STANDARD COURSE OF STUDY

ECONOMICS

Economics is the study of how people cope with their environment and each other as they try to satisfy their needs and wants. People have unlimited needs and wants, but they live in a world which surrounds them with limits. A fundamental condition of life is that there is not enough time, money, energy, nor other resources to satisfy everyone's needs and wants. To make the best use of scarce resources, both individuals and groups must choose wisely among the alternatives available to them.

Economics can be thought of as responsible decision making, choosing among alternatives. Choices (decisions) have consequences and some choices lead to more productive outcomes than others.

The purpose of economics is to provide practical tools for evaluating alternatives before making a decision. A good economic education should also help students develop the disposition and the ability for making decisions based on reason rather than other influences such as impulse or peer pressure.

Unequal distribution of resources necessitates systems of exchange, including trade, to improve the well-being of the economy. However the role of government in economic policy-making varies over time and from place to place. Increasingly, these decisions are global in scope and require systematic study of an interdependent world economy and the role of technology in economic decision-making.

Elementary Grades
Instruction in economics should begin early to help very young students learn to understand and use a basic economic vocabulary and elementary economic principles. They can distinguish between needs and wants and can prioritize each. Young learners begin to see the consequences of their individual and group decisions. They are also able to develop the habit of taking a reasoned and responsible approach to decision-making.

Middle Grades
Middle grade students should be able to apply economic concepts and principles in a wide array of real and hypothetical circumstances. In this way they should be able to analyze relatively simple situations and issues and then predict outcomes and prescribe policies. They should also be able to defend their position on various issues which have some economic content.

High School
High school economics should build on what students learn in middle school. The questions remain much the same, but the answers become more complex. Because these older students are able to deal with greater levels of abstraction, they should be able to analyze and predict with greater degrees of sophistication. High school economics should include perspectives from other social sciences, especially history, political science, and geography.

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