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Benchmarks

Benchmarks are taken from the National Voluntary Content Standards

Content Standard 1

At the completion of Grade 4, students will know that:

  1. People make choices because they cannot have everything they want.
  2. Economic wants are desires that can be satisfied by consuming a good, service, or leisure activity.
  3. Goods are objects that can satisfy people's wants.
  4. Services are actions that can satisfy people's wants.
  5. People's choices about what goods and services to buy and consume determine how resources will be used.
  6. Whenever a choice is made, something is given up.
  7. The opportunity cost of a choice is the value of the best alternative given up.
  8. People whose wants are satisfied by using goods and services are called consumers.
  9. Productive resources are the natural resources, human resources, and capital goods available to make goods and services.
  10. Natural resources, such as land, are "gifts of nature"; they are present without human intervention.
  11. Human resources are the quantity and quality of human effort directed toward producing goods and services.
  12. Capital goods are goods produced and used to make other goods and services.
  13. Human capital refers to the quality of labor resources, which can be improved through investments in education, training, and health.
  14. Entrepreneurs are people who organize other productive resources to make goods and services.
  15. People who make goods and provide services are called producers.

 

At the completion of Grade 8, students will know the Grade 4 benchmarks for this standard and also that:

  1. Scarcity is the condition of not being able to have all of the goods and services one wants. It exists because human wants for goods and services exceed the quantity of goods and services that can be produced using all available resources.
  2. Like individuals, governments and societies experience scarcity because human wants exceed what can be made from all available resources.
  3. Choices involve trading off the expected value of one opportunity against expected value of its best alternative.
  4. The choices people make have both present and future consequences.
  5. The evaluation of choices and opportunity costs is subjective; such evaluations differ across individuals and societies.

 

At the completion of Grade 12, students will know the Grade 4 and 8 benchmarks for this standard and also that:

  1. Choices made by individuals, firms, or government officials often have long-run unintended consequences that can partially or entirely offset the initial effects of their decisions.

 

BENCHMARKS for Content Standard 2

At the completion of Grade 4, students will know that:

  1. Few choices are all-or-nothing decisions; they usually involve getting a little more of one thing by giving up a little of something else.
  2. A cost is what you give up when you decide to do something.
  3. A benefit is something that satisfies your wants.

 

At the completion of Grade 8<