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Standard - SS4: Students will use a variety of intellectual skills to demonstrate their understanding of how the United States and other societies develop economic systems and associated institutions to allocate scarce resources, how major decision-making units function in the United States and other national economies, and how an economy solves the scarcity problem through market and non-market mechanisms.
Key Idea - SS4.1: The study of economics requires an understanding of major economic concepts and systems, the principles of economic decision making, and the interdependence of economies and economic systems throughout the world.
Academic Level - SS4.E.1:
Performance Indicator - SS4.E.1A: Students know some ways individuals and groups attempt to satisfy their basic needs and wants by utilizing scarce resources.
Performance Indicator - SS4.E.1B: Students explain how people's wants exceed their limited resources and that this condition defines scarcity.
Performance Indicator - SS4.E.1C: Students know that scarcity requires individuals to make choices and that those choices involve costs.
Performance Indicator - SS4.E.1D: Students study about how the availability and distribution of resources is important to a nation's economic growth.
Performance Indicator - SS4.E.1E: Students understand how societies organize their economies to answer three fundamental economic questions: What goods and services shall be produced and what quantities? How shall goods and services be produced? For whom shall goods and services be produced?
Performance Indicator - SS4.E.1F: Students investigate how production, distribution, exchange, and consumption of goods and services are economic decisions with which all societies and nations must deal.
Academic Level - SS4.I.1:
Performance Indicator - SS4.I.1A: Students explain how societies and nations attempt to satisfy their basic needs and wants by utilizing scarce capital, natural, and human resources.
Performance Indicator - SS4.I.1B: Students define basic economic concepts such as scarcity, supply and demand, markets, opportunity costs, resources, productivity, economic growth, and systems.
Performance Indicator - SS4.I.1C: Students understand how scarcity requires people and nations to make choices which involve costs and future considerations.
Performance Indicator - SS4.I.1D: Students understand how people in the United States and throughout the world are both producers and consumers of goods and service.
Performance Indicator - SS4.I.1E: Students investigate how people in the United States and throughout the world answer the three fundamental economic questions and solve basic economic problems.
Performance Indicator - SS4.I.1F: Students describe how traditional, command, market, and mixed economies answer the three fundamental economic questions.
Performance Indicator - SS4.I.1G: Students explain how nations throughout the world have joined with one another to promote economic development and growth.
Academic Level - SS4.C.1:
Performance Indicator - SS4.C.1A: Students analyze the effectiveness of varying ways societies, nations, and regions of the world attempt to satisfy their basic needs and wants by utilizing scarce resources.
Performance Indicator - SS4.C.1B: Students define and apply basic economic concepts such as scarcity, supply/demand, opportunity costs, production, resources, money and banking, economic growth, markets, costs, competition, and world economic systems.
Performance Indicator - SS4.C.1C: Students understand the nature of scarcity and how nations of the world make choices which involve economic and social costs and benefits.
Performance Indicator - SS4.C.1D: Students describe the ideas, principles, structure, practices, accomplishments, and problems related to the United States economic system.
Performance Indicator - SS4.C.1E: Students compare and contrast the United States economic system with other national economic systems, focusing on the three fundamental economic questions.
Performance Indicator - SS4.C.1F: Students explain how economic decision making has become global as a result of an interdependent world economy.
Performance Indicator - SS4.C.1G: Students understand the roles in the economic system of consumers, producers, workers, investors, and voters.
Key Idea - SS4.2: Economics requires the development and application of the skills needed to make informed and well-reasoned economic decisions in daily and national life.
Academic Level - SS4.E.2:
Performance Indicator - SS4.E.2A: Students locate economic information, using card catalogs, computer databases, indices, and library guides.
Performance Indicator - SS4.E.2B: Students collect economic information from textbooks, standard references, newspapers, periodicals, and other primary and secondary sources.
Performance Indicator - SS4.E.2C: Students make hypotheses about economic issues and problems, testing, refining, and eliminating hypotheses and developing new ones when necessary.
Performance Indicator - SS4.E.2D: Students present economic information by developing charts, tables, diagrams and simple graphs.
Academic Level - SS4.I.2:
Performance Indicator - SS4.I.2A: Students identify and collect economic information from standard reference works, newspapers, periodicals, computer databases, textbooks, and other primary and secondary sources.
Performance Indicator - SS4.I.2B: Students organize and classify economic information by distinguishing relevant from irrelevant information, placing ideas in chronological order, and selecting appropriate labels for data.
Performance Indicator - SS4.I.2C: Students evaluate economic data by differentiating fact from opinion and identifying frames of reference.
Performance Indicator - SS4.I.2D: Students develop conclusions about economic issues and problems by creating broad statements which summarize findings and solutions.
Performance Indicator - SS4.I.2E: Students present economic information by using media and other appropriate visuals such as tables, charts, and graphs to communicate ideas and conclusions.
Academic Level - SS4.C.2:
Performance Indicator - SS4.C.2A: Students identify, locate, and evaluate economic information from standard reference works, newspapers, periodicals, computer databases, monographs, textbooks, government publications, and other primary and secondary sources.
Performance Indicator - SS4.C.2B: Students use economic information by identifying similarities and differences in trends; inferring relationships between various elements of an economy; organizing and arranging information in charts, tables, and graphs; extrapolating and making conclusions about economic questions, issues, and problems.
Performance Indicator - SS4.C.2C: Students apply a problem-solving model to identify economic problems or issues, generate hypotheses, test hypotheses, investigate and analyze selected data, consider alternative solutions or positions, and make decisions about the best solution or position.
Performance Indicator - SS4.C.2D: Students present economic information and conclusions in different formats, including graphic representations, computer models, research reports, and oral presentations.
Key Idea - SS4.alt.1: Students will study major economic concepts.
Performance Indicator - SS4.alt.1A: Students learn and communicate about jobs in their community.
Performance Indicator - SS4.alt.1B: Students understand that money is necessary to buy goods and services.
Performance Indicator - SS4.alt.1C: Students communicate about how goods and services are produced.
Performance Indicator - SS4.alt.1D: Students develop and demonstrate money management skills.

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