Standards for Global Income Inequality: What are the Causes and Consequences?

Name: Income

Standard: 13

• Students will understand that: Income for most people is determined by the market value of the productive resources they sell. What workers earn primarily depends on the market value of what they produce.
• Students will be able to use this knowledge to: Predict future earnings based on their current plans for education, training, and career options.

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.