State of Ohio Social Studies Standards

Economics

Grade: K
Economics
Production, Distribution and Consumption

Standard Number: 3.  
Identify goods and services.

Scarcity and Resource Allocation
Standard Number: 1.  
Recognize that people have many wants.

Standard Number: 2.  
Explain how people make decisions in order to satisfy their wants.

Grade: Gr. 1
Economics
Markets

Standard Number: 3.  
Explain ways that people may obtain goods and services that they do not produce including the use of money and barter.

Production, Distribution and Consumption
Standard Number: 2.  
Describe the ways people produce, consume and exchange goods and services in their community.

Scarcity and Resource Allocation
Standard Number: 1.  
Explain that wants are unlimited and resources are scarce, thereby forcing individuals to make choices.

Grade: Gr. 2
Economics
Markets

Standard Number: 5.  
Recognize that money is a generally accepted medium of exchange for goods and services and that different countries use different forms of money.

Production, Distribution and Consumption
Standard Number: 2.  
Explain how people are both buyers and sellers of goods and services.

Standard Number: 3.  
Recognize that most people work in jobs in which they produce a few special goods or services.

Standard Number: 4.  
Explain why people in different parts of the world earn a living in a variety of ways.

Scarcity and Resource Allocation
Standard Number: 1.  
Explain how resources can be used in various ways (e.g., a bushel of corn could be fed to cows, used to make sweetener or converted to fuel).

Grade: Gr. 3
Economics
Markets

Standard Number: 5.  
Identify different forms of money used over time, and recognize that money facilitates the purchase of goods, services and resources and enables savings.

Standard Number: 6.  
Explain how the local community is an example of a market where buyers and sellers exchange goods and services.

Standard Number: 7.  
Identify examples of economic competition in the local community.

Production, Distribution and Consumption

Standard Number: 2.  
Identify people who purchase goods and services as consumers and people who make goods or provide services as producers.

Standard Number: 3.  
Categorize economic activities as examples of production or consumption.

Standard Number: 4.  
Explain the advantages and disadvantages of specialization and the division of labor to produce items.

Scarcity and Resource Allocation
Standard Number: 1.  
Define opportunity cost and give an example of the opportunity cost of a personal decision.

Grade: Gr. 4
Economics
Markets

Standard Number: 4.  
Explain ways in which individuals and households obtain and use income.

Standard Number: 5.  
Explain why people in Ohio specialize in what they produce and then trade with others, which then increases the amount of goods and services available.

Standard Number: 6.  
Explain why many jobs in Ohio depend on markets in other countries and why Ohio is a market for goods and services from other countries.

Production, Distribution and Consumption
Standard Number: 3.  
Explain how entrepreneurs organize productive resources to produce goods and services and that they seek to make profits by taking risks.

Scarcity and Resource Allocation
Standard Number: 1.  
Identify the productive resources needed to produce a good or service and suggest opportunity costs for the resources involved.

Standard Number: 2.  
Explain how the availability of productive resources in Ohio promotes specialization in the production of goods and services and leads to trade.

Grade: Gr. 5
Economics
Markets

Standard Number: 4.  
Explain how regions in North America become interdependent when they specialize in what they produce best and then trade with other regions inside and outside North America to increase the amount and variety of goods and services available.

Standard Number: 5.  
Explain the general relationship between supply, demand and price in a competitive market.

Standard Number: 6.  
Explain why competition among producers/sellers results in lower costs and prices, higher product quality and better customer service.

Standard Number: 7.  
Explain why competition among consumers/buyers results in higher product prices.

Production, Distribution and Consumption
Standard Number: 3.  
Explain how education, specialization, capital goods and the division of labor affect productive capacity.

Scarcity and Resource Allocation
Standard Number: 1.  
Compare different allocation methods for scarce goods and services such as prices, command, first-come-first-served, sharing equally, rationing and lottery.

Standard Number: 2.  
Explain that individuals in all economies must answer the fundamental economic questions of what to produce, how to produce and for whom to produce.

Grade: Gr. 6
Economics
Government and the Economy

Standard Number: 6.  
Distinguish between goods and services typically produced by the private sector and the public sector.

Markets
Standard Number: 3.  
Explain why trade occurs when individuals, regions and countries specialize in what they can produce at the lowest opportunity cost and how this causes both production and consumption to increase.

Standard Number: 4.  
Identify goods and services that are imported and exported and explain how this trade makes countries interdependent.

Standard Number: 5.  
Describe how supply and demand help to set the market clearing price for goods and services and how prices reflect the relative scarcity of goods and services.

Scarcity and Resource Allocation
Standard Number: 1.  
Explain how the availability of productive resources and entrepreneurship affects the production of goods and services in different world regions.

Grade: Gr. 7
Economics
Markets

Standard Number: 2.  
Describe the growth of cities and the establishment of trade routes in Asia, Africa and Europe; the products and inventions that traveled along these routes (e.g., spices, textiles, paper, precious metals and new crops); and the role of merchants.

Scarcity and Resource Allocation
Standard Number: 1.  
Compare the endowment of productive resources in world regions and explain how this endowment contributed to specialization, trade and interdependence in ancient times.

