Standards for Private: The Choice is Us: Monopolies

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National Standards in Economics

Name: Competition and Market Structure

Standard: 9

  • Students will understand that: Competition among sellers usually lowers costs and prices, and encourages producers to produce what consumers are willing and able to buy. Competition among buyers increases prices and allocates goods and services to those people who are willing and able to pay the most for them.
  • Students will be able to use this knowledge to: Explain how changes in the level of competition in different markets can affect price and output levels.

Name: Markets and Prices

Standard: 7

  • Students will understand that: Markets exist when buyers and sellers interact. This interaction determines market prices and thereby allocates scarce goods and services.
  • Students will be able to use this knowledge to: Identify markets in which they have participated as a buyer and seller and describe how the interaction of all buyers and sellers influences prices. Also, predict how prices change when there is either a shortage or surplus of the product available.

Name: Role of Government and Market Failure

Standard: 16

  • Students will understand that: There is an economic role for government in a market economy whenever the benefits of a government policy outweigh its costs. Governments often provide for national defense, address environmental concerns, define and protect property rights, and attempt to make markets more competitive. Most government policies also have direct or indirect effects on people's incomes.
  • Students will be able to use this knowledge to: Identify and evaluate the benefits and costs of alternative public policies, and assess who enjoys the benefits and who bears the costs.

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: WHST.6-8.1

Standard: Writing Grade 6-8

Area: Writing Grade 6-8

  • Write arguments focused on discipline-specific content.

Name: WHST.6-8.2

Standard: Writing Grade 6-8

Area: Writing Grade 6-8

  • Write informative/explanatory texts, including the narration of historical events, scientific procedures/ experiments, or technical processes.