Wisconsin Academic Standards
WI.SS.Econ. Economics (Econ)
SS.Econ1: Wisconsin students use economic reasoning to understand issues.
Econ1.a: Choices and Decision-Making
SS.Econ1.a.m. Predict the opportunity costs of various decisions, and explain why the opportunity cost might differ from person to person or in different situations. Assess how limited resources (e.g., money, land, natural resources, workers, time) impact the choices of individuals, households, communities, businesses, and countries.
SS.Econ1.b.m. Evaluate how incentives impact individual and/or household decision-making.
SS.Econ2: Wisconsin students will analyze how decisions are made and interactions occur among individuals, households, and firms/businesses (Microeconomics).
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.Econ3: Wisconsin students will analyze how an economy functions as a whole (Macroeconomics).
SS.Econ3.b.m. Differentiate between the functions of money (i.e., medium of exchange, store of value, unit of account). Assess how interest rates influence borrowing and investing.
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).
SS.Econ4.b.m. Compare and contrast the role of different economic institutions such as banks, labor unions, non-profits, and businesses in an economy. Analyze rules and laws that protect and support both consumers (e.g., private property, zoning, contracts, agreements, and product safety) and workers (e.g., labor unions, regulations, minimum wage).
Econ4.c: Role of Government
SS.Econ4.c.m. Analyze the impact of different government policies (e.g., taxation and government spending) on the economy.
SS.Econ5: Wisconsin students will assess economic interdependence of regions and countries through trade.
Econ5.a: Specialization, Trade, and Interdependence
SS.Econ5.a.m. Summarize the role of specialization on trade and cost of goods/services. Identify examples of U.S. exports and imports.