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STANDARD 6.5 (ECONOMICS) ALL STUDENTS WILL ACQUIRE AN UNDERSTANDING OF KEY ECONOMIC PRINCIPLES. Descriptive Statement: Economics is the study of human behavior in relation to scarce resources. It is also about responsible citizenship. Effective economic decisions within the roles of consumer, producer, saver, and investor are more likely to be made if students understand economic concepts and their applications. The understanding of economic principles, concepts, and analytical tools is also essential for career development and financial success in the 21st century. Our students live in a world of increasing global interdependence.
Students also need to understand that the economic decisions of institutions, governments, and individuals can have immediate and far-reaching impacts. Another goal of this standard is to provide students with the necessary economic knowledge and skills for a full understanding of political, social, and historical events. These events are often incompletely or inadequately understood without a firm grasp of their economic components. For example, no modern election is without economic aspects and, in fact, economic issues have dominated many recent elections. Therefore, it is essential that New Jersey’s schools provide all students with a strong foundation in the social science of economics. This standard addresses two strands across grades K-12: A. Economic Literacy B. Economics and Society
Cumulative Progress Indicators
Building upon knowledge and skills gained in preceding grades, by the end of Grade 12, students will:
A. Economic Literacy 1. Describe different types of local, state, and federal taxes such as sales, income, and social security, discuss how deductions, exemptions, and credits reduce taxable income, and explain the difference between a progressive and regressive tax.2. Describe the purposes of social security and Medicare.3. Explain and interpret basic economic indicators, including Gross Domestic Product (GDP), Consumer Price Index (CPI) the rate of economic growth, the poverty rate, the deficit and national debt, and the trade deficit. 4. Identify entrepreneurs in the community and describe the risks and rewards of starting a new business. 5. Discuss how a market economy experiences periodic business cycles of prosperity and recession and that the federal government can adjust taxes, interest rates, spending, and other policies to help restore economic health. 7. Analyze the impact of supply and demand on market adjustments and prices (e.g., real estate and interest rates). 9. Compare and contrast forms of insurance that protect individuals from loss or damage (e.g., life, property, health, disability, personal liability, bank deposits). 10. Explain how changes in exchange rates impact the purchasing power of people in the United States and other countries.
B. Economics and Society 1. Compare and contrast the roles of the United States government and the private sector in the United States economy (e.g., Federal Reserve System, United States Mint, Stock Exchange). 2. Evaluate international trade principles and policies. 4. Discuss the value and role of free and fair competition versus the social need for cooperation and how business, industry, and government try to reconcile these goals. 5. Analyze the importance of economic issues to politics and be able to distinguish the economic views of different political parties. 6. Analyze the connections and potential effects of the widening gap between the rich and the poor in the United States, the decline in labor union membership since 1950, rapidly advancing technology, globalization, and problems of public schools. 7. Compare and contrast the causes and consequences of discrimination in markets, employment, housing, business, and financial transactions. 9. Describe how clearly defined and enforced property rights (e.g., copyright laws, patents) are essential to a market economy.
Link to Standard 6.4 Grade 5-8
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