Nebraska Standards for Concept "Choice"
Social Studies 8.3.5
Students will explain the structure and operation of the United States economy and the role of citizens as producers and consumers.
Example Indicators:
- Define the concepts of scarcity, choice, trade-offs, specialization, entrepreneurship, productivity, inflation, profits, markets, supply and demand, and unemployment and incentives.
- Analyze the effect of producer and consumer behavior on markets.
- Describe the role of individuals and businesses as consumers, savers, investors, and borrowers.
- Explain how various institutions help individuals and groups accomplish economic goals.
- Describe common forms of credit, savings, investments, purchases, and contractual agreements, e.g., warranties, and guarantees.
- Analyze skills necessary for career opportunities, e.g., individual abilities, skills, and education, and the changing supply and demand for those skills in the economy.
- Describe the development of money, savings, and credit.
