providing a system of weights and measures and a standard and stable currency
Economics 
 Standard 6.Understands the roles government plays in the United States economy
  
Topics1. Role of government; 2. Goods and services; 3. Currency and exchange; 4. Economic systems
   Level III (Grade 6-8)
  Benchmark 1.Knows that in a market economy the government helps markets to operate efficiently by protecting property rights (i.e. the right to exclude others from using a good or service and the right to transfer ownership) and by providing a system of weights and measures and a standard and stable currency
   Vocabulary terms
A.  market economy
B.  protection of property rights
C.  system of weights and measures
D.  standard currency
E.  stable currency
  Knowledge/skill statements
  1. Knows that in a market economy the government helps markets to operate efficiently    
  2. Knows that the government helps markets by protecting property rights   
  3. Knows that property rights are the right to exclude others from using a good or service and the right to transfer ownership   
  4. Knows that the government helps markets by providing a system of weights and measures   
  5. Knows that the government helps markets by providing a standard and stable currency   


Citation Log: BD(NE,37;​BE,15;​CE,7;​EE,95;​JE,37;​PE,15;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Understands that governments provide public goods because of the properties of shared consumption (i.e., non-rival products that can be used simultaneously by more than one person without reducing the amount of the product available for others to consume) and non-exclusion (i.e., public goods and service provide benefits to more than one person at the same time, and their use cannot be restricted only to those people who have paid to use them)
Economics 
 Standard 6.Understands the roles government plays in the United States economy
  
Topics1. Role of government; 2. Public goods and services
   Level III (Grade 6-8)
  Benchmark 2.Understands that governments provide public goods because of the properties of shared consumption (i.e., non-rival products that can be used simultaneously by more than one person without reducing the amount of the product available for others to consume) and non-exclusion (i.e., public goods and service provide benefits to more than one person at the same time, and their use cannot be restricted only to those people who have paid to use them)
   Vocabulary terms
1.  government provision of public goods
2.  shared consumption
3.  non-exclusion
4.  non-rival product
  Knowledge/skill statements
  1. Understands that governments provide public goods because of the properties of shared consumption   
  2. Understands the concept of shared consumption    
  3. Understands that governments provide public goods because of the properties of non-exclusion   
  4. Understands the concept of non-exclusion    
  5. Knows the meaning of the term "non-rival product"   


Citation Log: BD(NE,36;​BE,15;​EE,95;​JE,35;​SE,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level IV (Grade 9-12)
   1. Understands that because citizens, government employees, and elected officials do not always directly bear the costs of their political decisions, sometimes policies have costs that outweigh their benefits for society
Economics 
 Standard 6.Understands the roles government plays in the United States economy
  
TopicOpportunity costs and trade-offs
   Level IV (Grade 9-12)
  Benchmark 1.Understands that because citizens, government employees, and elected officials do not always directly bear the costs of their political decisions, sometimes policies have costs that outweigh their benefits for society
   Vocabulary terms
A.  cost of political decisions
B.  policy
C.  cost to society
D.  benefit for society
  Knowledge/skill statements
  1. Knows that citizens do not always directly bear the costs of their political decisions   
  2. Knows that government employees do not always directly bear the costs of their political decisions   
  3. Knows that elected officials do not always directly bear the costs of their political decisions   
  4. Understands that sometimes policies have costs that outweigh their benefits for society   


Citation Log: BD(NE,40)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Understands that most federal tax revenue comes from personal income and payroll taxes, and these taxes are used to fund social security payments, the costs of national defense, medical expenditures, and interest payments on the national debt   A 
Economics 
 Standard 6.Understands the roles government plays in the United States economy
  
Topics1. Role of government; 2. Taxation; 3. Public goods and services
   Level IV (Grade 9-12)
  Benchmark 2.Understands that most federal tax revenue comes from personal income and payroll taxes, and these taxes are used to fund social security payments, the costs of national defense, medical expenditures, and interest payments on the national debt
   Vocabulary terms
A.  federal tax revenue
B.  personal income tax
C.  payroll tax
D.  funding for Social Security
E.  funding for national defense
F.  funding for medical expenditures
G.  funding for interest on national debt
  Knowledge/skill statements
  1. Understands that most federal tax revenue comes from personal income and payroll taxes  A   
  2. Understands that federal tax revenue is used to fund Social Security payments   
  3. Understands that federal tax revenue is used to cover the costs of national defense   
  4. Understands that federal tax revenue is used to fund medical expenditures   
  5. Understands that federal tax revenue is used to fund interest payments on the national debt   


 A  = Assessment items available

Citation Log: BD(NE,38;​PE,18;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Understands that most state and local government revenues come from sales taxes, grants from the federal government, personal income taxes, and property taxes, and are used to fund education, public welfare, road constructions and repair, and public safety
Economics 
 Standard 6.Understands the roles government plays in the United States economy
  
Topics1. Taxation; 2. Role of government; 3. Public goods and services
   Level IV (Grade 9-12)
  Benchmark 3.Understands that most state and local government revenues come from sales taxes, grants from the federal government, personal income taxes, and property taxes, and are used to fund education, public welfare, road constructions and repair, and public safety
   Vocabulary terms
A.  state government revenue
B.  local government revenue
C.  sales tax
D.  federal grant
E.  personal income tax
F.  property tax
G.  funding for education
H.  funding for public welfare
I.  funding for road construction and repair
J.  funding for public safety
  Knowledge/skill statements
  1. Knows that some state and local government revenue come from sales tax   
  2. Knows that some state and local government revenue come from federal grants    
  3. Knows that some state and local government revenue come from personal income taxes   
  4. Knows that some state and local government revenue come from property taxes   
  5. Understands that state and local government revenue is used to fund education   
  6. Understands that state and local government revenue is used to fund public welfare   
  7. Understands that state and local government revenue is used to fund road construction and repair   
  8. Understands that state and local government revenue is used to fund public safety   


Citation Log: BD(NE,38;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Understands that government can use subsidies to help correct for insufficient output, use taxes to help correct for excessive output, or can regulate output directly to correct for over- or under-production or consumption of a product
Economics 
 Standard 6.Understands the roles government plays in the United States economy
  
Topics1. Role of government; 2. Production and consumption
   Level IV (Grade 9-12)
  Benchmark 4.Understands that government can use subsidies to help correct for insufficient output, use taxes to help correct for excessive output, or can regulate output directly to correct for over- or under-production or consumption of a product
   Vocabulary terms
A.  government subsidy
B.  insufficient output
C.  use of taxes
D.  excessive output
E.  regulation of output
F.  over-production
G.  under-production
H.  over-consumption
I.  under-consumption
  Knowledge/skill statements
  1. Understands that governments can use subsidies to help correct for insufficient output   
  2. Understands that governments can use taxes to help correct for excessive output   
  3. Understands that governments can regulate output directly to correct for over-production or consumption of a product   
  4. Understands that governments can regulate output directly to correct for under-production or consumption of a product   
  5. Knows the meaning of "subsidy"    


