New Colorado P-12 Academic Standards

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Content Area: Social Studies
Grade Level Expectations: High School
Standard: 3. Economics

Prepared Graduates: (Click on a Prepared Graduate Competency to View Articulated Expectations) - (Remove PGC Filter)

Concepts and skills students master:

1. Productive resources -natural, human, capital- are scarce; therefore, choices are made about how individuals, businesses, governments, and societies allocate these resources

Evidence Outcomes 21st Century Skill and Readiness Competencies

Students Can:

  1. Analyze the relationships between economic goals and the allocation of scarce resources (DOK 2-3)
  2. Explain how economic choices by individuals, businesses, governments, and societies incur opportunity costs (DOK 1-2)
  3. Understand that effective decision-making requires comparing the additional (marginal) costs of alternatives with the additional (marginal) benefits (DOK 1-2)
  4. Identify influential entrepreneurs and describe how they have utilized resources to produce goods and services (DOK 1-2)

Inquiry Questions:

  1. How is marginal thinking used in determining societal and individual decisions?
  2. How has globalization changed the availability of human capital?
  3. What are some of the ways that the values of a society affect the goods and services it produces?
  4. What entrepreneurial idea would solve some of the world scarcity issues?

Relevance & Application:

  1. The availability of natural resources, such as fossil fuels and blood diamonds, has an impact on economic decisions made in a global economy.
  2. Entrepreneurship and innovation create new paradigms to address scarcity and choice. Examples include electric cars, cell phones, social networking, Internet, and satellite television.
  3. Natural resources can be scarce in the world or specific regions, impacting markets and creating innovation such as projects developed to provide clean drinking water around the world, lack of water in the Middle East created significant desalination research).
  4. Marginal thinking allows for good economic decisions to be made by individuals, businesses, and governments.

Nature Of:

  1. When using an economic way of thinking individuals study how productive resources are changing in order to anticipate new problems with scarcity of desired resources
  2. Economic thinkers analyze how economies utilize resources to meet the cumulative wants and needs of the individuals in a society
  3. When using an economic way of thinking individuals study factors that lead to increased economic interdependence, increased productivity, and improved standard of living for the individuals in a society.

Prepared Graduates: (Click on a Prepared Graduate Competency to View Articulated Expectations) - (Remove PGC Filter)

Concepts and skills students master:

2. Economic policies affect markets

Evidence Outcomes 21st Century Skill and Readiness Competencies

Students Can:

  1. Analyze how government activities influence the economy. Topics to include but not limited to: taxation, monetary policy, and the Federal Reserve (DOK 1-2)
  2. Recognize the interaction between foreign and domestic economic policies. Topics to include but not limited to: embargoes, tariffs, and subsidies (DOK 1-2)
  3. Identify government activities that affect the local, state, or national economy (DOK 1)
  4. Give examples of the role of government in a market economic system (DOK 1)
  5. Analyze how positive and negative incentives influence the economic choices made by individuals, households, businesses, governments, and societies (DOK 1-3)
  6. Compare and contrast monetary and fiscal policies of the United States government that are used to stabilize the economy (DOK 2-3)

Inquiry Questions:

  1. What is government's role in a market economy?
  2. How do embargoes and tariffs influence the balance of trade in a positive or negative manner?
  3. What is the economic impact of various monetary and fiscal policies that a government can use?
  4. How would you change monetary policy?
  5. What type of monetary and fiscal policies would be best for businesses?

Relevance & Application:

  1. Fiscal and monetary policies affect financial markets and individuals such as the impact of exchange rates on tourists, and the effect of interest rates on the cost of borrowing money.
  2. Businesses understand and follow the changes in fiscal and monetary policy to make better choices and react to changing markets.
  3. Technology allows both individuals and businesses to access up-to-date information regarding fiscal and monetary policies and the fluctuations in markets.
  4. Economic behavior is modified based on positive and negative incentives such as tax credits on alternative energy and increases in payroll taxes.

Nature Of:

  1. Economic thinkers gather and analyze data to explore trends and predictions.
  2. Economic thinkers study the relationship between policy and market reaction.
  3. Economic thinkers decipher trends in financial markets by looking for patterns of behavior.

