Standards for Economic Freedom, Political Freedom: Their Meaning, Their Results

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National Standards in Economics

Name: Incentives

Standard: 4

  • Students will understand that: People usually respond predictably to positive and negative incentives.
  • Students will be able to use this knowledge to: Identify incentives that affect people's behavior and explain how incentives affect their own behavior.

Name: Trade

Standard: 5

  • Students will understand that: Voluntary exchange occurs only when all participating parties expect to gain. This is true for trade among individuals or organizations within a nation, and among individuals or organizations in different nations.
  • Students will be able to use this knowledge to: Negotiate exchanges and identify the gains to themselves and others. Compare the benefits and costs of policies that alter trade barriers between nations, such as tariffs and quotas.

State Standards