Standards for Uncle Jed’s Barbershop

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National Standards in Economics

Name: Institutions

Standard: 10

  • Students will understand that: Institutions evolve and are created to help individuals and groups accomplish their goals. Banks, labor unions, markets, corporations, legal systems, and not-for-profit organizations are examples of important institutions. A different kind of institution, clearly defined and enforced property rights, is essential to a market economy.
  • Students will be able to use this knowledge to: Describe the roles of various economic institutions and explain the importance of property rights in a market economy.

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: Saving

Standard: 3

  • Students will understand that: People who have sufficient income can choose to save some of it for future uses such as emergencies or later purchases. Savings decisions depend on individual preferences and circumstances. Funds needed for transactions, bill-paying, or purchases, are commonly held in federally insured checking or savings accounts at financial institutions because these accounts offer easy access to their money and low risk. Interest rates, fees, and other account features vary by type of account and between financial institutions, with higher rates resulting in greater compound interest earned by savers.

State Standards

Common Core State Standards

Name: 3.OA.A

Standard: Mathematics - Grade 3

Area: Mathematics - Grade 3

  • Represent and solve problems involving multiplication and division.

Name: CCRA.R.2

Standard: College and Career Readiness Anchor Standards for Reading

Area: College and Career Readiness Anchor Standards for Reading

  • Determine central ideas or themes of a text and analyze their development; summarize the key supporting details and ideas.

Name: CCRA.R.3

Standard: College and Career Readiness Anchor Standards for Reading

Area: College and Career Readiness Anchor Standards for Reading

  • Analyze how and why individuals, events, or ideas develop and interact over the course of a text.