Iowa Core Standards
E.1. Understand the role of scarcity and economic trade-offs and how economic conditions impact people’s lives.
E.1.1. Understand that goods and services are scarce because there are not enough resources to satisfy all of the wants of individuals, governments, and societies
E.1.3. Understand that businesses are willing to sell more products and services when prices go up and less when the price goes down.
E.3. Understand how governments throughout the world influence economic behavior.
E.3.1. Understand that the government pays for goods and services it provides by taxing and borrowing.
E.3.2. Understand that all societies have developed economic systems and there are advantages and disadvantages to each type of system.
E.4. Understand factors that create patterns of interdependence in the world economy.
E.4.2. Understand the impact of increasing economic interdependence in different regions of the world.
E.4.3. Understand that local goods and services are part of the global economy.
E.4.4. Understand the concepts of exports and imports.
E.6. Understand that all economies throughout the world rely upon universal concepts.
E.6.2. Understand supply and demand in various types of economies.
E.6.3. Understand that production, distribution, exchange, and consumption of goods and services are economic decisions with which all societies and nations must deal.
H.5. Understand the effect of economic needs and wants on individual and group decisions.
H.5.1. Understands factors that shaped the economic system in the United States.