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Unformatted text preview: ECONOMICS Economics analyzes how individuals and societies produce, allocate, distribute, and expend resources. Students learn to examine the inherent relationship between costs and benefits, and the values associated with them. An understanding of economic principles, whole economies, and the interactions between different types of economies helps students comprehend the movement and exchange of information, capital, and products across the globe. Citizens need to be able to assess the impact of market influences and governmental actions on the economy in which they live. The study of economics equips them to make personal economic choices, and to participate responsibly and effectively in social decision-making as citizens in an increasingly competitive and interdependent global economy. Economics Standard One: Students will analyze the potential costs and benefits of personal economic choices in a market economy [Microeconomics]. Individuals, as well as families, communities, and societies as a whole, must make choices in their activities and consumption of goods and services because the resources available to satisfy wants are limited. The availability of these resources in a market economy is dependent on changes in technology, costs, demand, and government intervention. Making effective personal economic choices requires a comparison of the cost of a given resource with the benefits gained by its acquisition. The complexity of the standard will increase at each succeeding grade cluster: K-3a: Students will understand that individuals and families with limited resources undertake a wide variety of activities to satisfy their wants. K-3b: Students will apply the concept that economic choices require the balancing of costs incurred with benefits received. 4-5a: Students will understand that prices in a market economy are determined by the interaction of supply and demand, with governments intervening to deal with market failures. 4-5b: Students will understand that consumers and producers make economic choices based on supply, demand, access to markets, and the actions of the government. Delaware Department of Education Social Studies Standards Economics http://www.doe.k12.de.us/infosuites/staff/ci/content_areas/socialstudies.shtml 1 ECONOMICS Economics analyzes how individuals and societies produce, allocate, distribute, and expend resources. Students learn to examine the inherent relationship between costs and benefits, and the values associated with them. An understanding of economic principles, whole economies, and the interactions between different types of economies helps students comprehend the movement and...
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- Fall '05