Wisconsin Academic Standards
WI.SS.Econ. Economics (Econ)
SS.Econ2: Wisconsin students will analyze how decisions are made and interactions occur among individuals, households, and firms/businesses (Microeconomics).
Econ2.a: Consumers, Producers, and Markets
SS.Econ2.a.m. Analyze the role of consumers and producers in product markets. Provide examples of how individuals and households are both consumers and producers.
Econ2.b: Supply, Demand, and Competition
SS.Econ2.b.m. Investigate the relationship between supply and demand. Evaluate the extent to which competition exists in product markets, and its relationship to price and quality of goods and services.
Econ2.c: Firm/Business Behavior and Costs of Production
SS.Econ2.c.m. Categorize factors of production and how they are combined to make goods and deliver services. Evaluate how profits influence sellers in markets.
SS.Econ4: Wisconsin students will evaluate government decisions and their impact on individuals, businesses, markets, and resources (Role of Government).
Econ4.a: Economic Systems and Allocation of Resources
SS.Econ4.a.m. Compare and contrast how different economic systems (traditional, command, market, mixed) choose to allocate the production, distribution and consumption of resources (what/how/for whom is it produced).