Citation Log: BD(NE,38;​BE,15;​PE,15;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   5. Understands that governments provide an alternative method to markets for supplying goods and services when it appears that the benefits to society of doing so outweigh the costs to society but that not all individuals will bear the same costs or share the same benefits of these policies
Economics 
 Standard 6.Understands the roles government plays in the United States economy
  
Topics1. Role of government; 2. Opportunity costs and trade-offs
   Level IV (Grade 9-12)
  Benchmark 5.Understands that governments provide an alternative method to markets for supplying goods and services when it appears that the benefits to society of doing so outweigh the costs to society but that not all individuals will bear the same costs or share the same benefits of these policies
   Vocabulary terms
A.  alternative method for supplying goods
B.  alternative method for supplying services
C.  benefit for society
D.  cost to society
E.  individual cost
F.  individual benefit
  Knowledge/skill statements
  1. Understands why governments provide alternative methods to markets for supplying goods and services    
  2. Understands that not all individuals bear the same costs or share the same benefits of governmental policies   
  3. Knows alternative methods for providing goods and services   
  4. Knows costs and benefits associated with alternative methods of supplying goods and services   


Citation Log: BD(NE,38;​BI,15;​PE,16;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   6. Understands that incentives exist for political leaders to implement policies (e.g., price controls, barriers to trade) that disperse costs widely over large groups of people and benefit relatively small, politically powerful groups of people.
Economics 
 Standard 6.Understands the roles government plays in the United States economy
  
Topics1. Incentives; 2. Opportunity costs and trade-offs
   Level IV (Grade 9-12)
  Benchmark 6.Understands that incentives exist for political leaders to implement policies (e.g., price controls, barriers to trade) that disperse costs widely over large groups of people and benefit relatively small, politically powerful groups of people.
   Vocabulary terms
A.  incentive for political leader
B.  price control policy
C.  trade barrier policy
D.  cost dispersion
  Knowledge/skill statements
  1. Understands that incentives exist for political leaders to implement certain policies that disperse costs widely over large groups of people   
  2. Understands that incentives exist for political leaders to implement policies that benefit relatively small, politically powerful groups of people   
  3. Knows that price controls are an example of policies that may disperse costs over a large group of people but benefit only a small group   
  4. Knows that trade barriers are an example of policies that may disperse costs over a large group of people but benefit only a small group   


Citation Log: BD(NE,40-41;​PE,23)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   7. Understands that few incentives exist for political leaders to implement policies that entail immediate costs and deferred benefits, even though these types of programs may be more economically effective
Economics 
 Standard 6.Understands the roles government plays in the United States economy
  
Topics1. Incentives; 2. Opportunity costs and trade-offs
   Level IV (Grade 9-12)
  Benchmark 7.Understands that few incentives exist for political leaders to implement policies that entail immediate costs and deferred benefits, even though these types of programs may be more economically effective
   Vocabulary terms
A.  immediate cost
B.  deferred benefit
C.  economically effective program
  Knowledge/skill statements
  1. Understands that few incentives exist for political leaders to implement policies that entail immediate costs and deferred benefits   
  2. Knows that sometimes programs that entail immediate costs and deferred benefits may be more economically effective than programs with immediate benefits and deferred costs   


Citation Log: BD(NE,41;​PE,19)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
    

 A  = Assessment items available
7.Understands savings, investment, and interest rates

Economics

Standard 7.Understands savings, investment, and interest rates

Economics

Standard 7 : Understands savings, investment, and interest rates

Reference code: NE,27

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level Pre-K (Grade Pre-K)
   1. Not appropriate for this level
Economics 
 Standard 7.Understands savings, investment, and interest rates
  
Topic
   Level Pre-K (Grade Pre-K)
  Benchmark 1.Not appropriate for this level
    


Citation Log: (none)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level I (Grade K-2)
   1. Not appropriate for this level
Economics 
 Standard 7.Understands savings, investment, and interest rates
  
Topic
   Level I (Grade K-2)
  Benchmark 1.Not appropriate for this level
    


Citation Log: (none)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level II (Grade 3-5)
   1. Understands that savings is the part of income not spent on taxes or consumption  A 
Economics 
 Standard 7.Understands savings, investment, and interest rates
  
TopicSavings
   Level II (Grade 3-5)
  Benchmark 1.Understands that savings is the part of income not spent on taxes or consumption
   Vocabulary terms
A.  savings
B.  part of income
  Knowledge/skill statements
  1. Knows that savings is part of income   
  2. Understands that savings is not spent on taxes   
  3. Understands that savings is not spent on consumption  A   


 A  = Assessment items available

Citation Log: BD(NE,23;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level III (Grade 6-8)
   1. Understands that funds are channeled from savers to borrowers through banks.  A 
Economics 
 Standard 7.Understands savings, investment, and interest rates
  
TopicFinancial Institutions
   Level III (Grade 6-8)
  Benchmark 1.Understands that funds are channeled from savers to borrowers through banks.
   Vocabulary terms
A.  channeling of funds
B.  bank
  Knowledge/skill statements
  1. Understands that banks take and use the funds of savers  A   
  2. Understands that banks give funds to borrowers   


 A  = Assessment items available

Citation Log: BD(NE,24)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level IV (Grade 9-12)
   1. Knows that an interest rate is a price of money that is borrowed or saved and that interest rates are determined by the forces of supply and demand  A 
Economics 
 Standard 7.Understands savings, investment, and interest rates
  
TopicInterest rate
   Level IV (Grade 9-12)
  Benchmark 1.Knows that an interest rate is a price of money that is borrowed or saved and that interest rates are determined by the forces of supply and demand
   Vocabulary terms
A.  interest rate
B.  supply
C.  demand
  Knowledge/skill statements
  1. Knows the meaning of "interest rate"   A   
  2. Understands that interest rates are determined by the forces of supply and demand   


 A  = Assessment items available

Citation Log: BD(NE,27;​PE,17;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Knows that the real interest rate is the nominal or current interest rate minus the expected rate of inflation
Economics 
 Standard 7.Understands savings, investment, and interest rates
  
TopicInterest rate
   Level IV (Grade 9-12)
  Benchmark 2.Knows that the real interest rate is the nominal or current interest rate minus the expected rate of inflation
   Vocabulary terms
1.  real interest rate
2.  nominal interest rate
3.  current interest rate
4.  rate of inflation
  Knowledge/skill statements
  1. Knows how to calculate the real interest rate   
  2. Knows that current interest rate is another name for nominal interest rate   
  3. Knows the meaning of "nominal (current) interest rate"   
  4. Knows the meaning of "expected rate of inflation"   