Grade: Gr. 8
Economics
Government and Economy

Standard Number: 4.  
Explain how lack of power to regulate the economy contributed to the demise of the Articles of Confederation and the creation of United States Constitution.

Standard Number: 5.  
Explain how governmental protection of property rights and regulation of economic activity impacted the development of the United States economy.

Markets
Standard Number: 2.  
Discuss how mercantilism and the establishment of colonies led to increased global trading during the 17th and 18th centuries.

Standard Number: 3.  
Explain the purpose and effects of trade barriers such as tariffs enacted before the Civil War.

Scarcity and Resource Allocation
Standard Number: 1.  
Explain how the uneven distribution of productive resources influenced historic events such as the Civil War.

Grade: Gr. 9
Economics
Government and the Economy

Standard Number: 4.  
Analyze the economic costs and benefits of protectionism, tariffs, quotas and blockades on international trade.

Markets
Standard Number: 1.  
Describe costs and benefits of trade with regard to
a.   standard of living
b.   productive capacity
c.   usage of productive resources
d.   infrastructure

Standard Number: 2.  
Explain how changing methods of production and a countryís productive resources affect how it answers the fundamental economic questions of what to produce, how to produce and for whom to produce.

Standard Number: 3.  
Analyze characteristics of traditional, market, command and mixed economies with regard to
a.   private property
b.   freedom of enterprise
c.   competition and consumer choice
d.   the role of government

Grade: Gr. 10
Economics
Government and the Economy

Standard Number: 3.  
Demonstrate how United States governmental policies, including taxes, antitrust legislation and environmental regulations affect individuals and businesses.

Standard Number: 4.  
Explain the reasons for the creation of the Federal Reserve System and its importance to the economy.

Standard Number: 5.  
Analyze the impact of the Great Depression and World War II on the economy of the United States and the resulting expansion of the role of the federal government.

Markets
Standard Number: 1.  
Evaluate the effects of specialization, trade and interdependence on the economic system of the United States.

Standard Number: 2.  
Analyze the development and impacts of labor unions, farm organizations and business organizations on the United States economy.

Grade: Gr. 11
Economics
Government and Economy

Standard Number: 10.  
Analyze issues related to the use of different types of taxes to fund public goods and services including
a,   proportional tax
b.   progressive tax
c.   regressive tax

Markets
Standard Number: 7.  
Explain how countries use their comparative advantage to produce goods and services for trade with other countries.

Standard Number: 8.  
Explain the effects of specialization, interdependence and trade on the United States and other countries.

Standard Number: 9.  
Explain how changes in exchange rates affect consumers and producers.

Personal Finance
Standard Number: 11.  
Explain why incomes will differ in the labor market depending on supply and demand for skills, abilities and education levels.

Standard Number: 12.  
Explain the role of individuals in the economy as producers, consumers, savers, workers and investors.

Standard Number: 13.
  
Explain the consequences of the economic choices made by individuals and the tools which they use to manage their financial resources including
a.   budgets
b.   savings
c.   investments
d.   credit
e.   philanthropy

Standard Number: 14.  
Describe how interest rates affect savers and borrowers.

Production, Distribution and Consumption
Standard Number: 4.  
Describe the functions of the components that make up an economic system and describe the relationships among them including
a.   business
b.   productive resources
c.   financial institutions
d.   government
e.   consumers
   
Standard Number: 5.  
Identify factors that cause changes in economic growth including the effects of supply and demand on the labor market.

Standard Number: 6.  
Identify indicators that provide information to consumers on the current value or purchasing power of money with a focus on the
a.   Consumer Price Index
b.   unemployment rate
c.   Gross Domestic Product (GDP)
   
Scarcity and Resource Allocation
Standard Number: 1.  
Explain the effects of shortages, surpluses and government-enforced controls on prices.

Standard Number: 2.  
Explain ways that people respond to incentives when allocating their scarce resources in their roles as producers, consumers, savers, workers and investors.

Standard Number: 3.  
Explain the impact of inflation on economic behavior.

Grade: Gr. 12
Economics
Governments and Economy

Standard Number: 6.  
Analyze economic policy decisions made by governments that have resulted in intended and unintended consequences.

Standard Number: 7.  
Identify public policies that may cost more than the benefits they generate, assess who enjoys the benefits, who bears the cost and explain why the policies exist.

Markets
Standard Number: 5.  
Identify reasons for and the impacts of multinational economic organizations
a.   Organization of the Petroleum Exporting Countries (OPEC)
b.   European Monetary Union
c.   North American Free Trade Agreement (NAFTA)
d.   World Trade Organization (WTO)
e.   World Bank

Production, Distribution and Consumption
Standard Number: 4.  
Use the circular flow model to explain the flow of money, goods, services and productive resources in the economy.

Scarcity and Resource Allocation
Standard Number: 1.  
Compare how values and beliefs influence economic decisions in different communities.

Standard Number: 2.  
Explain the impact of marginal cost/marginal benefit analysis on decisionmaking.

Standard Number: 3.  
Select a current issue; identify the costs and benefits of various choices to determine the impact of personal and social economic decisions on the allocation of productive resources.