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Topic: Economic decision-making 

Economics

 Standard 1.  Understands that scarcity of productive resources requires choices that generate opportunity costs
  Level III (Grade 6-8)
   Benchmark 2.Knows that all decisions involve opportunity costs and that effective economic decision making involves weighing the costs and benefits associated with alternative choices
    Knowledge/skill statements
     1.Knows that all decisions involve opportunity costs
     2.Knows that economic decision-making involves weighing the costs and benefits of alternative choices
 Standard 2.  Understands characteristics of different economic systems, economic institutions, and economic incentives
  Level III (Grade 6-8)
   Benchmark 8.Understands that in a market economy the pursuit of economic self-interest directs people and businesses in most of their economic decisions (e.g., to work, to save, to invest)
    Knowledge/skill statements
     1.Understands that self-interest drives most economic decisions in a market economy
     2.Knows that the decision to work or not is an economic decision
     3.Knows that the decision to save or not is an economic decision
     4.Knows that the decision to invest or not is an economic decision
   Benchmark 9.Understands that many non-economic factors (e.g., cultural traditions and customs, values, interests, abilities) influence patterns of economic behavior and decision making
    Knowledge/skill statements
     1.Understands that non-economic factors can influence economic behavior
     2.Understands that non-economic factors can influence economic decision-making
     3.Knows that cultural traditions and customs are examples of non-economic factors that may influence patterns of economic behavior
     4.Knows that cultural traditions and customs are examples of non-economic factors that may influence patterns of economic decision making
     5.Knows that values are an example of a non-economic factor that may influence patterns of economic behavior
     6.Knows that values are an example of a non-economic factor that may influence patterns of economic decision making
     7.Knows that interests are an example of a non-economic factor that may influence patterns of economic behavior
     8.Knows that interests are an example of a non-economic factor that may influence patterns of economic decision making
     9.Knows that abilities are an example of a non-economic factor that may influence patterns of economic behavior
     10.Knows that abilities are an example of a non-economic factor that may influence patterns of economic decision making
  Level IV (Grade 9-12)
   Benchmark 5.Understands that in every economic system consumers, producers, workers, savers, and investors respond to incentives in order to allocate their scarce resources to obtain the highest possible return, subject to the institutional constraints of their society
    Knowledge/skill statements
     1.Understands that in every economic system consumers are subject to the institutional constraints of their society
     2.Understands that in every economic system consumers respond to incentives in order to allocate their scarce resources to obtain the highest possible return
     3.Understands that in every economic system producers respond to incentives in order to allocate their scarce resources to obtain the highest possible return
     4.Understands that in every economic system workers respond to incentives in order to allocate their scarce resources to obtain the highest possible return
     5.Understands that in every economic system savers respond to incentives in order to allocate their scarce resources to obtain the highest possible return
     6.Understands that in every economic system investors respond to incentives in order to allocate their scarce resources to obtain the highest possible return
     7.Understands that in every economic system producers are subject to the institutional constraints of their society
     8.Understands that in every economic system workers are subject to the institutional constraints of their society
     9.Understands that in every economic system savers are subject to the institutional constraints of their society
     10.Understands that in every economic system investors are subject to the institutional constraints of their society
 Standard 3.  Understands the concept of prices and the interaction of supply and demand in a market economy
  Level III (Grade 6-8)
   Benchmark 2.Understands that relative prices and how they affect people’s decisions are the means by which a market system provides answers to the basic economic questions: What goods and services will be produced? How will they be produced? Who will buy them?
    Knowledge/skill statements
     1.Knows how relative prices affect people‚Äôs decisions
     2.Understands how relative prices and their affect on economic decision-making determine what goods and services are produced in a market system
     3.Understands how relative prices and their affect on economic decision-making determine how goods and services are produced in a market system
     4.Understands how relative prices and their affect on economic decision-making determine who will buy goods and services in a market system
  Level IV (Grade 9-12)
   Benchmark 3.Understands that changes in supply or demand cause relative prices to change; in turn, buyers and sellers adjust their purchase and sales decisions
    Knowledge/skill statements
     1.Understands that changes in supply cause relative prices to change
     2.Understands that changes in demand cause relative prices to change

Family/Consumer Sciences

 Standard 4.  Understand how knowledge and skills related to consumer and resources management affect the well-being of individuals, families, and society
  Level IV (Grade 9-12)
   Benchmark 9.Understands how purchasing decisions relate to wants, needs, goals, values, and standards
    Knowledge/skill statements
     1.Understands how purchasing decisions relate to wants
     2.Understands how purchasing decisions relate to needs
     3.Understands how purchasing decisions relate to goals
     4.Understands how purchasing decisions relate to values
     5.Understands how purchasing decisions relate to standards
   Benchmark 11.Understands cultural, economic, and societal influences on consumer choices (e.g., types and methods of advertising, laws and regulations)
    Knowledge/skill statements
     1.Understands cultural influences on consumer choices
     2.Understands economic influences on consumer choices
     3.Understands societal influences on consumer choices
     4.Understands types and methods of advertising
     5.Understands the influence of laws and regulations on consumer choices
   Benchmark 12.Knows criteria used to assess the value of goods and services (e.g., workmanship, construction techniques, reliability, durability, product information)
    Knowledge/skill statements
     1.Knows criteria used to assess the value of goods
     2.Knows criteria used to assess the value of services
     3.Knows that workmanship is one criterion used to assess the value of goods
     4.Knows that workmanship is one criterion used to assess the value of services
     5.Knows that construction techniques are criteria used to assess the value of goods
     6.Knows that reliability is one criterion used to assess the value of goods
     7.Knows that workmanship is one criterion used to assess the value of services
     8.Knows that durability is one criterion used to assess the value of goods
     9.Knows that product information is one criterion used to assess the value of goods
     10.Knows that product information is one criterion used to assess the value of services