Citation Log: BD(NE,27;​PE,17;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Understands that higher interest rates provide incentives for people to save more and to borrow less, and vice versa  A 
Economics 
 Standard 7.Understands savings, investment, and interest rates
  
Topics1. Interest rate; 2. Incentives
   Level IV (Grade 9-12)
  Benchmark 3.Understands that higher interest rates provide incentives for people to save more and to borrow less, and vice versa
   Vocabulary terms
A.  higher interest rate
B.  incentive to save more
C.  incentive to borrow less
  Knowledge/skill statements
  1. Understands how higher interest rates affect saving and borrowing  A   


 A  = Assessment items available

Citation Log: BD(NE,27;​PE,17;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Understands that real interest rates are normally positive because people must be compensated for deferring the use of resources from the present into the future  A 
Economics 
 Standard 7.Understands savings, investment, and interest rates
  
TopicInterest rate
   Level IV (Grade 9-12)
  Benchmark 4.Understands that real interest rates are normally positive because people must be compensated for deferring the use of resources from the present into the future
   Vocabulary terms
A.  real interest rate
B.  time value of money
  Knowledge/skill statements
  1. Knows that real interest rates are normally positive   
  2. Understands why real interest rates are normally positive  A   


 A  = Assessment items available

Citation Log: BD(NE,28;​PE, 18;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   5. Understands that riskier loans command higher interest rates than safer loans because of the greater chance of default on the repayment of risky loans  A 
Economics 
 Standard 7.Understands savings, investment, and interest rates
  
TopicInterest rate
   Level IV (Grade 9-12)
  Benchmark 5.Understands that riskier loans command higher interest rates than safer loans because of the greater chance of default on the repayment of risky loans
   Vocabulary terms
A.  riskier loan
B.  higher interest rate
C.  safer loan
D.  chance of default
E.  loan repayment
  Knowledge/skill statements
  1. Understands that riskier loans command higher interest rates than safer loans  A   
  2. Understands that riskier loans have a greater chance of default on the repayment of the loan   
  3. Knows the difference between a risky loan and a safe loan  A   


 A  = Assessment items available

Citation Log: BD(NE,28;​PE,18;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   6. Understands that higher interest rates reduce business investment spending and consumer spending; thus, policies that raise and lower interest rates can affect spending  A 
Economics 
 Standard 7.Understands savings, investment, and interest rates
  
TopicInterest rate
   Level IV (Grade 9-12)
  Benchmark 6.Understands that higher interest rates reduce business investment spending and consumer spending; thus, policies that raise and lower interest rates can affect spending
   Vocabulary terms
A.  higher interest rate
B.  business investment spending
C.  consumer spending
D.  policy that raises interest rates
E.  policy that lowers interest rates
  Knowledge/skill statements
  1. Understands how interest rates affect business investment spending and consumer spending  A   
  2. Understands that policies that raise or lower interest rates can affect spending   


 A  = Assessment items available

Citation Log: BD(NE,28,35;​PE,21;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   7. Understands that expectations of increased inflation may lead to higher interest rates
Economics 
 Standard 7.Understands savings, investment, and interest rates
  
Topics1. Interest rate; 2. Inflation/deflation
   Level IV (Grade 9-12)
  Benchmark 7.Understands that expectations of increased inflation may lead to higher interest rates
   Vocabulary terms
A.  increase in inflation
B.  higher interest rate
  Knowledge/skill statements
  1. Knows that expectations concerning inflation can affect interest rates   


Citation Log: BD(NE,46)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
    

 A  = Assessment items available
8.Understands basic concepts of United States fiscal policy and monetary policy

Economics

Standard 8.Understands basic concepts of United States fiscal policy and monetary policy

Economics

Standard 8 : Understands basic concepts of United States fiscal policy and monetary policy

Reference code: NE,47;EE,34-35

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level Pre-K (Grade Pre-K)
   1. Not appropriate for this level
Economics 
 Standard 8.Understands basic concepts of United States fiscal policy and monetary policy
  
Topic
   Level Pre-K (Grade Pre-K)
  Benchmark 1.Not appropriate for this level
    


Citation Log: (none)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level I (Grade K-2)
   1. Not appropriate for this level
Economics 
 Standard 8.Understands basic concepts of United States fiscal policy and monetary policy
  
Topic
   Level I (Grade K-2)
  Benchmark 1.Not appropriate for this level
    


Citation Log: (none)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level II (Grade 3-5)
   1. Not appropriate for this level
Economics 
 Standard 8.Understands basic concepts of United States fiscal policy and monetary policy
  
Topic
   Level II (Grade 3-5)
  Benchmark 1.Not appropriate for this level
    


Citation Log: (none)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level III (Grade 6-8)
   1. Not appropriate for this level
Economics 
 Standard 8.Understands basic concepts of United States fiscal policy and monetary policy
  
Topic
   Level III (Grade 6-8)
  Benchmark 1.Not appropriate for this level
    


Citation Log: (none)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level IV (Grade 9-12)
   1. Knows that fiscal policy involves the use of national government spending and taxation programs to affect the level of economic activity in order to promote price stability, maximum employment, and reasonable economic growth  A 
Economics 
 Standard 8.Understands basic concepts of United States fiscal policy and monetary policy
  
TopicU.S. fiscal policy
   Level IV (Grade 9-12)
  Benchmark 1.Knows that fiscal policy involves the use of national government spending and taxation programs to affect the level of economic activity in order to promote price stability, maximum employment, and reasonable economic growth
   Vocabulary terms
A.  fiscal policy
B.  national government spending
C.  taxation program
D.  level of economic activity
E.  price stability
F.  maximum employment
G.  reasonable economic growth
  Knowledge/skill statements
  1. Knows that fiscal policy involves national government spending   
  2. Knows that fiscal policy involves taxation programs   
  3. Knows how national government spending and taxation programs affect the level of economic activity  A   
  4. Knows that fiscal policy is used to promote price stability   
  5. Knows that fiscal policy is used to promote maximum employment   
  6. Knows that fiscal policy is used to promote reasonable economic growth  A   


 A  = Assessment items available

Citation Log: BD(NE,47;​CI,8;​EE,96;​JE,53;​PE,20)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Understands the concepts of balanced budget, budget deficit, and budget surplus
Economics 
 Standard 8.Understands basic concepts of United States fiscal policy and monetary policy
  
