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List of Benchmarks for Economics

Standard 6.Understands the roles government plays in the United States economy
  Level Pre-K (Grade Pre-K)
   1. Not appropriate for this level
  Level I (Grade K-2)
   1. Knows that some of the goods and services we use are provided by the government (e.g., schools, parks, police and fire protection)
  Level II (Grade 3-5)
   1. Knows that the government pays for the goods and services it provides through taxing and borrowing
  Level III (Grade 6-8)
   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
   2. Understands that governments provide public goods because of the properties of shared consumption (i.e., non-rival products that can be used simultaneously by more than one person without reducing the amount of the product available for others to consume) and non-exclusion (i.e., public goods and service provide benefits to more than one person at the same time, and their use cannot be restricted only to those people who have paid to use them)
  Level IV (Grade 9-12)
   1. Understands that because citizens, government employees, and elected officials do not always directly bear the costs of their political decisions, sometimes policies have costs that outweigh their benefits for society
   2. Understands that most federal tax revenue comes from personal income and payroll taxes, and these taxes are used to fund social security payments, the costs of national defense, medical expenditures, and interest payments on the national debt   A 
   3. Understands that most state and local government revenues come from sales taxes, grants from the federal government, personal income taxes, and property taxes, and are used to fund education, public welfare, road constructions and repair, and public safety
   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
   5. Understands that governments provide an alternative method to markets for supplying goods and services when it appears that the benefits to society of doing so outweigh the costs to society but that not all individuals will bear the same costs or share the same benefits of these policies
   6. Understands that incentives exist for political leaders to implement policies (e.g., price controls, barriers to trade) that disperse costs widely over large groups of people and benefit relatively small, politically powerful groups of people.
   7. Understands that few incentives exist for political leaders to implement policies that entail immediate costs and deferred benefits, even though these types of programs may be more economically effective

 A  = Assessment items available