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List of Benchmarks for Economics 
 Standard 1.Understands that scarcity of productive resources requires choices that generate opportunity costs
  
Topics1. Scarcity and choice; 2. Opportunity costs and trade-offs
   Level II (Grade 3-5)
  Benchmark 7.Understands that when productive resources are used to produce one good or service, the opportunity cost (i.e., what is given up) is other goods and services that would have been made with the same resources if the chosen good or service had not been made
   Vocabulary terms
A.  productive resource
B.  opportunity cost
  Knowledge/skill statements
  1. Knows that the opportunity cost is something that is given up   
  2. Understands that when productive resources are used the opportunity costs are other goods and services  A   
  3. Understands that other goods and services could have been made from productive resources if the chosen good or service had not been made   


 A  = Assessment items available

Citation Log: BD(NE,2,4;​BE,12;​CE,3;​EE,78;​JE,17;​SI,41)
Citation reference
BD = benchmark, declarative
BP = benchmark, procedural
BC = benchmark, contextual

1st letter/number of each code in parentheses:
B   International Baccalaureate: Economics
C   Colorado Economics Standards
DD   Department of Defense: Prekindergarten Social Studies Standards
E   NCEE: Framework for Economics
HS   Head Start: Child Outcomes Framework
J   JCEE: Economics, What and When
MH   McGraw-Hill: Pre-Kindergarten Standards: Guidelines for Teaching and Learning
N   NCEE: Voluntary National Content Standards in Economics
NZ   New Zealand Ministry of Education: Early Childhood Curriculum
P   NAEP: 2006 Assessment Framework in Economics for Grade 12
S   NCSS: Curriculum Standards for Social Studies
T   TEA: Texas Prekindergarten Curriculum Guidelines

2nd letter code :
E = Explicitly stated in document
I = Implicit in document

Number:
Page number of the cited document