TopicBudgets
   Level IV (Grade 9-12)
  Benchmark 2.Understands the concepts of balanced budget, budget deficit, and budget surplus
   Vocabulary terms
A.  balanced budget
B.  budget deficit
C.  budget surplus
  Knowledge/skill statements
  1. Understands the concept of a balanced budget   
  2. Understands the concept of a budget deficit   
  3. Understands the concept of a budget surplus   
  4. Knows the differences among balanced budget, budget deficit, and budget surplus   


Citation Log: BD(NE,48;​CI,8;​EE,127;​JE,53;​PE,21)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Understands that when the government runs a budget deficit, it must borrow from individuals, corporations, or financial institutions to finance the excess of expenditures over tax revenues  A 
Economics 
 Standard 8.Understands basic concepts of United States fiscal policy and monetary policy
  
Topics1. Budgets; 2. Role of government
   Level IV (Grade 9-12)
  Benchmark 3.Understands that when the government runs a budget deficit, it must borrow from individuals, corporations, or financial institutions to finance the excess of expenditures over tax revenues
   Vocabulary terms
A.  budget deficit
B.  financing the excess of expenditures
C.  tax revenue
  Knowledge/skill statements
  1. Understands what happens when the government runs a budget deficit   
  2. Knows that when the government runs a budget deficit, it may borrow from individuals  A   
  3. Knows that when the government runs a budget deficit, it may borrow from corporations   
  4. Knows that when the government runs a budget deficit, it may borrow from financial institutions   
  5. Understands how the government runs a budget deficit    


 A  = Assessment items available

Citation Log: BD(NE,48;​EE,127;​JE,53;​PE,21)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Knows that the national debt is the total amount of money that the government has borrowed over all the years it ran deficits that have not been repaid  A 
Economics 
 Standard 8.Understands basic concepts of United States fiscal policy and monetary policy
  
TopicDebts
   Level IV (Grade 9-12)
  Benchmark 4.Knows that the national debt is the total amount of money that the government has borrowed over all the years it ran deficits that have not been repaid
   Vocabulary terms
A.  national debt
  Knowledge/skill statements
  1. Knows the meaning of "national debt"  A   
  2. Knows how national debt is measured  A   


 A  = Assessment items available

Citation Log: BD(NE,48;​EE,127;​JE,54;​PE, 21)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   5. Knows that monetary policy refers to actions by the Federal Reserve System that lead to changes in the amount of money in circulation and the availability of credit in the financial system
Economics 
 Standard 8.Understands basic concepts of United States fiscal policy and monetary policy
  
TopicU.S. monetary policy
   Level IV (Grade 9-12)
  Benchmark 5.Knows that monetary policy refers to actions by the Federal Reserve System that lead to changes in the amount of money in circulation and the availability of credit in the financial system
   Vocabulary terms
A.  monetary policy
B.  Federal Reserve System
C.  circulation of money
D.  availability of credit
E.  financial system
  Knowledge/skill statements
  1. Knows the meaning of monetary policy    
  2. Knows that the Federal Reserve System creates monetary policy   
  3. Knows that monetary policy affects the amount of money in circulation   
  4. Knows that monetary policy affects the availability of credit in the financial system   


Citation Log: BD(NE,48;​CE,7;​EE,127;​JE,50;​PE,21)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   6. Understands that fiscal policies take time to affect the economy and that they may be reinforced or offset by monetary policies and changes in private investment spending by businesses and individuals
Economics 
 Standard 8.Understands basic concepts of United States fiscal policy and monetary policy
  
Topics1. U.S. fiscal policy; 2. U.S. monetary policy; 3. Investment
   Level IV (Grade 9-12)
  Benchmark 6.Understands that fiscal policies take time to affect the economy and that they may be reinforced or offset by monetary policies and changes in private investment spending by businesses and individuals
   Vocabulary terms
A.  fiscal policy
B.  monetary policy
C.  private investment spending
  Knowledge/skill statements
  1. Understands that fiscal policies affect the economy over time   
  2. Understands that fiscal policies may be reinforced or offset by monetary policies   
  3. Understands that fiscal policies may be reinforced or offset by changes in private investment spending by businesses and individuals   


Citation Log: BD(NE,47;​EE,127;​JE,54;​PI,21)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   7. Knows that the major monetary policy tools that the Federal Reserve System uses are open market purchases or sales of government securities, increasing the discount rate charged on loans it makes to commercial banks, and raising or lowering reserve requirements for commercial banks  A 
Economics 
 Standard 8.Understands basic concepts of United States fiscal policy and monetary policy
  
TopicU.S. monetary policy
   Level IV (Grade 9-12)
  Benchmark 7.Knows that the major monetary policy tools that the Federal Reserve System uses are open market purchases or sales of government securities, increasing the discount rate charged on loans it makes to commercial banks, and raising or lowering reserve requirements for commercial banks
   Vocabulary terms
A.  monetary policy tool
B.  Federal Reserve System
C.  open market purchase
D.  sale of government securities
E.  discount rate for loans
F.  commercial bank
G.  reserve requirement
  Knowledge/skill statements
  1. Knows that one of the major monetary tools that the Federal Reserve System uses is the open market purchase   
  2. Knows that one of the major monetary policy tools that the Federal Reserve System uses is sales of government securities  A   
  3. Knows that one of the major monetary policy tools that the Federal Reserve System uses is increasing the discount rate charged on loans it makes to commercial banks   
  4. Knows that one of the major monetary policy tools that the Federal Reserve System uses is raising or lowering reserve requirements for commercial banks   


 A  = Assessment items available

Citation Log: BD(NE,48;​PE,21)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   8. Understands that when banks make loans, the money supply increases, and when loans are paid back, the country’s money supply shrinks
Economics 
 Standard 8.Understands basic concepts of United States fiscal policy and monetary policy
  
Topics1. Money supply; 2. Loan
   Level IV (Grade 9-12)
  Benchmark 8.Understands that when banks make loans, the money supply increases, and when loans are paid back, the country’s money supply shrinks
   Vocabulary terms
A.  bank loan
B.  increase in money supply
C.  decrease in money supply
  Knowledge/skill statements
  1. Knows how the country’s money supply is affected when banks make loans   
  2. Knows how the country’s money supply is affected when loans are repaid    


Citation Log: BD(NE,26;​CE,7;​EE,126;​JE,50;​PE,17)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   9. Understands that changes in the money supply lead to changes in interest rates and in individual and corporate spending which may influence the levels of spending, employment, prices, and economic growth in the economy  A 
Economics 
 Standard 8.Understands basic concepts of United States fiscal policy and monetary policy
  
