National Standards in Economics
- 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.
- 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.