Need for Economic Education

1
Need for Economic Education

• Workforce participants need basic knowledge of
  characteristics of economic systems
• How markets establish prices
• How scarcity and choice affect allocation of
  resources
• Global nature of economic interdependence
• How work and earnings impact productivity

2
Academic Standards for Economics

• Economic Systems (6.1)
• Markets and Influences of Governments (6.2)
• Scarcity and Choice (6.3)
• Economic Interdependence (6.4)
• Work and Earnings (6.5)

3
6.1 Economic Systems
A,B
Allocation of resources
C
Economic indicators
D
Fluctuations in Economic Activity
4
6.1 Economic Systems
5
6.1 Economic Systems
Grade 9
Compare/contrast economic systems, economic
indicators, historic examples in US
Grade 12
Evaluate, international application, use of
economic indicators, historic examples in global
economy
6
6.2 Markets the Influences of Government
A,B
Consumers Producers
C,L
Role of Money
E,F,G,H,K
Supply and Demand
Taxation, Public Goods, Economic Institutions,
Role of Government
D,G,H,I,J
7
10.2 Markets the Influences of Government
8
6.2 Markets the Influences of Government
10.2 Markets the Influences of Government
Grade 9
Goods/services flow, impact of competition,
Federal Reserve System, tax revenue/spending,
currency relationship
Grade 12
Circular flow, equilibrium, money supply,
government market impact, types of taxes,
cost/benefit analysis
9
6.3 Scarcity and Choice
A,C
Economic Resources
D,F
Cost/Benefit and Incentives
B,E
Opportunity Cost
10
6.3 Scarcity and Choice
scarcity, wants/needs, types of resources,
choice, cost, self-interest,
Grade 3
scarcity and choices, cost/benefit, opportunity
cost, negative/positive incentives
Grade 6
11
6.3 Scarcity and Choice
Grade 9
Efficiency of utilizing resources, opportunity
costs of public goods, media influences, marginal
analysis
Grade 12
Cost/benefit analysis of decisions, marginal
analysis of incentives, opportunity cost analysis
-- national and international
12
6.4 Economic Interdependence
A,E,F
Specialization
B
Why People Trade
C
Trade Barriers
Geographic Patterns
D,G
13
6.4 Economic Interdependence
14
6.4 Economic Interdependence
15
6.5 Work and Earnings
A,B,E
Income and Wealth
C,D
Profits and Losses
F
Risk and Rewards
Saving and Investing
G,H
16
6.5 Work and Earnings
17
6.5 Work and Earnings
18
Content Groups
National Voluntary Content Standards from NCSS

• Distribution Methods - Standard 3
• Choice, Marginal Thinking, Incentives, Voluntary
  Exchange Standards 1, 2, 4, 5
• Benefits of Specialization, Interdependence and
  Markets, Prices As Signals, Benefits of
  Competition Standards 6, 7, 8, 9

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Content Groups
National Voluntary Content Standards from NCSS

• Economic Institutions Standard 10
• Money, Banking, and Interest Rates Standards
  10, 11
• Income, Productivity, Entrepreneurial Skills,
  Investment and Standard of Living and
  Unemployment Standards 13, 14, 15, 19
• Economic roles of government, Taxation, Monetary
  and Fiscal Policies and National Well Being
  Standards 16, 17, 18, 20

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National Standards and PA Standards
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Resources from
www.economicspa.org

• Affiliate of National Council on Economic
  Education

• LOCAL OFFICES
• Temple University Center for Economic Education
• Villanova University Center for Economic Education