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.3. Use economic reasoning to compare and contrast the costs and benefits of a decision. Categorize different limited resources (e.g., money, materials, time, labor/workers, land, natural resources, renewable or non-renewable).
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.3-4. Compare two product markets found in the local community. Differentiate between goods and services.
Econ2.b: Supply, Demand, and Competition
SS.Econ2.b.4-5. Assess the roles of consumers (demand), producers (supply), prices, non-price factors (e.g., drought or a fad item), and competition in the product market.
Econ2.c: Firm/Business Behavior and Costs of Production
SS.Econ2.c.3. Compare the skills and knowledge required to produce certain goods and services. Provide an example of the factors of production (i.e., land, labor, capital, entrepreneurship) for a given product.
SS.Econ4: Wisconsin students will evaluate government decisions and their impact on individuals, businesses, markets, and resources (Role of Government).
Econ4.c: Role of Government
SS.Econ4.c.5. Discuss reasons a government taxes people.