Topics1. Money supply; 2. Interest rate
   Level IV (Grade 9-12)
  Benchmark 9.Understands that changes in the money supply lead to changes in interest rates and in individual and corporate spending which may influence the levels of spending, employment, prices, and economic growth in the economy
   Vocabulary terms
A.  change in money supply
B.  change in interest rate
C.  individual spending
D.  corporate spending
E.  level of spending
F.  level of employment
G.  level of prices
H.  level of economic growth
  Knowledge/skill statements
  1. Understands that changes in the money supply lead to changes in interest rates   
  2. Understands that changes in the money supply lead to changes in individual and corporate spending   
  3. Understands that changes in the money supply may influence the levels of spending in the economy   
  4. Understands that changes in the money supply may influence the levels of employment in the economy  A   
  5. Understands that changes in the money supply may influence the levels of prices in the economy   
  6. Understands that changes in the money supply may influence the levels of economic growth in the economy  A   


 A  = Assessment items available

Citation Log: BD(NE,48;​CE,7;​EE,126;​JE,51;​PE,21)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
    

 A  = Assessment items available
9.Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy

Economics

Standard 9.Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy

Economics

Standard 9 : Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy

Reference code: NE,42,44;EE,29,32-33

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level Pre-K (Grade Pre-K)
   1. Not appropriate for this level
Economics 
 Standard 9.Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy
  
Topic
   Level Pre-K (Grade Pre-K)
  Benchmark 1.Not appropriate for this level
    


Citation Log: (none)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level I (Grade K-2)
   1. Not appropriate for this level
Economics 
 Standard 9.Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy
  
Topic
   Level I (Grade K-2)
  Benchmark 1.Not appropriate for this level
    


Citation Log: (none)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level II (Grade 3-5)
   1. Not appropriate for this level
Economics 
 Standard 9.Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy
  
Topic
   Level II (Grade 3-5)
  Benchmark 1.Not appropriate for this level
    


Citation Log: (none)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level III (Grade 6-8)
   1. Knows that inflation refers to a sustained increase in the average price level of the entire economy
Economics 
 Standard 9.Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy
  
TopicInflation/deflation
   Level III (Grade 6-8)
  Benchmark 1.Knows that inflation refers to a sustained increase in the average price level of the entire economy
   Vocabulary terms
A.  inflation
B.  average price level
  Knowledge/skill statements
  1. Knows the meaning of inflation   
  2. Knows how to measure inflation   


Citation Log: BD(NE,44;​BE,26;​CE,7;​EE,96;​JE,47;​PE,20)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Knows that deflation refers to a sustained decrease in the average price level of the entire economy
Economics 
 Standard 9.Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy
  
TopicInflation/deflation
   Level III (Grade 6-8)
  Benchmark 2.Knows that deflation refers to a sustained decrease in the average price level of the entire economy
   Vocabulary terms
A.  deflation
B.  average price level
  Knowledge/skill statements
  1. Knows the meaning of deflation   
  2. Knows how to measure deflation   


Citation Log: BD(NE,44;​CE,7;​EE,96;​JE,47)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Understands that inflation reduces the value of money and that people’s purchasing power declines if their incomes increase more slowly than the inflation rate  A 
Economics 
 Standard 9.Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy
  
TopicInflation/deflation
   Level III (Grade 6-8)
  Benchmark 3.Understands that inflation reduces the value of money and that people’s purchasing power declines if their incomes increase more slowly than the inflation rate
   Vocabulary terms
A.  value of money
B.  decrease in purchasing power
C.  inflation rate
  Knowledge/skill statements
  1. Understands that inflation reduces the value of money  A   
  2. Understands how purchasing power is affected by the rate of inflation   A   
  3. Understands the value of money   


 A  = Assessment items available

Citation Log: BD(NE,45;​BE,26;​PE,20)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Knows that Gross Domestic Product (GDP) is the total market value, expressed in dollars, of all final goods and services produced in the economy in a given year and is used as an indicator of the state of the economy
Economics 
 Standard 9.Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy
  
TopicGross domestic product
   Level III (Grade 6-8)
  Benchmark 4.Knows that Gross Domestic Product (GDP) is the total market value, expressed in dollars, of all final goods and services produced in the economy in a given year and is used as an indicator of the state of the economy
   Vocabulary terms
A.  gross domestic product
B.  GDP
C.  total market value
D.  economic indicator
E.  state of the economy
  Knowledge/skill statements
  1. Knows that the Gross Domestic Product is referred to as the GDP   
  2. Knows how the Gross Domestic Product is measured   
  3. Knows that the Gross Domestic Product is expressed in dollars   
  4. Knows that the Gross Domestic Product is used as an indicator of the state of the economy   
  5. Knows that the Gross Domestic Product may change each year   


Citation Log: BD(NE,42;​CE,4;​EE,124;​JE,39;​PE,19)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level IV (Grade 9-12)
   1. Knows that inflation is usually measured by the Consumer Price Index (CPI) which shows the increases or decreases in price level from one year to another
Economics 
 Standard 9.Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy
  
TopicInflation/deflation
   Level IV (Grade 9-12)
  Benchmark 1.Knows that inflation is usually measured by the Consumer Price Index (CPI) which shows the increases or decreases in price level from one year to another
   Vocabulary terms
A.  measure of inflation
B.  Consumer Price Index
C.  CPI
D.  price level
  Knowledge/skill statements
  1. Knows that the Consumer Price Index is normally used to measure inflation   
  2. Knows that CPI stands for Consumer Price Index   
  3. Knows that the Consumer Price Index measures the change in price level year to year   


Citation Log: BD(NE,46;​BE,26;​CE,7;​EE,96;​JE,47;​PE,20)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Knows the difference between "nominal" GDP (i.e., GDP stated in current dollars where an increase in GDP may reflect not only increases in the production of goods and services, but also increases in general prices) and "real" GDP (i.e., GDP which has been adjusted for price level changes)  A 
Economics 
 Standard 9.Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy
  
TopicGross domestic product
   Level IV (Grade 9-12)
  Benchmark 2.Knows the difference between "nominal" GDP (i.e., GDP stated in current dollars where an increase in GDP may reflect not only increases in the production of goods and services, but also increases in general prices) and "real" GDP (i.e., GDP which has been adjusted for price level changes)
   Vocabulary terms
A.  nominal GDP
B.  nominal Gross Domestic Product
C.  real GDP
D.  real Gross Domestic Product
E.  potential GDP
F.  potential Gross Domestic Product
  Knowledge/skill statements
  1. Knows the difference between "nominal" GDP and "real" GDP   
  2. Knows the meaning of "nominal GDP"    
  3. Knows the meaning of "real GDP"   A   
  4. Knows that the nominal GDP is stated in current dollars   
  5. Understands the meaning of "current dollar"   


 A  = Assessment items available

Citation Log: BD(NE,43;​EE,124;​JE,40;​PE,19)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Knows the factors upon which a country’s GDP depends (e.g., quantity and quality of natural resources, size and skills of labor force, size and quality of capital stock)
Economics 
 Standard 9.Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy
  
