Wisconsin

Econ Economics

• SS.Econ1 Wisconsin students use economic reasoning to understand issues.

  • SS.Econ1.a Choices and Decision-Making

    • SS.Econ1.a.3.i Use economic reasoning to compare and contrast the costs and benefits of a decision.

      • Costs and benefits (4-N.2)

    • SS.Econ1.a.3.ii Categorize different limited resources (e.g., money, materials, time, labor/workers, land, natural resources, renewable or non-renewable).

      • Natural resources (3-H.2)

  • SS.Econ1.b Incentives

    • SS.Econ1.b.4 Infer potential incentives in a real-world situation.

      • Costs and benefits (4-N.2)
      • Opportunity cost (4-N.3)

• SS.Econ2 Wisconsin students will analyze how decisions are made and interactions occur among individuals, households, and firms/businesses (Microeconomics).

  • SS.Econ2.a Consumers, Producers, and Markets

    • SS.Econ2.a.3-4.i Compare two product markets found in the local community.

    • SS.Econ2.a.3-4.ii Differentiate between goods and services.

      • Goods and services (3-H.3)

  • SS.Econ2.b Supply, Demand, and Competition

    • SS.Econ2.b.4-5 Assess the roles of consumers (demand), producers (supply), prices, non-price factors (e.g., drought or a fad item), and competition in the product market.

      • What is economics? (4-N.1)
      • Understand quantity supplied and quantity demanded (4-P.1)
      • Understand overall supply and demand (4-P.2)
      • Create and use supply and demand curves (4-P.3)
      • Identify shortage and surplus (4-P.4)
      • Identify shortage and surplus with graphs (4-P.5)
      • Identify shortage and surplus with data (4-P.6)

  • SS.Econ2.c Firm/Business Behavior and Costs of Production

    • SS.Econ2.c.3.i Compare the skills and knowledge required to produce certain goods and services.

    • SS.Econ2.c.3.ii Provide an example of the factors of production (i.e., land, labor, capital, entrepreneurship) for a given product.

      • What is economics? (4-N.1)

• SS.Econ3 Wisconsin students will analyze how an economy functions as a whole (Macroeconomics).

  • SS.Econ3.a Economic Indicators

    • SS.Econ3.a.4 Investigate how the cost of things changes over time.

  • SS.Econ3.b Money

    • SS.Econ3.b.5 Describe the role of money, banking, and savings in everyday life, including why people borrow money and the role of interest.

      • Banks (4-O.1)

• SS.Econ4 Wisconsin students will evaluate government decisions and their impact on individuals, businesses, markets, and resources (Role of Government).

  • SS.Econ4.a Economic Systems and Allocation of Resources

    • SS.Econ4.a.3 Trace the chain of supply for a needed product (e.g., food, shelter).

  • SS.Econ4.b Institutions

    • SS.Econ4.b.4-5.i Assess the role of economic institutions (e.g., banks, government) in helping individuals and society.

      • Banks (4-O.1)

    • SS.Econ4.b.4-5.ii Differentiate between private property (e.g., factories and homes) and public property (e.g., parks, public schools, and government buildings).

  • SS.Econ4.c Role of Government

    • SS.Econ4.c.5 Discuss reasons a government taxes people.

  • SS.Econ4.d Impact of Government Interventions

    • SS.Econ4.d.5 Predict unintended costs and benefits (i.e., externalities) for a given current situation or event.

      • Costs and benefits (4-N.2)

  • SS.Econ4.e Specialization, Trade, and Interdependence

    • SS.Econ4.e.3 Compare and contrast specialization in two or more regions (e.g., Midwest and Northeastern United States; United States and Japan; Europe and South America).