Prepared Graduates: (Click on a Prepared Graduate Competency to View Articulated Expectations) - (Remove PGC Filter)

Concepts and skills students master:

3. Government and competition affect markets

Evidence Outcomes 21st Century Skill and Readiness Competencies

Students Can:

  1. Analyze the role of government within different economies. Topics to include but not limited to command socialism, communism, and market capitalism (DOK 1-3)
  2. Analyze the role of competition within different market structures. Topics to include but not limited to pure competition, monopolistic competition, oligopoly, and monopoly (DOK 1-3)
  3. Compare and contrast economic systems in terms of their ability to achieve economic goals (DOK 2-3)
  4. Compare and contrast different types of taxing. Topics to include but not limited to progressive, regressive, and proportional (DOK 1-2)

Inquiry Questions:

  1. In what ways does the United States government influence decisions regarding production and distribution of goods?
  2. How does competition affect the choices consumers have in an economy?
  3. What are some ways that different market structures affect the goods and services available for purchase?
  4. How do various economic systems make decisions regarding production and distribution of goods and the role government will play?

Relevance & Application:

  1. Knowledge of the changing role of government in various markets helps to make informed choices.
  2. The understanding of the role of competition in markets helps to make informed decisions and create business strategies.
  3. Government taxing and spending policies affect individuals and businesses.

Nature Of:

  1. Economic thinkers compare systems of economics to determine how best to meet economic goals.
  2. Economic thinkers study the use of monetary and fiscal policies.
  3. Economic thinkers analyze the effects of specific government regulations on different groups, including consumers, employees and businesses.

Content Area: Social Studies
Grade Level Expectations: Eighth Grade
Standard: 3. Economics

Prepared Graduates: (Click on a Prepared Graduate Competency to View Articulated Expectations) - (Remove PGC Filter)

Concepts and skills students master:

1. Economic freedom, including free trade, is important for economic growth

Evidence Outcomes 21st Century Skill and Readiness Competencies

Students Can:

  1. Give examples of international differences in resources, productivity, and prices that provide a basis for international trade (DOK 1-2)
  2. Describe the factors that lead to a nation having a comparative and absolute advantage in trade (DOK 1)
  3. Explain effects of domestic policies on international trade (DOK 1-2)
  4. Explain why nations often restrict trade by using quotas, tariffs, and non-tariff barriers (DOK 1-2)

Inquiry Questions:

  1. How do societies benefit from trade and exchange?
  2. Why is it important for nations to control trade and exchange?
  3. What are the benefits and challenges of trade at the international, national, state, local, and individual levels?
  4. How does where and how you purchase products affect the social, economic, and environmental conditions?

Relevance & Application:

  1. The understanding of trade and collaboration within the market economy is important to business and individual economic success.
  2. Analysis of the positive and negative impacts of trade agreements is critical to a nation's economy. For example, the Santa Fe Trail and the opening of trade with Japan in American history.
  3. Identification of the role of information as a good or service and its influence on production, trade, income, and technological advances aids businesses to operate efficiently.
  4. Innovation and invention create absolute or comparative advantage in trade.

Nature Of:

  1. Economic thinkers explore the patterns and development of the interconnected nature of trade.
  2. Economic thinkers analyze the components of economic growth.

Content Area: Social Studies
Grade Level Expectations: Seventh Grade
Standard: 3. Economics

Prepared Graduates: (Click on a Prepared Graduate Competency to View Articulated Expectations) - (Remove PGC Filter)

Concepts and skills students master:

1. Supply and demand influence price and profit in a market economy

Evidence Outcomes 21st Century Skill and Readiness Competencies

Students Can:

  1. Define supply and demand (DOK 1)
  2. Identify factors that cause changes in supply and demand (DOK 1)
  3. Define and identify factors that impact price (DOK 1)
  4. Identify examples to illustrate that consumers ultimately determine what is produced in a market economy (DOK 1-2)
  5. Explain the function of profit in a market economy (DOK 1-2)
  6. Demonstrate how supply and demand determine equilibrium price and quantity (DOK 1-2)

Inquiry Questions:

  1. How do consumers determine what is produced?
  2. What happens if a good or service is overpriced?
  3. When goods and services are scarce what might happen to price? Why?
  4. What happens to price when resources become more plentiful?

