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Illlinois Learning Standards
Area Goal Standard Benchmark Benchmark Number
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand that scarcity necessitates choices by consumers.  Analyze the impact of changes in non-price determinants (e.g., changes in consumer income, changes in tastes and preferences) on consumer demand.  15.B.5a 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand that scarcity necessitates choices by consumers.  Analyze how inflation and interest rates affect consumer purchasing power.  15.B.5b 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand that scarcity necessitates choices by consumers.  Analyze elasticity as it applies to supply and demand and consumer decisions.  15.B.5c 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand that scarcity necessitates choices by producers.  Describe how human, natural and capital resources are used to produce goods and services.  15.C.1a 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand that scarcity necessitates choices by producers.  Identify limitations in resources that force producers to make choices about what to produce.  15.C.1b 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand that scarcity necessitates choices by producers.  Describe the relationship between price and quantity supplied of a good or service.  15.C.2a 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand that scarcity necessitates choices by producers.  Identify and explain examples of competition in the economy.  15.C.2b 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand that scarcity necessitates choices by producers.  Describe how entrepreneurs take risks in order to produce goods or services.  15.C.2c 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand that scarcity necessitates choices by producers.  Identify and explain the effects of various incentives to produce a good or service.  15.C.3 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand that scarcity necessitates choices by producers.  Analyze the impact of political actions and natural phenomena (e.g., wars, legislation, natural disaster) on producers and production decisions.  15.C.4a 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand that scarcity necessitates choices by producers.  Explain the importance of research, development, invention, technology and entrepreneurship to the United States economy.  15.C.4b 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand that scarcity necessitates choices by producers.  Explain how competition is maintained in the United States economy and how the level of competition varies in differing market structures (e.g., monopoly, oligopoly, monopolistic and perfect competition).  15.C.5a 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand that scarcity necessitates choices by producers.  Explain how changes in non-price determinants of supply (e.g., number of producers) affect producer decisions.  15.C.5b 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand that scarcity necessitates choices by producers.  Explain how government intervention with market prices can cause shortages or surpluses of a good or service (e.g., minimum wage policies, rent freezes, farm subsidies).  15.C.5c 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand trade as an exchange of goods or services.  Demonstrate the benefits of simple voluntary exchanges.  15.D.1a 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand trade as an exchange of goods or services.  Know that barter is a type of exchange and that money makes exchange easier.  15.D.1b 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand trade as an exchange of goods or services.  Explain why people and countries voluntarily exchange goods and services.  15.D.2a 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand trade as an exchange of goods or services.  Dscribe the relationships among specialization, division of labor, productivity of workers and interdependence among producers and consumers.  15.D.2b 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand trade as an exchange of goods or services.  Explain the effects of increasing and declining imports and exports to an individual and to the nation’s economy as a whole.  15.D.3a 
SOCIAL SCIENCE  Goal 15: Understand economic systems, with an emphasis on the United States.  Understand trade as an exchange of goods or services.  Explain how comparative advantage forms the basis for specialization and trade among nations.  15.D.3b 
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