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Understand that individuals, households, businesses, governments, and societies make decisions that affect the distribution of resources and that these decisions are influenced by incentives (both economic and intrinsic).
Kindergarten
1. Understand that basic human needs are met in many ways.
1st Grade
1. Understand how resources are limited and varied in meeting human needs.
2.
Define and differentiate between needs and wants.
2nd Grade
1. Identify economic decisions made by individuals and households and explain
how resources are distributed.
3rd Grade
1. Explain that people want more goods and services than is possible to produce.
2.
Define and categorize resources (e.g., human, financial, natural).
3. Identify
a variety of products that use similar resources.
4th Grade
1. Understand when choices are made that those choices impose 'opportunity
costs.'
2. Describe different economic, public, and/or community incentives
(wages, business profits, amenities rights for property owners and renters).
3. Illustrate how resources can be used in alternative ways and, sometimes,
allocated to different users.
4. Explain why there may be unequal distribution of resources (e.g., among
people, communities, states, nations).
5. Understand and explain how conflict may arise between private and public
incentives (e.g., new parks, parking structures).
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Understand that economic systems impact the way individuals, households, businesses, governments, and societies make decisions about goods and services.
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Understand the patterns and results of trade and exchange among individuals, households, businesses, governments, and societies, and their interdependent qualities.
Kindergarten
1. Describe trade (e.g., buying and selling, bartering, simple exchange).
1st Grade
1. Define the simplest form of exchange (the barter system being the direct
trading of goods and services between people).
2nd Grade
1. Understand that money is the generally accepted medium of exchange in most
societies, and that different countries use different currencies.
3rd Grade
1. Understand the purposes of spending and saving money.
2. Identify currency,
credit, debit, and checks as the basic mediums of exchange in Western society. 4th Grade
1. Identify patterns of work and economic activity in New Mexico and their
sustainability over time (e.g., farming, ranching, mining, retail, transportation,
manufacturing, tourism, high tech).
2. Explain how New Mexico, the United States, and other parts of the world
are economically interdependent.
3. Explain that banks handle currency and other forms of money and serve as
intermediaries between savers and borrowers.
4. Explain that money can be used to express the 'market value' of goods and
services in the form of prices.
5. Use data to explain an economic pattern.
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Explain and describe how individuals, households, businesses, governments, and societies make decisions, are influenced by incentives (economic as well as intrinsic) and the availability and use of scarce resources, and that their choices involve costs and varying ways of allocating.
5th Grade
1. Understand the impact of supply and demand on consumers and producers in
a free enterprise system.
2. Understand the patterns of work and economic activities
in New Mexico and the United States (e.g., farming, ranching, oil and gas
production, high tech,
manufacturing, medicine).
3. Describe the aspects of trade.
4. Explain how voluntary trade is not coercive.
6th Grade
1. Explain and predict how people respond to economic and intrinsic incentives.
7th Grade
1. Explain how economic and intrinsic incentives influence how individuals,
households, businesses, governments, and societies allocate and use their scarce
resources.
2. Explain why cooperation can yield higher benefits.
8th Grade
1. Explain and provide examples of economic goals.
2. Analyze the full costs
and benefits of alternative uses of resources that will lead to productive
use of resources today and in the future.
3. Explain that tension between individuals, groups, and/or countries is often
based upon differential access to resources.
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Explain how economic systems impact the way individuals, households, businesses, governments and societies make decisions about resources and the production and distribution of goods and services.
5th Grade
1. Explain how all economic systems must consider the following: What will
be produced? How will it be produced? For whom will it be produced?
2. Identify
the influence of bordering countries (Canada and Mexico) on United
States commerce.
6th Grade
1. Describe the characteristics of traditional, command, market, and mixed
economic systems.
2. Explain how different economic systems affect the allocation
of resources.
3. Understand the role that 'factors of production' play in a society's economy
(e.g., natural resources, labor, capital, entrepreneurs).
7th Grade
1. Identify governmental activities that affect local, state, tribal, and
national economies.
2. Analyze the impact of taxing and spending decisions upon
individuals, organizations, businesses, and various government entities.
3. Explain the relationship of New Mexico with tribal governments regarding
compact issues (e.g., taxes, gambling revenue, rights of way).
8th Grade
1. Describe the relationships among supply, demand, and price and their roles
in the United States market system.
2. Identify how fundamental characteristics
of the United States' economic system influence economic decision making
(e.g., private property, profits,
competition) at local, state, tribal, and national levels.
3. Explain changing economic activities in the United States and New Mexico
and the role of technology in those changes.
4. Identify situations in which price and value diverge.
5. Describe the use of money over time (e.g., college funds beginning in elementary
years, saving accounts, 401Ks).
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Describe the patterns of trade and exchange in early societies and civilizations and explore the extent of their continuation in today’s world.
5th Grade
1. Understand basic economic patterns of early societies (e.g., hunter-gathers,
early farming, business).
2. Understand the economic motivation of exploration
and colonization by colonial
powers.
6th Grade
1. Compare and contrast the trade patterns of early civilizations.
2. Analyze
the impact of the Neolithic agricultural revolution on mankind and the impact
of technological changes in the Bronze Age and the Iron Age.