Relevance & Application:

  1. The principle of supply and demand is used to succeed in business.
  2. Technology is used as a tool to support global trade in a market economy. For example, bar coding allows companies to keep close track of inventory and sales projections are used to make predictions regarding production.
  3. Individual choices affect supply and demand.
  4. Natural disasters, politics, financial issues, and trade affect supply and demand.

Nature Of:

  1. Economic thinkers study the effects of local and global supply and demand on the local economy.
  2. Economic thinkers study the relationship between local consumers and local and global producers.
  3. Economic thinkers investigate consequences and trends related to global trade.

Content Area: Social Studies
Grade Level Expectations: Sixth Grade
Standard: 3. Economics

Prepared Graduates: (Click on a Prepared Graduate Competency to View Articulated Expectations) - (Remove PGC Filter)

Concepts and skills students master:

1. Identify and analyze different economic systems

Evidence Outcomes 21st Century Skill and Readiness Competencies

Students Can:

  1. Describe the characteristic of traditional, command, market, and mixed economic systems (DOK 1-2)
  2. Explore how different economic systems affect job and career options and the population's standards of living (DOK 1-2)
  3. Use economic reasoning to explain why certain careers are more common in one region than in another and how specialization results in more interdependence (DOK 2-3)

Inquiry Questions:

  1. How do different systems address the production of goods?
  2. How are scarce resources distributed in different types of economic systems?
  3. How do different economies control the means of production and distribution of goods and services?

Relevance & Application:

  1. Economic development varies and can be compared across countries in the Western Hemisphere including levels of education and average income.
  2. Governments and the private sector in the Western Hemisphere cooperate to distribute goods and services, specialize, and are interdependent in the global economy.
  3. Career opportunities are influenced by the type of economic system.

Nature Of:

  1. Economic thinkers study how and why individuals make decisions about purchases.
  2. Economic thinkers analyze why different markets develop in different locations.
  3. Economic thinkers study the effects of different types of economies on global interdependence.

Prepared Graduates: (Click on a Prepared Graduate Competency to View Articulated Expectations) - (Remove PGC Filter)

Concepts and skills students master:

2. Saving and investing are key contributors to financial well-being (PFL)

Evidence Outcomes 21st Century Skill and Readiness Competencies

Students Can:

  1. Differentiate between saving and investing (DOK 1-2)
  2. Give examples of how saving and investing can improve financial well-being (DOK 1-2)
  3. Describe the advantages and disadvantages of saving for short- and medium-term goals (DOK 1-2)
  4. Explain the importance of an emergency fund (DOK 1)
  5. Explain why saving is a prerequisite to investing (DOK 1)
  6. Explain how saving and investing income can improve financial well-being (DOK 1-2)

Inquiry Questions:

  1. Why is it important to save and invest?
  2. What types of items would an individual save for to purchase?
  3. What are risky investments and why would someone make that type of investment?
  4. Why is it important to research and analyze information prior to making financial decisions?

Relevance & Application:

  1. It's important to understand why to save and invest for the future.
  2. Technology allows individuals and businesses to track investment earnings.
  3. The creation of criteria for us of emergency funds helps to save responsibly.
  4. The comparison of returns of various savings and investment options and an adjustment of the investments for good financial decision-making.

Nature Of:

  1. Financially responsible individuals manage savings and investments for their financial well-being.
  2. Financially responsible individuals understand the risks and rewards associated with investing and saving.

Content Area: Social Studies
Grade Level Expectations: Fifth Grade
Standard: 3. Economics

Prepared Graduates: (Click on a Prepared Graduate Competency to View Articulated Expectations) - (Remove PGC Filter)

Concepts and skills students master:

1. Government and market structures influence financial institutions

Evidence Outcomes 21st Century Skill and Readiness Competencies

Students Can:

  1. Define a capitalist market economy (DOK 1)
  2. Identify governmental activities that affect financial institutions and the economy at the local, state, and national level (DOK 1)

Inquiry Questions:

  1. Why are there different types of financial institutions?
  2. In a market economy, who has the most power?
  3. What influence should government have on the economy and financial institutions?

Relevance & Application:

  1. Knowledge about the role of financial institutions in a market economy allows individuals and businesses to better prepare for financial security. For example, financial analysts monitor the banking industry; individuals can evaluate the services and costs of banking with various institutions; and businesses can borrow money to expand.
  2. Government actions affect the services and policies of financial institutions, thereby affecting financial options for individuals.

