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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 8, students will:
A. Economic Literacy 1. Discuss how needs and wants change as one ages and the impact of planning, spending and saving. 2. Explain the law of supply and demand. 3. Compare ways to save money, including checking and savings accounts, stocks and bonds, and the relationship between risk and return in investments.4. Describe the role credit plays in the economy and explain the difference in cost between cash and credit purchases.5. Discuss the economic growth of a nation in terms of increasing productivity, investment in physical capital, and investment in human capital. 6. Describe how private industry acquires material and energy resources, provides jobs, raises financial capital, manages production processes, and markets goods and services that create wealth in order to meet consumer and industrial requirements. 7. Discuss how innovation, entrepreneurship, competition, customer satisfaction, and continuous improvement in productivity are responsible for the rise in the standard of living in the United States and other countries with market economies. 9. Explain what taxes are, how they are collected, and how tax dollars are used by local, state, and national governments to provide goods and services.
B. Economics and Society 1. Discuss how meeting the needs and wants of a growing world population impacts the environment and economic growth. 2. Describe the many ways federal, state, and local governments raise funds to meet the need for public facilities and government services. 4. Describe how inventions and innovations have improved standards of living over the course of history. 5. Compare and contrast various careers, examining educational requirements and costs, salary and benefits, longevity, impact on society and the economy, and demand. 6. Analyze and give examples of how business and industry influence the buying decisions of consumers through advertising. 7. Discuss the need for ethical behavior in economic decisions and financial transactions
Link to Standard 6.5 Grade 3-4
Link to Standard 6.5 High School
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