Standards for Should I Be a Professional Basketball Player?

Standard: 16

Name: Growth and Fluctuations

Investment in factories, machinery, and technology, and in the health, education, and training of people can encourage economic growth and increase the standard of living in a country. Economic fluctuations, such as recessions, result in a temporary worsening of economic conditions as people have a harder time finding jobs and companies cut back or shut down production.

• 6-8: At the middle school level, students learn the importance of labor productivity in stimulating economic growth. Students learn what can improve labor productivity.
• 9-12: At the high school level, students learn about policies and institutions that could improve economic growth. They also learn about short-run fluctuations in the economy such as recessions and expansions.Benchmark Students will know that: Students will use this knowledge to: 16.M.1 Economic growth is a sustained increase in the quantity of the goods and services produced in a country.Research the real GDP of various countries and draw conclusions about the differences in economic growth between those countries. 16.M.2 Labor productivity is output per worker.Calculate the class’s average labor productivity after completing an activity (i.e., paper airplane production, solving calculations, jumping jacks, etc.). 16.M.3 One way an economy can grow over time is by increasing the number of workers. Another important way for an economy to grow over time is by increasing the output per worker.Perform a simple task such as making paper airplanes and then determine if more students engaged in the task will increase the production of the good or the workers’ productivity. 16.M.4 Workers can improve their labor productivity by using physical capital such as tools and machinery.Provide examples where using tools (an excavator to dig a hole, AI to write a summary of information) can increase the productivity of a worker. 16.M.5 Workers can improve their productivity when they learn new ideas or use better tools that help them perform more efficiently.Estimate the time required to complete tasks (solving a Rubik’s Cube, making an origami animal, or assembling a piece of furniture) with and without instructions. Analyze the differences and draw conclusions on how learning new methods and using tools can enhance workers’ productivity.M: MIDDLE SCHOOL STUDENTS National Content Standards in K–12 Economics | 56 Standard 16: Growth and Fluctuations

Standard: 4

Name: Markets

The interaction between buyers and sellers determines the market price and allocates scarce goods and services. Buyers and sellers make decisions based, in part, on market prices.

• K-5: Elementary school students learn that markets determine the prices of goods and how people change their behavior when prices change.
• 6-8: In middle school, students are formally introduced to the concepts of supply and demand and what is meant by an equilibrium price. They are presented with a situation where the market price is not in equilibrium and learn how equilibrium is restored. Finally, they discover that a change in the price of one good can impact the market for another good.
• 9-12: In high school, students learn about shortages and surpluses, and how supply and demand changes impact the market price. Finally, the concept of the price elasticity of demand is introduced.Benchmark Students will know that: Students will use this knowledge to: 4.E.1 A market exists whenever buyers and sellers exchange goods or services.Identify items they purchased in online marketplaces and at a local market (e.g., grocery store or school fair) and describe the differences between digital and physical markets. 4.E.2 A price is what people pay when they buy a good or service, and what they receive when they sell a good or service.Identify one of their favorite items purchased with their own money and what price they paid, or what they charged when working for others (e.g., chores around the house, yard work for a neighbor). 4.E.3 Higher prices for a good or service provide incentives for buyers to purchase less of that good or service, and for producers to make or sell more of it. Lower prices for a good or service provide incentives for buyers to purchase more of that good or service, and for producers to make or sell less of it.Provide an example of a good that they did not purchase (or their parents or caregivers would not purchase for them) because it was too expensive and predict how low the price would have to drop before they would be able to buy it. Decide if they would take out the garbage, babysit a sibling, or do some other chore for $1 and, if not, decide at what price they would be willing to do the chore.E: ELEMENTARY STUDENTS National Content Standards in K–12 Economics | 20 Standard 4: Markets

Name: Earning Income

Standard: 1

• Students will understand that: Most people earn wage and salary income in return for working, and they can also earn income from interest, dividends, rents, entrepreneurship, business profits, or increases in the value of investments. Employee compensation may also include access to employee benefits such as retirement plans and health insurance. Employers generally pay higher wages and salaries to more educated, skilled, and productive workers. The decision to invest in additional education or training can be made by weighing the benefit of increased income-earning and career potential against the opportunity costs in the form of time, effort, and money. Spendable income is lower than gross income due to taxes assessed on income by federal, state, and local governments.