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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
By the end of Grade 2, students will:
A. Economic Literacy 1. Identify the basic goods and services a family needs for everyday life. 2. Explain how the products individuals eat, wear, and use impact their health and safety and the environment. 3. Identify various forms of currency (e.g., penny, nickel, quarter, dollar). 4. Explain what it means to “save” money.
B. Economics and Society 1. Identify various jobs and explain how workers in these jobs receive income for their work.
Link to Standard 6.5 Grade 3-4
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