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Nebraska Economics within the Nebraska Social Studies Standards, 2013

TABLE 1: Nebraska Economics Standards, 2013
Grade Standard
& Strand
Standard Indicators
K-12 0.1
K-12 Economics: Students will utilize economic reasoning skills to make informed judgments and become effective participants in the economy at the local, state, national and international levels.
K 0.2.1
Students will recognize people make choices because they cannot have everything they want. 0.2.1.a. Identify choices students have made and explain why they had to make a choice.
K 0.2.6
Financial Literacy
Students will recognize money is used to purchase goods and services to satisfy economic wants. 0.2.6.a. Classify and identify U.S. coins and currency
1 1.2.1
Students will recognize economic wants and needs can be satisfied by consuming goods. 1.2.1.a. Differentiate between goods and services (e.g. examples of goods and services students have).
1 1.2.2
Students will identify natural resources. 1.2.2.a. Identify various natural resources (e.g., forests, soil, minerals, water, air, animals, oil, and natural gas)
1 1.2.6
Financial Literacy
Students will compare spending and saving opportunities. 1.2.6.a. Give examples of situations where students and families have chosen to save for future purchases
2 2.2.1
Students will recognize resources are limited, so other choices must be made and something must be given up (opportunity cost). 2.2.1.a. Identify resources (inputs) that make up various good and services
2.2.1.b. Identify what items are eliminated when a choice is made (tradeoff)
2 2.2.2
Students will recognize that producers use resources to make goods, deliver services, earn a profit, and satisfy economic wants. 2.2.2.a. List various goods and services that can be produced with the same list of resources (e.g. soil, seed, and labor used to produce animal feed, plastics, cereal, or fuel)
2 2.2.3
Students will describe how people earn income/wages through work. 2.2.3.a. Match capital resources and human resources with jobs in the community or home. (e.g., tractors and farmers)
2 2.2.6
Financial Literacy
Students will demonstrate knowledge of currency, its denominations, and use. 2.2.6.a. Make transactions using currency emphasizing its use as a medium of exchange (e.g., school store, buying pencils)
2 2.2.10
Students will understand what goods and services governments provide. 2.2.10.a. Identify goods and services that governments provide and where they get the money to pay for the services (taxes) (e.g., water, fire department, police, schools)
3 3.2.1
Students will understand markets are places where buyers and sellers exchange goods and services. 3.2.1.a. Indicate various markets where buyers and sellers meet (e.g., shopping malls, auction, catalogs, garage sales, the Internet)
3 3.2.2
Students will categorize natural, human, and capital resources and how they are combined to make goods and deliver services. 3.2.2.a. Classify natural, human, and capital resources (e.g., tools, soil, water, farmers and machinery)
3.2.2.b. Discuss why producers combine resources to make goods and services (profit)
3.2.2. c. Identify opportunities for education and/or training to increase human resources (e.g., agriculture schools, trade schools, culinary schools, information technology training)
3 3.2.6
Financial Literacy
Students will use knowledge of currency to solve real-world problems. 3.2.6.a. Given a budget, students will be able to make choices as to what to purchase and what to give up
3 3.2.10
Students will understand what goods and services local governments provide. 3.2.10.a. Identify goods and services funded through local taxes (e.g., snow removal, waste management, and law enforcement).
3 3.2.12
Students will describe how the local community trades with the rest of the world. 3.2.12.a. Students will describe how the local community trades with the rest of the world
3.2.12.b. Give examples of other countries' currencies
4 4.2.1
Students will recognize prices are what consumers pay when they buy a good or service. 4.2.1.a. Predict how consumers would react if the price of a good or service changed (e.g., natural disasters, drought, gas prices)
4.2.1.b. Predict how producers would react if the profit from selling a good or service change.
4 4.2.2
Students will investigate how capital resources are used to make other goods and produce services. 4.2.2.a. Give examples of capital resources used in making goods and services in Nebraska and the United States (e.g., tools, laboratories, equipment, and machinery).
4 4.2.3
Students will make observations about the purpose of various financial institutions in Nebraska. 4.2.6.a. Identify the costs and benefits of saving, interest, and borrowing.
