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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 4, students will:
A. Economic Literacy 1. Distinguish between goods (e.g., objects) and services (e.g., activities). 2. Distinguish between a want and a need and explain how to choose needed goods and services. 3. Explain the three functions of money in the economy. · Medium of exchange (e.g., buying) · Measure of value (e.g., price comparison) · Store of value (e.g., saving) 4. Discuss how natural, human, and capital resources are used to produce goods and to provide services. 5. Explain that prices are the money value of goods and services and that prices change as a result of supply and demand. 6. Define consumers as buyers and producers as workers and sellers. 7. Explain that people can improve their ability to earn income by gaining new knowledge, skills, and experiences. 8. Describe how to earn and save money in order to purchase a needed or desired item.
B. Economics and Society 1. Explain that some essential goods and services are provided by the government, such as roads, schools, parks, police, and fire protection. 2. Describe products and services that are developed, manufactured, or grown in New Jersey.
Link to Standard 6.5 Grade K-2
Link to Standard 6.5 Grade 5-8
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