National Standards in Economics

Below are the National Standards in Economics that most closely relate to the following lesson. Switch to National Standards in Personal Finance

LESSON

Lesson 1 - Out of Africa: Why Early Humans Settled Around the World

http://msh.councilforeconed.org/lessons.php?lid=68360

Grades: 6-8

STANDARDS

Standard: 2

Grades: 4-12

• Decision Making
• Students will understand that: Effective decision making requires comparing the additional costs of alternatives with the additional benefits. Many choices involve doing a little more or a little less of something: few choices "are all or nothing" decisions.
• Students will be able to use this knowledge to: Make effective decisions as consumers, producers, savers, investors, and citizens.

Standard: 4

Grades: 4-12

• Incentives
• Students will understand that: People usually respond predictably to positive and negative incentives.
• Students will be able to use this knowledge to: Identify incentives that affect people's behavior and explain how incentives affect their own behavior.

Standard: 1

Grades: 4-12

• Scarcity
• Students will understand that: Productive resources are limited. Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others.
• Students will be able to use this knowledge to: Identify what they gain and what they give up when they make choices.