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Topic: Goods and services 

Economics

 Standard 1.  Understands that scarcity of productive resources requires choices that generate opportunity costs
  Level I (Grade K-2)
   Benchmark 1.Knows that goods are objects that can satisfy people's wants, and services are activities that can satisfy people's wants
    Knowledge/skill statements
     1.Knows that goods are made or grown by people
     2.Knows that goods can satisfy people’s needs and wants
     3.Knows that services are jobs that people perform
     4.Knows that services can satisfy people’s needs and wants
   Benchmark 2.Understands that since people cannot have everything they want, they must make choices about using goods and services to satisfy wants
    Knowledge/skill statements
     1.Understands that people cannot have everything they want
     2.Knows that people must make choices about goods
     3.Knows that people must make choices about services
     4.Knows that people must make choices about satisfying wants
   Benchmark 4.Knows that people who use goods and services are called consumers, and people who make goods or provide services are called producers, and that most people both produce and consume
    Knowledge/skill statements
     1.Knows that consumers are people who use goods
     2.Knows that consumers are people who use services
     3.Knows that producers are people who make goods
     4.Knows that producers are people who perform services
     5.Knows that most people are both consumers and producers
   Benchmark 6.Knows that capital resources are things made by people that are used to make other goods or to provide services
    Knowledge/skill statements
     1.Knows that capital resources are made by people
     2.Knows that capital resources are used to make other goods
     3.Knows that capital resources are used to provide other services
   Benchmark 7.Knows that human resources (i.e., labor or human capital) are the efforts of people who work to produce goods and to provide services
    Knowledge/skill statements
     1.Knows that labor is another word for human resources
     2.Knows that human capital is another word for human resources
     3.Knows that labor is the effort of people who work to produce goods and provide services
     4.Knows that human capital is the effort of people who work to produce goods and provide services
  Level II (Grade 3-5)
   Benchmark 1.Knows that productive resources are all natural resources, human resources, and capital resources used to produce goods and to provide services
    Knowledge/skill statements
     1.Knows that productive resources are those used to produce goods and to provide services
     2.Knows that all natural resources used to produce goods and provide services are productive resources
     3.Knows that all human resources used to produce goods and provide services are productive resources
     4.Knows that all capital resources used to produce goods and provide services are productive resources
   Benchmark 10.Understands how labor productivity can be increased as a result of specialization, division of labor, and more capital goods such as tools and machines
    Knowledge/skill statements
     1.Understands that specialization can increase labor productivity
     2.Understands that the division of labor can increase labor productivity
     3.Understands that more capital goods can increase labor productivity
     4.Knows that tools and machines are examples of capital goods
 Standard 6.  Understands the roles government plays in the United States economy
  Level III (Grade 6-8)
   Benchmark 1.Knows that in a market economy the government helps markets to operate efficiently by protecting property rights (i.e. the right to exclude others from using a good or service and the right to transfer ownership) and by providing a system of weights and measures and a standard and stable currency
    Knowledge/skill statements
     1.Knows that in a market economy the government helps markets to operate efficiently
     2.Knows that the government helps markets by protecting property rights
     3.Knows that property rights are the right to exclude others from using a good or service and the right to transfer ownership
     4.Knows that the government helps markets by providing a system of weights and measures

Business Education

 Standard 14.  Uses basic mathematical operations to solve business problems
  Level IV (Grade 9-12)
   Benchmark 7.Makes sales computations (e.g., net sales, percent of markup, percent of markdown)
    Knowledge/skill statements
     2.Makes computations for the percent of markup
     3.Makes computations for the percent of markdown
   Benchmark 8.Makes inventory record computations (e.g., determine inventory valuation; calculates cost in relation to inventories using purchase prices, transportation costs, taxes)
    Knowledge/skill statements
     1.Makes computations to determine inventory valuation
     2.Makes computations to calculate cost in relation to inventories using purchase prices
     3.Makes computations to determine transportation costs