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Nebraska Economics in Social Studies Standards, 2013

TABLE 1: Nebraska Economics Standards, 2013
Grade Standard#
& Strand
Standard Indicators
K 0.2.1
Markets
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
Markets
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
Markets
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
Markets
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
Markets
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
Institutions
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
Government
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
Markets
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
Markets
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
Government
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
Globalization
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
Markets
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
Markets
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
Institutions
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
Government
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
Globalization
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
Markets
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
Markets
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
Institutions
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
Government
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
Globalization
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

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