TopicGross domestic product
   Level IV (Grade 9-12)
  Benchmark 3.Knows the factors upon which a country’s GDP depends (e.g., quantity and quality of natural resources, size and skills of labor force, size and quality of capital stock)
   Vocabulary terms
A.  factor affecting GDP
  Knowledge/skill statements
  1. Knows the factors upon which a country’s GDP depends   
  2. Knows that one factor a country’s GDP depends on is the quality of its natural resources    
  3. Knows that one factor a country’s GDP depends on is the quality of its natural resources   
  4. Knows that one factor a country’s GDP depends on is the size of its labor force    
  5. Knows that one factor a country’s GDP depends on is the skills of its labor force   
  6. Knows that one factor a country’s GDP depends on is the size of its capital stock   
  7. Knows that one factor a country’s GDP depends on is the quality of its capital stock   


Citation Log: BD(NE,43;​EE,124;​JE,40;​PE,19)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Understands the economic growth is a sustained rise in GDP, which results from investments in human and physical capital, research and development, technological change, and improved institutional arrangements and incentives
Economics 
 Standard 9.Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy
  
Topics1. Gross domestic product; 2. Economic development and growth
   Level IV (Grade 9-12)
  Benchmark 4.Understands the economic growth is a sustained rise in GDP, which results from investments in human and physical capital, research and development, technological change, and improved institutional arrangements and incentives
   Vocabulary terms
A.  economic growth
B.  increase in GDP
C.  investment in human capital
D.  investment in physical capital
E.  investment in research and development
F.  investment in technological change
G.  institutional arrangement
H.  institutional incentive
  Knowledge/skill statements
  1. Understands how economic growth is related to the GDP   
  2. Understands how investments in human capital affect economic growth and GDP   
  3. Understands how investments in physical capital affect economic growth and GDP   
  4. Understands how investments in research and development affect economic growth and GDP   
  5. Understands how investments in technological change affect economic growth and GDP   
  6. Understands how improved institutional arrangements affect economic growth and GDP   
  7. Understands how improved institutional incentives affect economic growth and GDP    
  8. Knows the meaning of economic growth   


Citation Log: BD(NE,34;​PE,18;​SI,42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   5. Understands that economic growth can alleviate poverty, raise standards of living, create new employment and profit opportunities in some industries, but can also reduce opportunities in other industries  A 
Economics 
 Standard 9.Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy
  
TopicEconomic development and growth
   Level IV (Grade 9-12)
  Benchmark 5.Understands that economic growth can alleviate poverty, raise standards of living, create new employment and profit opportunities in some industries, but can also reduce opportunities in other industries
   Vocabulary terms
A.  economic growth
B.  alleviation of poverty
C.  increase in standard of living
D.  employment opportunity
E.  profit opportunity
  Knowledge/skill statements
  1. Understands that economic growth can alleviate poverty  A   
  2. Understands that economic growth can raise the standards of living   
  3. Understands that economic growth can create new employment opportunities in some industries   
  4. Understands that economic growth can create new profit opportunities in some industries   
  5. Understands that economic growth can reduce opportunities in some industries   


 A  = Assessment items available

Citation Log: BD(NE,35;​PE,18,23)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   6. Understands that inflation creates uncertainty because it affects different groups differently (e.g., inflation hurts people on fixed incomes, but helps people who have borrowed money at a fixed rate of interest) and because it causes people to devote resources to protect themselves from inflation   A 
Economics 
 Standard 9.Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy
  
TopicInflation/deflation
   Level IV (Grade 9-12)
  Benchmark 6.Understands that inflation creates uncertainty because it affects different groups differently (e.g., inflation hurts people on fixed incomes, but helps people who have borrowed money at a fixed rate of interest) and because it causes people to devote resources to protect themselves from inflation
   Vocabulary terms
A.  effect of inflation
  Knowledge/skill statements
  1. Understands that inflation creates uncertainty   
  2. Knows that inflation affects different groups differently   
  3. Knows that an example of how inflation affects different groups is inflation hurts people on fixed incomes, but helps people who have borrowed money at a fixed rate of interest  A   
  4. Understands that inflation causes people to devote resources to protect themselves from it   


 A  = Assessment items available

Citation Log: BD(NE,46;​BE,26;​CE,7;​EE,126;​JE,48;​PE,20)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   7. Knows that inflation occurs (and/or employment increases) when money supply or desired expenditures for consumption, investment, government spending, and net exports are greater than the value of a nation’s output of final goods and services, and vice versa (i.e., inflation decreases when these expenditures are less than the value of output)  A 
Economics 
 Standard 9.Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy
  
TopicInflation/deflation
   Level IV (Grade 9-12)
  Benchmark 7.Knows that inflation occurs (and/or employment increases) when money supply or desired expenditures for consumption, investment, government spending, and net exports are greater than the value of a nation’s output of final goods and services, and vice versa (i.e., inflation decreases when these expenditures are less than the value of output)
   Vocabulary terms
A.  cause of inflation
B.  increase in employment
C.  money supply
D.  expenditure for consumption
E.  expenditure for investment
F.  expenditure for government spending
G.  expenditure for net exports
H.  national output
I.  NAIRU(non-accelerating inflation rate of unemployment)
  Knowledge/skill statements
  1. Knows the causes of inflation   
  2. Knows how a nation’s money supply and expenditures affect inflation   
  3. Understands how inflation is measured   
  4. Knows examples of nations desired expenditures    
  5. Knows that inflation decreases when expenditures are less than the value of output  A   


 A  = Assessment items available

Citation Log: BD(NE,43,48;​BE,26;​PE,19-20)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   8. Understands that government policies designed to reduce unemployment (e.g., increasing federal spending, reducing taxes) may increase inflation, and vice versa
Economics 
 Standard 9.Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy
  
Topics1. Inflation/deflation; 2. Role of government; 3. Unemployment
   Level IV (Grade 9-12)
  Benchmark 8.Understands that government policies designed to reduce unemployment (e.g., increasing federal spending, reducing taxes) may increase inflation, and vice versa
   Vocabulary terms
A.  government policy
B.  reduction in unemployment
C.  policy affecting inflation
  Knowledge/skill statements
  1. Understands how government policies designed to reduce unemployment affect inflation   
  3. Knows that increasing federal spending is an example of a government policy designed to reduce unemployment   
  4. Knows that reducing taxes is an example of a government policy designed to reduce unemployment   


Citation Log: BD(NE,47;​BE,27;​EE,126;​JE,49;​PE,20-21)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
    

 A  = Assessment items available
10.Understands basic concepts about international economics