7th Grade
1. Explain how specialization leads to interdependence and describe
ways most Americans depend on people in other households, communities, and
nations for
some of the goods they consume.
2. Understand the interdependencies between
the economies of New Mexican, the United States, and the world.
3. Understand the factors that currently limit New Mexico from becoming an
urban state, including the availability and allocation of water, and the extent
to which New Mexico relies upon traditional economic forms (e.g., the acequia
systems, localized agricultural markets).
4. Describe the relationship between New Mexico, tribal, and United States
economic systems.
5. Compare and contrast New Mexico commerce with that of other states' commerce.
8th Grade
1. Understand why various sections of the early United States developed
different patterns of economic activity and explore why and to what extent
those differences
remain today.
2. Understand how various economic forces resulted in the Industrial
Revolution in the 19th century.
3. Explain how economic interdependence between countries around the world
can improve the standard of living.
4. Explain the rise of the credit system and how the use of credit involves
the use of someone else's money at a certain interest rate, and explore the
social impact of credit, pro and con.
5. Explain the exchange rate as the price of a nation's currency.
6. Describe the role of technology in economic development, historically and
in the contemporary world.
7. Describe how 'cost benefits' are determined by individuals, groups, societies,
and nations in capitalist systems.
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Analyze the ways individuals, households, businesses, governments, and societies make decisions, are influenced by incentives (economic and intrinsic) and the availability and use of scarce resources and that their choices involve costs and varying ways of allocating.
1. Analyze 'opportunity costs' as a factor resulting from the process of decision
making.
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Analyze and evaluate how economic systems impact the way individuals, households, businesses, governments, and societies make decisions about resources and the production and distribution of goods and services.
1. Analyze the historic origins of the economic systems of capitalism, socialism,
and communism.
2. Compare the relationships between and among contemporary countries with
differing economic systems.
3. Understand the distribution and characteristics of economic systems throughout
the world, to include:
- characteristics of command, market and traditional economies
- how command, market,
and traditional economies operate in specific countries
- comparison
of the ways that people satisfy their basic needs through the
production of goods and services.
4. Analyze the importance of, and issues related to,
the location and management
of the factors of production.
5. Describe how changes in technology, transportation, and communication affect
the location and patterns of economic activities in New Mexico and the United
States.
6. Analyze the roles played by local, state, tribal, and national governments
in both public and private sectors of the United States system.
7. Understand the relationship between United States governmental policies
and international trade.
8. Evaluate economic systems by their ability to achieve broad societal goals
(e.g., efficiency, equity, security, employment, stability, economic growth).
9. Explain how businesses (e.g., sole proprietorships, partnerships, corporations,
franchises) are organized and financed in the United States economy.
10. Interpret measurements of inflation and unemployment and relate them to
the general economic 'health' of the national economy.
11. Analyze the impact of fiscal policy on an economic system (e.g., deficit,
surplus, inflation).
12. Compare and contrast different types of taxes (e.g., progressive, regressive,
proportional).
13. Analyze the effects of specific government regulations on different economically
designated groups (e.g., consumers, employees, businesses).
14. Compare, analyze, and evaluate the positive and negative aspects of American
capitalism in relationship to other economic systems.
15. Describe and evaluate how the United States economy moved from manufacturing-based
to information driven.
16. Analyze the reasons for uneven economic growth-based changes (e.g., demographic,
political, economic).
17. Analyze the economic ramifications of entrepreneurship.
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Analyze and evaluate the patterns and results of trade, exchange, and interdependence between the United States and the world since 1900.
1. Analyze foreign and domestic issues related to United States economic growth
since 1900.
2. Analyze significant economic developments between World War I and World
War II, to include:
- economic growth and prosperity of the 1920s
- causes of the Great Depression and
the effects on United States economy and government
- New Deal measures enacted to counter the Great Depression
- expansion of government
under New Deal.
3. Analyze the effects of World War
II, the Cold War, and post-Cold War on
contemporary society, to include:
- economic effects of WWII on the home front
- United States prosperity of the 1950s
- impact of the Cold War on business cycle
and defense spending
- recession of 1980s
- technology boom and consequent economic slow down of 2000.
4. Describe the relationship
between United States' international trade policies
and its economic system.
5. Identify and analyze the international differences in resources, productivity,
and prices that are a basis for international trade.
6. Explain the comparative advantage of a nation when it can produce a product
at a lower 'opportunity cost' than its trading partner.
7. Evaluate the effect on international trade of domestic policies that either
encourage or discourage exchange of goods and services and investments abroad.
8. Analyze and evaluate how domestic policies can affect the balance of trade
between nations.
9. Explain and describe how the Federal Reserve System and monetary policies
(e.g., open market, discount rate, change in reserve requirements) are used
to promote price stability, maximum employment, and economic growth.
10. Identify how monetary policies can affect exchange rates and international
trade.
11. Analyze and evaluate the use of technology on economic development.
12. Describe and analyze multinational entities (e.g., NAFTA, European Union)
in economic and social terms.
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