New York Standards
NY.4. Economics: Students will use a variety of intellectual skills to demonstrate their understanding of how the United States and other societies develop economic systems and associated institutions to allocate scarce resources, how major decision-making units function in the United States and other national economies, and how an economy solves the scarcity problem through market and nonmarket mechanisms.
4.1. The study of economics requires an understanding of major economic concepts and systems, the principles of economic decision making, and the interdependence of economies and economic systems throughout the world.
4.1.1. Students know some ways individuals and groups attempt to satisfy their basic needs and wants by utilizing scarce resources.
4.1.6. Students investigate how production, distribution, exchange, and consumption of goods and services are economic decisions with which all societies and nations must deal.