Economics

Standard 10.Understands basic concepts about international economics

Economics

Standard 10 : Understands basic concepts about international economics

Reference code: NE,11,13,16;EE,35-40

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level Pre-K (Grade Pre-K)
   1. Not appropriate for this level
Economics 
 Standard 10.Understands basic concepts about international economics
  
Topic
   Level Pre-K (Grade Pre-K)
  Benchmark 1.Not appropriate for this level
    


Citation Log: (none)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level I (Grade K-2)
   1. Not appropriate for this level
Economics 
 Standard 10.Understands basic concepts about international economics
  
Topic
   Level I (Grade K-2)
  Benchmark 1.Not appropriate for this level
    


Citation Log: (none)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level II (Grade 3-5)
   1. Knows that different currencies are used in different countries
Economics 
 Standard 10.Understands basic concepts about international economics
  
TopicCurrency and exchange
   Level II (Grade 3-5)
  Benchmark 1.Knows that different currencies are used in different countries
   Vocabulary terms
A.  currency
  Knowledge/skill statements
  1. Knows that each country usually has its own currency   


Citation Log: BD(NE,25;​CE,9;​EE,96,128;​JE,57;​SI,42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level III (Grade 6-8)
   1. Knows that exports are goods and services produced in one nation but sold to buyers in another nation
Economics 
 Standard 10.Understands basic concepts about international economics
  
TopicImport/export data
   Level III (Grade 6-8)
  Benchmark 1.Knows that exports are goods and services produced in one nation but sold to buyers in another nation
   Vocabulary terms
A.  export
B.  production possibility frontier
  Knowledge/skill statements
  1. Knows that exports consist of goods and services   
  2. Understands how exports are produced and exchanged   


Citation Log: BD(NE,12;​CE,9;​EE,96;​JE,55;​SI,42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Knows that imports are goods or services bought from sellers in another nation
Economics 
 Standard 10.Understands basic concepts about international economics
  
TopicImport/export data
   Level III (Grade 6-8)
  Benchmark 2.Knows that imports are goods or services bought from sellers in another nation
   Vocabulary terms
A.  import
  Knowledge/skill statements
  1. Knows that imports consist of goods and services   
  2. Knows that imports are bought from sellers in another nation   


Citation Log: BD(NE,12;​CE,9;​EE,96;​JE,55;​SI,42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Understands that international trade promotes greater specialization, which increases total world output, and increases material standards of living  A 
Economics 
 Standard 10.Understands basic concepts about international economics
  
Topics1. International trade; 2. Specialization and interdependence
   Level III (Grade 6-8)
  Benchmark 3.Understands that international trade promotes greater specialization, which increases total world output, and increases material standards of living
   Vocabulary terms
A.  international trade
B.  greater specialization
C.  world output
D.  material standard of living
  Knowledge/skill statements
  1. Understands that international trade promotes greater specialization   
  2. Understands how international trade and specialization affect total world output   
  3. Understands how international trade and specialization affect material standards of living  A   
  4. Knows the meaning of "total world output"   
  5. Understands the meaning of "material standard of living"   


 A  = Assessment items available

Citation Log: BD(NE,12,14;​CE,9;​EE,96;​JE,56;​PE,22;​SI,42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Knows that an exchange rate is the price of one nation’s currency in terms of another nation’s currency, and that exchange rates are determined by the forces of supply and demand
Economics 
 Standard 10.Understands basic concepts about international economics
  
Topics1. Currency and exchange; 2. Supply and demand
   Level III (Grade 6-8)
  Benchmark 4.Knows that an exchange rate is the price of one nation’s currency in terms of another nation’s currency, and that exchange rates are determined by the forces of supply and demand
   Vocabulary terms
A.  exchange rate
B.  national currency
C.  exchange rate and supply
D.  exchange rate and demand
  Knowledge/skill statements
  1. Knows that the exchange rate is the price of one nation’s currency in terms of another nation’s currency   
  2. Knows how exchange rates are determined    
  3. Understands how supply and demand affect exchange rates   
  4. Knows that nations exchange currency   


Citation Log: BD(NE,17;​BE,31;​CE,9;​EE,128;​JE,57;​PE,23;​SI,42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   5. Understands that extensive international trade requires an organized system for exchanging money between nations (i.e., a foreign exchange market)
Economics 
 Standard 10.Understands basic concepts about international economics
  
Topics1. Currency and exchange; 2. International trade
   Level III (Grade 6-8)
  Benchmark 5.Understands that extensive international trade requires an organized system for exchanging money between nations (i.e., a foreign exchange market)
   Vocabulary terms
A.  international trade
B.  money exchange system
C.  foreign exchange market
  Knowledge/skill statements
  1. Knows the meaning of "foreign exchange market"   
  2. Understands that extensive international trade requires a foreign exchange market   


Citation Log: BD(NE,17;​EE,128;​JE,57;​SI,42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   6. Knows that despite the advantages of international trade (e.g., broader range of choices in buying goods and services), many nations restrict the free flow of goods and services through a variety of devices known as "barriers to trade" (e.g., tariffs, quotas) for national defense reasons or because some companies and workers are hurt by free trade  A 
Economics 
 Standard 10.Understands basic concepts about international economics
  
TopicInternational trade
   Level III (Grade 6-8)
  Benchmark 6.Knows that despite the advantages of international trade (e.g., broader range of choices in buying goods and services), many nations restrict the free flow of goods and services through a variety of devices known as "barriers to trade" (e.g., tariffs, quotas) for national defense reasons or because some companies and workers are hurt by free trade
   Vocabulary terms
A.  advantages of international trade
B.  free flow of goods
C.  free flow of services
D.  barrier to trade
  Knowledge/skill statements
  1. Knows that there are advantages to international trade   
  2. Knows that one advantage of international trade is that it offers a broader range of choice in buying goods and services   
  3. Knows that nations can restrict the free flow of goods and services   
  4. Knows that there are a variety of ways in which nations can restrict the free flow of goods and services   
  5. Knows what "barriers of trade" are   
  6. Knows that tariffs are an example of a "barrier of trade"  A   
  7. Knows that quotas are an example of a "barrier of trade"   
  8. Knows that nations may restrict the free flow of goods and services for national defense reasons  A   
  9. Knows that nations may restrict the free flow of goods and services because some companies and workers are hurt by free trade  A   


 A  = Assessment items available

Citation Log: BD(NE,12;​BE,28,29;​CE,9;​EE,128;​JE,56,57;​SI,42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   7. Understands that increasing international interdependence causes economic conditions and policies in one nation to affect economic conditions in many other nations  A 
Economics 
 Standard 10.Understands basic concepts about international economics
  