4 4.2.6
Financial Literacy
Students will understand that banks are institutions where people save money and earn interest, and where other people borrow money and pay interest. 4.2.6.a. Identify the costs and benefits of saving, interest, and borrowing
4 4.2.10
Students will understand what goods and services state governments provide. 4.2.10.a. Identify goods and services funded through state taxes (e.g., highways, universities, human services, unemployment, courts)
4 4.2.12
Students will recognize and explain specialization and why different regions produce different goods and services. 4.2.12.a. Compare Nebraska with different regions and the goods and services each region produces (e.g., beef, wheat, telemarketing, cotton, coal)
4.2.12.b. Discuss how technology has affected the specialization of Nebraska’s economy and surrounding states
5 5.2.1
Students will analyze various markets where buyers and sellers exchange goods or services. 5.2.1.a. Describe how competition among sellers results in lower costs and prices, higher product quality, and better customer service
5 5.2.2
Students will make observations about how human capital can be improved by education, training, and standard of living. 5.2.2.a. Give examples of how additional education/training improves productivity and increases standard of living (e.g., apprentice, journeyman, master electrician)
5 5.2.3
Students will summarize characteristics of economic institutions in the United States. 5.2.3.a. Identify the functions and characteristics of money (e.g., store value, medium of exchange, unit of accounting)
5.2.3.b. Identify the importance of financial institutions to households and businesses (e.g., loans to agriculture, business, and individuals in order to provide capital)
5.2.3.c. Identify rules and laws that protect and support consumers (e.g., private property, contracts, agreements, and product safety)
5 5.2.6
Financial Literacy
Students will summarize characteristics of financial institutions. 5.2.6.a Explain/explore how various financial services are provided by local financial institutions
5 5.2.10
Students will understand what goods and services the national government provides. 5.2.10.a. Identify goods and services funded through federal taxes (e.g., armed forces, courts, parks)
5 5.2.12
Students will explain how specialization, division of labor, and technology increases productivity and interdependence. 5.2.12.a Investigate Early United States specialization and trade (e.g., fur, tobacco, cotton, lumber) SS 5.2.12.b Investigate and report on entrepreneurs and inventors
6-8 8.2.1
Students will explain the interdependence of producers and consumers in a market economy. 8.2.1.a. Understand the relationship between consumers and producers in a market economy (e.g., circular flow)
8.2.1.b. Illustrate how individuals are both consumers and producers (buyers and sellers) in a market
8.2.1.c . Describe the development and effects of technology in economic history (e.g., increased productivity, increased standard of living, and increased employment)
8.2.1.d. Identify the role of entrepreneurs and profit in a market economy
6-8 8.2.2
Students will describe the relationship between supply and demand. 8.2.2.a. Explain how the relationship between supply and demand determines price (market clearing price)
8.2.2.b. Illustrate how consumers will demand more at lower prices and suppliers will produce more at higher prices (law of supply and demand) (e.g., Adam Smith, Invisible Hand)
6-8 8.2.3
Students will identify economic institutions and describe how they interact with individuals and groups. 8.2.3.a. Describe the purpose and role of economic institutions (e.g., corporations, labor unions, financial institutions, stock markets, cooperatives, and business partnerships)
8.2.3.b. Recognize how inflation and deflation impacts purchasing power (e.g., track GDP in various years, compare consumer purchasing power)
6-8 8.2.4
Students will identify how private ownership of property is a basic institution of a market economy. 8.2.4.a. Define and distinguish private property (e.g., factories and homes) and public property (e.g., parks, public schools, and government buildings)
6-8 8.2.5
Students will identify the basic economic systems in the global economy. 8.2.5.a. Compare and contrast characteristics of different economic systems. (e.g., traditional, command, market, mixed)
8.2.5.b. Discuss various philosophies regarding governments' role in an economy (e.g., capitalism, socialism)
6-8 8.2.10
Students will identify the roles and responsibilities of government in economic systems. 8.2.10.a. Identify various goods and services provided by the government (e.g., disaster relief, public works, postal service, roads)
8.2.10.b. Explain how governments provide economic assistance (e.g., social security, Medicare, Medicaid, farm subsidies, disaster relief)
6-8 8.2.11
Students will explain how tax revenues are collected and distributed. 8.2.11.a. Identify taxes paid by individuals (e.g., income taxes, sales tax, property taxes)
8.2.11.b. Identify institutions supported by tax dollars (e.g., schools, roads, police protection)
6-8 8.2.12
Students will illustrate how international trade benefits individuals, organizations, and nations. 8.2.12.a. Differentiate between exports and imports
8.2.12.b. Explain how individuals gain through specialization and voluntary trade
6-8 8.2.13
Students will identify how international trade affects the domestic economy. 8.2.13.a. Explain that currency must be converted to make purchases in other countries
8.2.13.b. Explain how prices of goods change as exchange rates go up and down
High School (United States/World)
9-12 12.2.1
Students will assess how market forces guide the owners of land, labor, and capital and determine the allocation of wealth in the economy. 12.2.1.a. Explain how the factors of production are bought and sold in the market
12.2.1.b. Analyze the role of the product market and the resource market
12.2.1.c. Understand productivity as a measure of the quantity of goods and services produced with a given amount of resources (e.g., Gross Domestic Product)
12.2.1.d. Analyze how market forces determine what producers choose to produce and which combination of productive resources will be most productive
12.2.1.e. Explain how wages/earnings are affected by the market (e.g., value of products, supply and demand of labor, worker skills and qualifications)
