Standards for The Penny Problem

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National Standards in Economics

Name: Institutions

Standard: 10

  • Students will understand that: Institutions evolve and are created to help individuals and groups accomplish their goals. Banks, labor unions, markets, corporations, legal systems, and not-for-profit organizations are examples of important institutions. A different kind of institution, clearly defined and enforced property rights, is essential to a market economy.
  • Students will be able to use this knowledge to: Describe the roles of various economic institutions and explain the importance of property rights in a market economy.

Name: Money and Inflation

Standard: 11

  • Students will understand that: Money makes it easier to trade, borrow, save, invest, and compare the value of goods and services. The amount of money in the economy affects the overall price level. Inflation is an increase in the overall price level that reduces the value of money.
  • Students will be able to use this knowledge to: Explain how their lives would be more difficult in a world with no money, or in a world where money sharply lost its value.

State Standards

Common Core State Standards

Name: RH.6-8.1

Standard: History/Social Studies -- Grade 6-8

Area: History/Social Studies -- Grade 6-8

  • Cite specific textual evidence to support analysis of primary and secondary sources.

Name: RH.6-8.4

Standard: History/Social Studies -- Grade 6-8

Area: History/Social Studies -- Grade 6-8

  • Determine the meaning of words and phrases as they are used in a text, including vocabulary specific to domains related to history/social studies.

Name: RH.6-8.6

Standard: History/Social Studies -- Grade 6-8

Area: History/Social Studies -- Grade 6-8

  • Identify aspects of a text that reveal an author’s point of view or purpose (e.g., loaded language, inclusion or avoidance of particular facts).

Name: WHST.6-8.1

Standard: Writing Grade 6-8

Area: Writing Grade 6-8

  • Write arguments focused on discipline-specific content.

Name: WHST.6-8.4

Standard: Writing Grade 6-8

Area: Writing Grade 6-8

  • Produce clear and coherent writing in which the development, organization, and style are appropriate to task, purpose, and audience.

Name: WHST.6-8.8

Standard: Writing Grade 6-8

Area: Writing Grade 6-8

  • Gather relevant information from multiple print and digital sources, using search terms effectively; assess the credibility and accuracy of each source; and quote or paraphrase the data and conclusions of others while avoiding plagiarism and following a standard format for citation.