TopicSpecialization and interdependence
   Level III (Grade 6-8)
  Benchmark 7.Understands that increasing international interdependence causes economic conditions and policies in one nation to affect economic conditions in many other nations
   Vocabulary terms
A.  international interdependence
B.  international effect of economic conditions
C.  international effect of economic policies
  Knowledge/skill statements
  1. Knows that economic conditions and policies in one country may affect economic conditions in other countries  A   
  2. Understands the effects that increasing international interdependence may have on countries   


 A  = Assessment items available

Citation Log: BD(NE,14;​EE,129;​JE,60;​PE,22;​SI,42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   8. Knows how the level of real GDP per capita is used to compare the level of economic development in different nations
Economics 
 Standard 10.Understands basic concepts about international economics
  
TopicGross domestic product
   Level III (Grade 6-8)
  Benchmark 8.Knows how the level of real GDP per capita is used to compare the level of economic development in different nations
   Vocabulary terms
A.  level of real GDP per capita
B.  level of economic development
  Knowledge/skill statements
  1. Understands GDP per capita   
  2. Knows different levels of economic development   
  3. Knows how to measure economic development    


Citation Log: BD(NE,42;​EE,129;​JE,60)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
  Level IV (Grade 9-12)
   1. Understands that trade between nations would not occur if nations had the same kinds of productive resources and could produce all goods and services at the same real costs
Economics 
 Standard 10.Understands basic concepts about international economics
  
Topics1. International trade; 2. Resources; 3. Production and consumption
   Level IV (Grade 9-12)
  Benchmark 1.Understands that trade between nations would not occur if nations had the same kinds of productive resources and could produce all goods and services at the same real costs
   Vocabulary terms
A.  productive resource
B.  real cost
  Knowledge/skill statements
  1. Knows that nations have different productive resources   
  2. Knows that nations often cannot produce the same goods and services for the same price   
  3. Knows that nations trade because it is necessary   


Citation Log: BD(NE,14;​CE,9;​EE,128;​JE,56;​PE,22;​SI,42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   2. Knows that a nation has an absolute advantage if it can produce more of a product with the same amount of resources than another nation, and it has a comparative advantage when it can produce a product at a lower opportunity cost than another nation  A 
Economics 
 Standard 10.Understands basic concepts about international economics
  
TopicInternational trade
   Level IV (Grade 9-12)
  Benchmark 2.Knows that a nation has an absolute advantage if it can produce more of a product with the same amount of resources than another nation, and it has a comparative advantage when it can produce a product at a lower opportunity cost than another nation
   Vocabulary terms
A.  absolute advantage
B.  comparative advantage
  Knowledge/skill statements
  1. Knows when a nation has an absolute advantage   
  2. Knows the meaning of absolute advantage    
  3. Knows the meaning of comparative advantage   
  4. Knows when a nation has a comparative advantage  A   


 A  = Assessment items available

Citation Log: BD(NE,14;​BE,28;​CI,9;​EE,128;​JE,56;​PE,22;​SI,42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   3. Knows that comparative advantages change over time because of changes in resource prices and events that occur in other nations   A 
Economics 
 Standard 10.Understands basic concepts about international economics
  
TopicInternational trade
   Level IV (Grade 9-12)
  Benchmark 3.Knows that comparative advantages change over time because of changes in resource prices and events that occur in other nations
   Vocabulary terms
A.  comparative advantage
B.  resource price
  Knowledge/skill statements
  1. Knows that comparative advantages change over time  A   
  2. Knows that comparative advantages change because of changes in resource prices   
  3. Knows that comparative advantages change because of events in other nations   


 A  = Assessment items available

Citation Log: BD(NE,15;​PE,22)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   4. Understands that a change in exchange rates changes the relative price of goods and services traded by the two countries and can have a significant effect on the flow of trade between nations and on a nation’s domestic economy  A 
Economics 
 Standard 10.Understands basic concepts about international economics
  
Topics1. Currency and exchange; 2. International trade
   Level IV (Grade 9-12)
  Benchmark 4.Understands that a change in exchange rates changes the relative price of goods and services traded by the two countries and can have a significant effect on the flow of trade between nations and on a nation’s domestic economy
   Vocabulary terms
A.  change in exchange rate
B.  change in relative price
C.  flow of trade between nations
D.  nation’s domestic economy
  Knowledge/skill statements
  1. Understands the effect of a change in the exchange rate on the relative price of goods and services between two countries   
  2. Understands the effect of a change in the exchange rate on the flow of trade between nations  A   
  3. Understands the effect of a change in exchange rates on a nation’s domestic economy   


 A  = Assessment items available

Citation Log: BD(NE,18;​BE,31;​CE,9;​EE,128;​JE,57;​PI,23;​SI,42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   5. Knows that a nation pays for its imports with its exports
Economics 
 Standard 10.Understands basic concepts about international economics
  
TopicImport/export data
   Level IV (Grade 9-12)
  Benchmark 5.Knows that a nation pays for its imports with its exports
   Vocabulary terms
A.  payment for import
B.  payment from export
C.  balance of trade
D.  net exports
  Knowledge/skill statements
  1. Knows that a nation pays for its imports   
  2. Knows how nations pay for imports   


Citation Log: BD(NE,12;​EE,128;​JE,58)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
   6. Understands that public policies affecting foreign trade impose costs and benefits on different groups of people (e.g., consumers may pay higher prices, profits in exporting firms may decrease), and that decisions on these policies reflect economic and political interests and forces  A 
Economics 
 Standard 10.Understands basic concepts about international economics
  
Topics1. International trade; 2. Opportunity costs and trade-offs
   Level IV (Grade 9-12)
  Benchmark 6.Understands that public policies affecting foreign trade impose costs and benefits on different groups of people (e.g., consumers may pay higher prices, profits in exporting firms may decrease), and that decisions on these policies reflect economic and political interests and forces
   Vocabulary terms
A.  public policy affecting foreign trade
  Knowledge/skill statements
  1. Understands that public policies affecting foreign trade impose costs on different groups of people   
  2. Understands that public policies affecting foreign trade impose benefits on different groups of people  A   
  3. Knows that consumers paying higher prices is an example of a cost imposed on a group of people by public policies affecting foreign trade   
  4. Knows that a loss of profit for export firms is an example of a cost imposed on a group of people by public policies affecting foreign trade   
  5. Understands that decisions based on public policies affecting foreign trade reflect economic interests   
  6. Understands that decisions based on public policies affecting foreign trade reflect economic forces   
  7. Understands that decisions based on public policies affecting foreign trade reflect political interests   
  8. Understands that decisions based on public policies affecting foreign trade reflect political forces   


 A  = Assessment items available

Citation Log: BD(NE,12,41;​BE,29;​CI,8;​EE,129;​JE,60;​PI,23;​SI,42)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document
    

 A  = Assessment items available