Nature Of:

  1. Economic thinkers analyze the actions of financial institutions in a market economy.

Content Area: Social Studies
Grade Level Expectations: Fourth Grade
Standard: 3. Economics

Prepared Graduates: (Click on a Prepared Graduate Competency to View Articulated Expectations) - (Remove PGC Filter)

Concepts and skills students master:

1. People respond to positive and negative incentives

Evidence Outcomes 21st Century Skill and Readiness Competencies

Students Can:

  1. Define positive and negative economic incentives (DOK 1)
  2. Give examples of the kinds of goods and services produced in Colorado in different historical periods and their connection to economic incentives (DOK 1-3)
  3. Explain how the productive resources - natural, human, and capital- of Colorado have influenced the types of goods produced and services provided (DOK 1-2)

Inquiry Questions:

  1. Why are different goods and services important at different times in Colorado's history?
  2. How have science and technology changed the economy of Colorado?
  3. How have natural, human, and capital resources had both positive and negative impacts on the development of Colorado?

Relevance & Application:

  1. Positive incentives influence behavior predictably over time. For example, responsible individuals save for the future and move for better job opportunities.
  2. Negative incentives influence behavior predictably over time. For example, people move or refuse to relocate due to poor climate or resource shortages.
  3. Groups use both positive and negative incentives to affect behavior. For example, the tourism industry uses incentives to attract tourists and government agencies use tickets to discourage speeding. and fines for not following regulations

Nature Of:

  1. Economic thinkers consider the influence of changing resources and demand on the productivity of a state economy.
  2. Economic thinkers study changes in the relationship between the availability of resources and the production of goods and services.

Content Area: Social Studies
Grade Level Expectations: Third Grade
Standard: 3. Economics

Prepared Graduates: (Click on a Prepared Graduate Competency to View Articulated Expectations) - (Remove PGC Filter)

Concepts and skills students master:

1. Describe producers and consumers and how goods and services are exchanged

Evidence Outcomes 21st Century Skill and Readiness Competencies

Students Can:

  1. Describe the difference between producers and consumers and explain how they need each other (DOK 1-2)
  2. Describe and give examples of forms of exchange topics to include but not limited to trade and barter (DOK 1-2)
  3. Describe how the exchange of goods and services between businesses and consumers affects all parties (DOK 1-2)
  4. Recognize that different currencies and forms of exchange that exist and list the functions of money to include but not limited to such topics as medium of exchange, store of value, and measure of value (DOK 1-2)
  5. Give examples of how trade benefits individuals and communities and increases interdependency (DOK 1-2)

Inquiry Questions:

  1. How does an individual know when an exchange benefits both parties?
  2. What would happen if there was no such item as money?
  3. Would you rather be a producer, consumer, or a mix of both?
  4. What happens when a producer cannot make enough to meet consumer demand?
  5. What would happen if consumers did not want what a producer made?
  6. What would the world look like if there were no transportation that could move goods more than 50 miles?

Relevance & Application:

  1. Production and consumption are essential components of markets and affect everyday life. For example, not enough high-demand toys are produced during Christmas meaning the prices will be higher. Not enough clean drinking water causes higher prices for bottled water.
  2. Goods and services are exchanged in multiple ways and are a part of everyday life such as purchasing or trading items.
  3. Production, consumption, and the exchange of goods and services are interconnected in the world. For example, vegetables from California are sold at a Colorado markets and an ice storm in Florida affects orange juice supplies for the world, ingredients from different areas of the United States are shipped to one area for a business to create a candy bar which is then shipped throughout the world.

Nature Of:

  1. Economic thinkers analyze trade and the use of money.
  2. Economic thinkers describe and study the importance of exchange in a community.

Content Area: Social Studies
Grade Level Expectations: Second Grade
Standard: 3. Economics

Prepared Graduates: (Click on a Prepared Graduate Competency to View Articulated Expectations) - (Remove PGC Filter)

Concepts and skills students master:

1. The scarcity of resources affects the choices of individuals and communities

Evidence Outcomes 21st Century Skill and Readiness Competencies

Students Can:

  1. Explain scarcity (DOK 1)
  2. Identify goods and services and recognize examples of each (DOK 1)
  3. Give examples of choices people make when resources are scarce (DOK 1-2)
  4. Identify possible solutions when there are limited resources and unlimited demands (DOK 1-2)

Inquiry Questions:

  1. How does scarcity affect purchasing decisions?
  2. What goods and services do you use?
  3. How are resources used in various communities?
  4. What are some ways to find out about the goods and services used in other communities?

