<standards name='RI'><title>Rhode Island Standards in Economics and Personal Finance</title><content><![CDATA[<font color='#333333'><p>These standards are current as of <b>1997</b>. No Internet connection was detected. When you have an Internet connection, the application will automatically look for updated standards for your state.</p><br><p>Visit the <a href='asfunction:gotoWebPage,http://ve.councilforeconed.org/library/state-standards.php?state=ri'>web site</a> to learn more.</p><p>----------------------------------------------------------------</p><p class='contentarea'>Content Area: Economics</p><p>----------------------------------------------------------------</p><p class='contentarea'>Standard: 1</p><p>----------------------------------------------------------------</p><li>Scarcity</li><li><textformat leftmargin='15'>Students will understand that:  Productive resources are limited. Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others.</textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Identify what they gain and what they give up when they make choices.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145034|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 2</p><p>----------------------------------------------------------------</p><li>Marginal Costs/Marginal Benefits</li><li><textformat leftmargin='15'>Students will understand that: Effective decision making requires comparing the additional costs of alternatives with the additional benefits. Most choices involve doing a little more or a little less of something; few choices are all-or-nothing decisions.</textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Make effective decisions as consumers, producers, savers, investors, and citizens.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145033|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 3</p><p>----------------------------------------------------------------</p><li>Allocation of Goods and Services</li><li><textformat leftmargin='15'>Students will understand that: Different methods can be used to allocate goods and services. People, acting individually or collectively through government, must choose which methods to use to allocate different kinds of goods and services.</textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Evaluate different methods of allocating goods and services, by comparing the benefits and costs of each method.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145032|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 4</p><p>----------------------------------------------------------------</p><li>Role of Incentives</li><li><textformat leftmargin='15'>Students will understand that: People respond predictably to positive and negative incentives.</textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Identify incentives that affect people's behavior and explain how incentives affect their own behavior.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145031|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 5</p><p>----------------------------------------------------------------</p><li>Gains from Trade</li><li><textformat leftmargin='15'>Students will understand that: Voluntary exchange occurs only when all participating parties expect to gain. This is true for trade among individuals or organizations within a nation, and among individuals or organizations in different nations.</textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Negotiate exchanges and identify the gains to themselves and others. Compare the benefits and costs of policies that alter trade barriers between nations, such as tariffs and quotas.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145030|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 6</p><p>----------------------------------------------------------------</p><li>Specialization and Trade</li><li><textformat leftmargin='15'>Students will understand that: When individuals, regions, and nations specialize in what they can produce at the lowest cost and then trade with others, both production and consumption increase. </textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Explain how they can benefit themselves and others by developing special skills and strengths.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145029|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 7</p><p>----------------------------------------------------------------</p><li>Markets - Price and Quantity Determination</li><li><textformat leftmargin='15'>Students will understand that: Markets exist when buyers and sellers interact. This interaction determines market prices and thereby allocates scarce goods and services.</textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Identify markets in which they have participated as a buyer and seller and describe how the interaction of all buyers and sellers influences prices. Also, predict how prices change when there is either a shortage or surplus of the product available.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145028|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 8</p><p>----------------------------------------------------------------</p><li>Role of Price in a Market System</li><li><textformat leftmargin='15'>Students will understand that: Prices send signals and provide incentives to buyers and sellers. When supply or demand changes, market prices adjust, affecting incentives. </textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Predict how prices change when the number of buyers or sellers in a market changes, and explain how the incentives facing individual buyers and sellers are affected.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145027|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 9</p><p>----------------------------------------------------------------</p><li>Benefits of Competition</li><li><textformat leftmargin='15'>Students will understand that: Competition among sellers lowers costs and prices, and encourages producers to produce more of what consumers are willing and able to buy. Competition among buyers increases prices and allocates goods and services to those people who are willing and able to pay the most for them. </textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Explain how changes in the level of competition in different markets can affect price and output levels.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145026|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 10</p><p>----------------------------------------------------------------</p><li>Role of Economic Institutions</li><li><textformat leftmargin='15'>Students will understand that: Institutions evolve in market economies to help individuals and groups accomplish their goals. Banks, labor unions, corporations, legal systems, and not-for-profit organizations are examples of important institutions. A different kind of institution, clearly defined and enforced property rights, is essential to a market economy. </textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Describe the roles of various economic institutions.