CODE 0.2.1.1.1
SUBSTRAND 1. Economic Reasoning Skills
STANDARD 1. People make informed economic choices by identifying their goals, interpreting and applying data, considering the short- and longrun costs and benefits of alternative choices and revising their goals based on their analysis.
BENCHMARK Distinguish between individual needs (conditions necessary to survive) and individual wants (conditions desired to be happy). For example: Needs—to be fed, to be free from thirst, to be sheltered. Wants—to be entertained, to be famous, to be strong, to be helpful to others.
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CODE 0.2.1.1.2
SUBSTRAND 1. Economic Reasoning Skills
STANDARD 1. People make informed economic choices by identifying their goals, interpreting and applying data, considering the short- and longrun costs and benefits of alternative choices and revising their goals based on their analysis.
BENCHMARK Identify goods and services that could satisfy a specific need or want. For example: The need to be free from thirst could be satisfied by water, milk or orange juice. The desire (want) to be entertained could be satisfied by a toy, an amusement park ride or watching a movie
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CODE 0.2.4.5.1
SUBSTRAND 4. Microeconomic Concepts
STANDARD 5. Individuals, businesses and governments interact and exchange goods, services and resources in different ways and for different reasons; interactions between buyers and sellers in a market determines the price and quantity exchanged of a good, service or resource.
BENCHMARK Distinguish between goods (objects that can be seen or touched) and services (actions or activities). For example: Goods—apple, shirt, toy. Services— haircut, bus ride, bicycle repair.