12.2.1.f. Explain the role and importance of profit and return on investments to producers. (e.g. increase in supply and expansion of industries)
9-12 12.2.2
Students will illustrate how markets determine prices and allocate goods and services. 12.2.2.a. Understand demand, quantity demanded, and changes in demand
12.2.2.b. Understand supply, quantity supplied, and changes in supply
12.2.2.c. Understand that equilibrium price and quantity are determined by supply and demand
12.2.2.d. Hypothesize how competition between sellers could results in lower prices, higher quality products, and better customer service
12.2.2.e. Hypothesize how producers and consumers affect market prices and quantities through the goods and services they produce and buy (e.g., shifts in supply and demand, price elasticity)
9-12 12.2.3
Students will analyze how economic institutions impact individuals and groups. 12.2.3.a. Analyze how various economic institutions have played a role in United States economic policy and practice (e.g., corporations, labor unions, financial institutions, stock markets, cooperatives, and business partnerships)
12.2.3.b. Describe how measures used by economic institutions are calculated (e.g., trends and business cycles using GDP, unemployment rates, inflation rates)
12.2.3.c. Explain how banks and a sound monetary system are critical to a functioning economy
12.2.3.d. Describe the functions and role of the Federal Reserve System and its influence through monetary policy (e.g., balancing inflation and unemployment)
12.2.3.e. Understand how financial markets determine the cost of borrowing and influence the level of economic activity
9-12 12.2.4
Students will assess how private ownership of property is a basic institution of a market economy. 12.2.4.a Assess how property rights are defined, enforced, and limited by government (e.g., zoning laws, eminent domain, Homestead Act, copyright laws, patents, and intellectual property)
12.2.4.b Describe the role of market economy in United States history (e.g., periods of prosperity, recessions, and overall growth)
9-12 12.2.5
Students will recognize and predict the impact that various economic systems will have on people 12.2.5.a Develop a logical argument debating the merits of various economic systems (e.g., traditional, command, market, mixed)
12.2.5.b Evaluate the historical use of various economic systems
12.2.5.c Compare the standard of living with other countries (Germany, Brazil, Russia, India, and China)
9-12 12.2.6
Financial Literacy
Students will understand economic concepts that support rational decision making. 12.2.6.a. Explore employment trends and reasons for growth and decline in employment
12.2.6.b. Make career decisions by systematically considering alternatives and consequences through the use of cost benefit analysis
12.2.6.c. Assess the incentives for investing in personal education, skills, and talents
12.2.6.d. Identify various ways people earn a living by using career programs to explore opportunities (e.g., Nebraska Career Education)
9-12 12.2.7
Financial Literacy
Students will apply effective money management concepts. 12.2.7.a. Organize personal finances and use a budget to manage cash flow
12.2.7.b. Compare and contrast checking and savings accounts
12.2.7.c Assess the effects of taxes on personal income
9-12 12.2.8
Financial Literacy
Students will critique strategies used to establish, build, maintain, monitor, and control credit. 12.2.8.a. Analyze factors that affect the choice of credit, the cost of credit, and the legal aspects of using
12.2.8.b Identify strategies of establishing and maintaining a good credit rating for effective credit management (e.g., credit cards, auto loans, mortgages)
12.2.8.c. Compare and contrast the cost and benefits of various lending institutions (e.g., banks, credit unions, paycheck advance businesses, pawn shops)
12.2.8.d. Students will identify situations when borrowing money and paying interest may be a wise or unwise decision
9-12 12.2.9
Financial Literacy
Students will evaluate savings, investment, and risk management strategies to achieve financial goals. 12.2.9.a Explain the importance of saving to ensure financial security
12.2.9.b. Implement an investment strategy that is compatible with personal goals (e.g., stocks, bonds, mutual funds, retirement plans)
12.2.9.c. Analyze appropriate and cost effective risk management strategies (e.g., health, disability, life, auto insurance)
9-12 12.2.10
Students will analyze the roles and responsibilities of government in various economic systems. 12.2.10.a Examine how governments utilize taxation to provide goods and services to society (e.g., disaster relief, flood control, police protection)
12.2.10.b. Investigate multiple roles of government in a market economy (e.g., forms of taxation, enforcing private property and zoning laws, collecting sales tax)
12.2.10.c. Explore various forms of taxation (earning, consumption, or wealth) and discuss outcomes of various tax philosophies as drivers of economic activity
12.2.10.d. Research the role of government in the development of economic systems (e.g., historic and current examples of command, market, traditional, mixed systems)
12.2.10.e. Analyze government policies and regulations in areas of market failure (e.g., monopolies, externalities, non-enforcement of property rights)
9-12 12.2.11
Students will examine the government’s influence on economic systems through fiscal policy. 12.2.11.a. Examine how governments can use taxing and spending policies to influence behavior (e.g., alcohol tax, home mortgage interest deduction)
12.2.11.b. Examine the impact of fiscal policy on budget deficits\surpluses and national debt
12.2.11.c. Examine the impact of the unemployment rate on the economy (frictional, structural, cyclical)
9-12 12.2.12
Students will evaluate how international trade benefits individuals, organizations, and nations. 12.2.12.a. Analyze the effects of various trade policies (e.g., identify short term/long term impacts)
12.2.12.b. Identify goods which are available at a lower price because of international trade
12.2.12.c. Explain how trade barriers impact the prices and quantity of goods in the domestic market
9-12 12.2.13
Students will evaluate how international trade affects the domestic economy. 12.2.13.a. Identify goods which are available at a lower price because of international trade
12.2.13.b. Explain how trade barriers impact the prices and quantity of goods in the domestic market

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