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Nebraska Economics in Social Studies Standards, 2013

TABLE 1: Nebraska Economics Standards, 2013
Grade Standard#
& Strand
Standard Indicators
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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