Nebraska Standards for 'Nebraska Entreprenuers: Creating Your Own Careers'
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.
Social Studies 12.3.11
Students will analyze characteristics of the United States free market economy.
Example Indicators:
- Define labor, capital resources, and natural resources.
- Describe the role of private ownership, private enterprise, profits, and entrepreneurship.
- Compare the relationship between households, firms, and government.
- Explain the labor and management relationships.
- Discuss opportunity costs, scarcity, and balancing unlimited wants versus limited resources.
- Explain supply and demand, and the formation of basic economic questions, including what to produce, how to produce, and for whom to produce.
