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: Spending

Standard: 2

  • Students will understand that: A budget is a plan for allocating a person’s spendable income to necessary and desired goods and services. When there is sufficient money in their budget, people may decide to give money to others, save, or invest to achieve future goals. People can often improve their financial wellbeing by making well-informed spending decisions, which includes critical evaluation of price, quality, product information, and method of payment. Individual spending decisions may be influenced by financial constraints, personal preferences, unique needs, peers, and advertising.

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.