Standards for Opportunity Cost – Consumers

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National Standards in Economics

Name: Scarcity

Standard: 1

  • Students will understand that: Productive resources are limited. Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others.
  • Students will be able to use this knowledge to: Identify what they gain and what they give up when they make choices.

National Standards in Financial Literacy

Name: Buying Goods and Services

Standard:

  • Students will understand that: People cannot buy or make all the goods and services they want; as a result, people choose to buy some goods and services and not buy others. People can improve their economic wellbeing by making informed spending decisions, which entails collecting information, planning, and budgeting.

State Standards

Common Core State Standards

Name: CCRA.SL.2

Standard: College and Career Readiness Anchor Standards for Speaking and Listening

Area: College and Career Readiness Anchor Standards for Speaking and Listening

  • Integrate and evaluate information presented in diverse media and formats, including visually, quantitatively, and orally.

Name: CCRA.SL.6

Standard: College and Career Readiness Anchor Standards for Speaking and Listening

Area: College and Career Readiness Anchor Standards for Speaking and Listening

  • Adapt speech to a variety of contexts and communicative tasks, demonstrating command of formal English when indicated or appropriate.