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Topic: Exchange and money 

Economics

 Standard 3.  Understands the concept of prices and the interaction of supply and demand in a market economy
  Level II (Grade 3-5)
   Benchmark 4.Understands that when consumers make purchases, goods and services are transferred from businesses to households in exchange for money payments, which are used in turn by businesses to pay for productive resources and to pay taxes
    Knowledge/skill statements
     1.Understands that when consumers make purchases, goods and services are transferred from businesses to households
     2.Understands that when consumers make purchases, goods and services are exchanged for money payments
     3.Knows that money payments are used by businesses to pay for productive resources and taxes
 Standard 4.  Understands basic features of market structures and exchanges
  Level Pre-K (Grade Pre-K)
   Benchmark 1.Understands basic concepts of buying, selling, and trading
    Knowledge/skill statements
     1.Understands that people buy things they need or want with money
     2.Understands that people sell things to other people
     3.Understands that people may trade something for something else
  Level I (Grade K-2)
   Benchmark 1.Understands that in an exchange people trade goods and services for other goods and services or for money
    Knowledge/skill statements
     1.Understands that in an exchange people can trade goods and services for other goods and services
     2.Understands that in an exchange people can trade goods and services for money
   Benchmark 2.Knows that money is a good that can be used to buy all other goods and services
    Knowledge/skill statements
     1.Knows that money is a good
     2.Knows that money can be used to buy goods
     3.Knows that money can be used to buy services
   Benchmark 3.Understands that when two people trade because they want to, they expect to be better off after the exchange
    Knowledge/skill statements
     1.Knows that sometimes people desire to make trades
     2.Knows that people set certain expectations for trades
   Benchmark 4.Knows that barter is trading goods and services for other goods and services without using money
    Knowledge/skill statements
     1.Knows that bartering is trading goods and services for other goods and services
     2.Knows that bartering does not use money
  Level II (Grade 3-5)
   Benchmark 2.Understands that money reduces the problems barter faces because money is easy to divide, carry, and store
    Knowledge/skill statements
     1.Understands that money has fewer problems than barter
     2.Knows that money is easy to divide
     3.Knows that money is easy to carry
     4.Knows that money is easy to store
   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
   Benchmark 5.Understands that money makes it easier to compare the value of different kinds of goods and services and allows people to save purchasing power for a later time because it can easily be traded for goods and services at any time
    Knowledge/skill statements
     1.Understands that money makes it easier to compare the value of different kinds of goods and services
     2.Understands that money allows people to save purchasing power for a later time
     3.Knows that money can be easily traded for goods and services at any time
  Level III (Grade 6-8)
   Benchmark 4.Understands that money encourages people to specialize because they can operate more efficiently in an exchange (i.e., sell what they produce to anyone, not just to someone who has something they want)
    Knowledge/skill statements
     1.Understands that money encourages people to specialize
     2.Understands that money allows people to operate more efficiently in an exchange
     3.Knows that money allows people to sell what they produce to anyone, not just someone who has something they want
  Level IV (Grade 9-12)
   Benchmark 1.Knows that the basic money supply is usually measured as the total value of coins, currency, and checking account deposits held by the public
    Knowledge/skill statements
     1.Knows that the basic money supply is the total value of money held by the public
     2.Knows that the basic money supply includes coins
     3.Knows that the basic money supply includes currency
     4.Knows that the basic money supply include checking account deposits
   Benchmark 8.Understands that when transaction costs (e.g., tariffs, costs of gathering or disseminating information on products, transportation costs paid by the consumer) decrease, more specialization and trading will occur
    Knowledge/skill statements
     1.Understands that when transactions costs decrease, specialization increases
     2.Understands that when transaction costs decrease, trading increases
     3.Knows that tariffs are an example of transaction costs
     4.Knows that the costs of gathering or disseminating information on products is an example of a transaction cost
     5.Knows that transportation costs paid by the consumer are an example of transaction costs