• Decisions must be made about the use of scarce resources.

• Making economic choices imposes opportunity costs.

• Economic incentives influence the use of scarce resources.

• Different societies use different economic systems.

• The type of economic system a society uses is determined by how it answers the basic What, How, and Who questions of economics.

• Prices are the way producers and consumers communicate with one another.

• The US Government uses monetary and fiscal policy to influence the economy.

• Trade, global interdependence and specialization contribute to economic growth.

Essential Questions - most important “big picture” questions students should be able to answer after completing learning activities.

• How does scarcity influence how economic decisions are made?

• How do incentives and opportunity costs influence economic decision-making?

• How are economic systems alike and how are the different?

• What are the costs and benefits of each system?

• How are prices signals to producers and consumers?

• What determines changes in supply and demand?

• How does the US government use monetary and fiscal policy to influence the economy? 

• How do trade, global interdependence and specialization contribute to economic growth?

Standards and Benchmarks

Standard 1: Students understand that because of the condition of scarcity, decisions must be made about the use of scarce resources.
Benchmark A: Students know that economic choices are made because resources are scarce and that the act of making economic choices imposes opportunity cost.
Benchmark B: Students understand that economic incentives influence the use of scarce human, capital, and natural resources. 
Benchmark C: Students understand that resources can be used in many ways and understand the costs of alternative uses.
Standard 2: Students understand how different economic systems employ different means to produce, distribute, and exchange goods and services.
Benchmark A: Students understand that different economic systems employ different means to produce, distribute, and exchange goods and services.
Benchmark B: Students understand the fundamental characteristics of the United States Economic System.
Benchmark C:  Students understand that government actions and policies, including taxes, spending and regulations influence the operation of economies.
Standard 3:  Students understand the results of trade, exchange, and interdependence among individuals, households, businesses, governments, and societies.
Benchmark A:  Students understand that the exchange of goods and services creates economic interdependence and change.
Benchmark B:  Students understand how a country's monetary system facilitates the exchange of resources.     

District 11 Economics Indicators 
1. Make economic decisions based on an economic way of thinking. 
2. Identify personal investment strategies.
3. Compare and contrast economic systems.
4. Explain how the price system affects producers and consumers.
5. Describe the economic roles of the US government.
6. Describe the impact of trade and global interdependence on the US economy