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Topic: Economic institutions 

Economics

 Standard 2.  Understands characteristics of different economic systems, economic institutions, and economic incentives
  Level III (Grade 6-8)
   Benchmark 5.Understands the types of specialized economic institutions found in market economies (e.g., corporations, partnerships, cooperatives, labor unions, banks, nonprofit organizations)
    Knowledge/skill statements
     1.Understands different types of specialized economic institutions
     2.Knows various types of specialized economic institutions found in a market economy
     3.Knows that a corporation is an example of a specialized economic institution found in a market economy
     4.Knows that a partnership is an example of a specialized economic institution found in a market economy
     5.Knows that a cooperative is an example of a specialized economic institution found in a market economy
     6.Knows that a labor union is an example of a specialized economic institution found in a market economy
     7.Knows that a bank is an example of a specialized economic institution found in a market economy
     8.Knows that a nonprofit organization is an example of a specialized economic institution found in a market economy
  Level IV (Grade 9-12)
   Benchmark 2.Understands that economic institutions (e.g., small and large firms, labor unions, not-for-profit organizations) have different goals, rules, and constraints, and thus respond differently to changing economic conditions and incentives
    Knowledge/skill statements
     1.Understands that different economic institutions have different goals, rules, and constraints
     2.Understands that economic institutions respond differently to changing economic conditions and incentives
     3.Knows that small business firms are an example of an economic institution
     4.Knows that large business firms are an example of an economic institution
     5.Knows that labor unions are an example of an economic institution
     6.Knows that nonprofit organizations are an example of an economic institutions
 Standard 4.  Understands basic features of market structures and exchanges
  Level II (Grade 3-5)
   Benchmark 3.Knows that banks play a key role in providing currency and other forms of money to consumers, and that banks serve as intermediaries between savers and borrowers
    Knowledge/skill statements
     1.Knows that banks play a key role in providing currency and other forms of money to consumers
     2.Knows that banks serve as intermediaries between savers and borrowers