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Topic: Production and consumption  

Economics

 Standard 1.  Understands that scarcity of productive resources requires choices that generate opportunity costs
  Level I (Grade K-2)
   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
  Level IV (Grade 9-12)
   Benchmark 4.Understands that investing in new physical or human capital involves a trade-off of lower current consumption in anticipation of greater future production and consumption
    Knowledge/skill statements
     1.Understands that investing in new physical capital involves trade-offs
     2.Understands that investing in new human capital involves trade-offs
     3.Understands that investing in new physical capital involves a trade-off of lower current consumption in anticipation of greater future production and consumption
     4.Understands that investing in new human capital involves a trade-off of lower current consumption in anticipation of greater future production and consumption
 Standard 2.  Understands characteristics of different economic systems, economic institutions, and economic incentives
  Level II (Grade 3-5)
   Benchmark 4.Knows that households (i.e., individuals or family units), as consumers, buy goods and services from business firms
    Knowledge/skill statements
     1.Knows that households are consumers
     2.Knows that a household can consist of an individual or a family unit
     3.Knows that households buy goods and services from business firms
 Standard 3.  Understands the concept of prices and the interaction of supply and demand in a market economy
  Level III (Grade 6-8)
   Benchmark 4.Understands that scarce goods and services are allocated in a market economy through the influence of prices on production and consumption decisions
    Knowledge/skill statements
     1.Understands that in a market economy scarce goods and services are allocated through the influence of prices on production decisions
     2.Understands that in a market economy, scarce goods and services are allocated through the influence of prices on consumption decisions
 Standard 6.  Understands the roles government plays in the United States economy
  Level IV (Grade 9-12)
   Benchmark 4.Understands that government can use subsidies to help correct for insufficient output, use taxes to help correct for excessive output, or can regulate output directly to correct for over- or under-production or consumption of a product
    Knowledge/skill statements
     1.Understands that governments can use subsidies to help correct for insufficient output
     2.Understands that governments can use taxes to help correct for excessive output
     3.Understands that governments can regulate output directly to correct for over-production or consumption of a product
     4.Understands that governments can regulate output directly to correct for under-production or consumption of a product
     5.Knows the meaning of "subsidy"
 Standard 10.  Understands basic concepts about international economics
  Level IV (Grade 9-12)
   Benchmark 1.Understands that trade between nations would not occur if nations had the same kinds of productive resources and could produce all goods and services at the same real costs
    Knowledge/skill statements
     1.Knows that nations have different productive resources
     2.Knows that nations often cannot produce the same goods and services for the same price
     3.Knows that nations trade because it is necessary