Standards

Enduring Understandings - important ideas that students should carry with them years beyond the instruction received this year.

• 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.

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?

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.

District 11 Diamond Units/Lessons Overview - includes information about the purpose, goals and structure of these sample instructional units:

Unit 1:  Scarcity and Decision Making

Unit 2:  Economic systems

Parent Resources

Many students will find economics interesting as a career choice. Discuss with your high school student the options for careers in economics. Share information about family members that are in careers that are generated out of the need to stabilize the economy and increase commercialism and trade.  Share information about how you manage your home budget and make financial decisions.