Relevance & Application:

  1. Comparison of prices of goods and services in relationship to limited income helps to make informed and financially sound decisions.
  2. Decisions must be made if there is a limited amount of income and the need for a costly good or service. For example, you may borrow, save, or get a new job to make the purchase. (PFL)
  3. Scarcity of resources affects decisions such as where to buy resources based on cost or where to locate a business.

Nature Of:

  1. Economic thinkers analyze how goods and services are produced and priced.
  2. Economic thinkers analyze scarcity of resources and its impact on cost of goods and services.

Content Area: Social Studies
Grade Level Expectations: First Grade
Standard: 3. Economics

Prepared Graduates: (Click on a Prepared Graduate Competency to View Articulated Expectations) - (Remove PGC Filter)

Concepts and skills students master:

1. People work at different types of jobs and in different types of organizations to produce goods and services and receive an income

Evidence Outcomes 21st Century Skill and Readiness Competencies

Students Can:

  1. Give examples of different types of business and the goods and services they produce for the community (DOK 1)
  2. Give examples of types of jobs people in your family have (DOK 1)
  3. Recognize that people have a choice about what kinds of jobs they do (DOK 1-2)

Inquiry Questions:

  1. What kinds of jobs do people that you know perform?
  2. Where do they go to do those jobs?
  3. Why do people choose different jobs?
  4. What do workers receive for their work?
  5. What types of businesses are in the community?
  6. What is the difference between income and money?

Relevance & Application:

  1. Different forms of technology are used to perform jobs such as scanners for the market checkers, GIS for geographers, machines for industrial work, and computers in offices.
  2. Individuals make decisions about careers or jobs based on factors such as education, skills, and interests.

Nature Of:

  1. Economic thinkers investigate the influence of different jobs and businesses in their community.
  2. Economic thinkers study the choices about what kinds of jobs people perform.

Content Area: Social Studies
Grade Level Expectations: Kindergarten
Standard: 3. Economics

Prepared Graduates: (Click on a Prepared Graduate Competency to View Articulated Expectations) - (Remove PGC Filter)

Concepts and skills students master:

1. Ownership as a component of economics

Evidence Outcomes 21st Century Skill and Readiness Competencies

Students Can:

  1. Give examples of ownership of different items (DOK 1)
  2. Recognize and give examples one person may want to use anotherís object and that this requires asking permission and sharing (DOK 1-2)

Inquiry Questions:

  1. Can you show me who owns this (any item)?
  2. If you want to use someone else's item what must you do?
  3. What happens when someone wants to use something that belongs to you?
  4. What do we do if there is not enough of something we all want? (scarcity)
  5. What are things that everyone collectively owns?

Relevance & Application:

  1. Individuals interact with each other and the concept of ownership on a daily basis. For example, people purchase items for their use, donate items for others to use, and ask for permission to use someone else's item.
  2. Technology is used to indicate and keep track of ownership. For example, pets may have microchips implanted and libraries use bar codes to keep track of their books.

Nature Of:

  1. Economic thinkers study ownership as a key principle of economics.
  2. Economic thinkers understand that some items are more desired than others and are more in demand.

Content Area: Social Studies
Grade Level Expectations: Preschool
Standard: 3. Economics

Prepared Graduates: (Click on a Prepared Graduate Competency to View Articulated Expectations) - (Remove PGC Filter)

Concepts and skills students master:

1. People work to meet wants and needs

Evidence Outcomes 21st Century Skill and Readiness Competencies

Students Can:

  1. Explain that people work (produce) for an income (DOK 1)
  2. Discuss that money is used to buy items that the student or family wants (DOK 1)
  3. Give examples to distinguish spending from saving (DOK 1-2)

Inquiry Questions:

  1. What might happen if no one worked?
  2. What do we buy and why?
  3. How do people use income?
  4. Why do you save income?

Relevance & Application:

  1. Working enables people to meet wants. For example, a parent works to receive income used to purchase items such as food, cars and vacations.

Nature Of:

  1. Economic thinkers analyze the connection between working and earning income.
  2. Economic thinkers recognize that people use income to meet needs and wants.