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145025|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 11</p><p>----------------------------------------------------------------</p><li>Role of Money</li><li><textformat leftmargin='15'>Students will understand that: Money makes it easier to trade, borrow, save, invest, and compare the value of goods and services. </textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Explain how their lives would be more difficult in a world with no money or in a world where money sharply lost its value.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145024|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 12</p><p>----------------------------------------------------------------</p><li>Role of Interest Rates</li><li><textformat leftmargin='15'>Students will understand that: Interest rates, adjusted for inflation, rise and fall to balance the amount saved with the amount borrowed, thus affecting the allocation of scarce resources between present and future uses.</textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Explain situations in which they pay or receive interest, and explain how they would react to changes in interest rates if they were making or receiving interest payments.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145023|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 13</p><p>----------------------------------------------------------------</p><li>Role of Resources in Determining Income</li><li><textformat leftmargin='15'>Students will understand that: Income for most people is determined by the market value of the productive resources they sell. What workers earn depends, primarily, on the market value of what they produce and how productive they are.</textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Predict future earnings based on their current plans for education, training, and career options.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145022|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 14</p><p>----------------------------------------------------------------</p><li>Profit and the Entrepreneur</li><li><textformat leftmargin='15'>Students will understand that: Entrepreneurs are people who take the risks of organizing productive resources to make goods and services. Profit is an important incentive that leads entrepreneurs to accept the risks of business failure.</textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Identify the risks, returns, and other characteristics of entrepreneurship that bear on its attractiveness as a career.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145021|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 15</p><p>----------------------------------------------------------------</p><li>Investment and Economic Growth</li><li><textformat leftmargin='15'>Students will understand that: Investment in factories, machinery, new technology, and in the health, education, and training of people can raise future standards of living. </textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Predict the consequences of investment decisions made by individuals, businesses, and governments.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145020|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 16</p><p>----------------------------------------------------------------</p><li>Role of Government</li><li><textformat leftmargin='15'>Students will understand that: There is an economic role for government to play in a market economy whenever the benefits of a government policy outweigh its costs. Governments often provide for national defense, address environmental concerns, define and protect property rights, and attempt to make markets more competitive. Most government policies also redistribute income. </textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Identify and evaluate the benefits and costs of alternative public policies, and assess who enjoys the benefits and who bears the costs.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145019|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 17</p><p>----------------------------------------------------------------</p><li>Costs of Government Policies</li><li><textformat leftmargin='15'>Students will understand that: Costs of government policies sometimes exceed benefits. This may occur because of incentives facing voters, government officials, and government employees, because of actions by special interest groups that can impose costs on the general public, or because social goals other than economic efficiency are being pursued.</textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Identify some public policies that may cost more than the benefits they generate, and assess who enjoys the benefits and who bears the costs. Explain why the policies exist.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145018|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 18</p><p>----------------------------------------------------------------</p><li>Circular Flow -- Interdependence</li><li><textformat leftmargin='15'>Students will understand that: A nation's overall levels of income, employment, and prices are determined by the interaction of spending and production decisions made by all households, firms, government agencies, and others in the economy. </textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Interpret media reports about current economic conditions and explain how these conditions can influence decisions made by consumers, producers, and government policy makers.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145017|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 19</p><p>----------------------------------------------------------------</p><li>Unemployment and Inflation</li><li><textformat leftmargin='15'>Students will understand that: Unemployment imposes costs on individuals and nations. Unexpected inflation imposes costs on many people and benefits some others because it arbitrarily redistributes purchasing power. Inflation can reduce the rate of growth of national living standards, because individuals and organizations use resources to protect themselves against the uncertainty of future prices.</textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Make informed decisions by anticipating the consequences of inflation and unemployment.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145016|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br><p class='contentarea'>Standard: 20</p><p>----------------------------------------------------------------</p><li>Monetary and Fiscal Policy</li><li><textformat leftmargin='15'>Students will understand that: Federal government budgetary policy and the Federal Reserve System's monetary policy influence the overall levels of employment, output, and prices.</textformat></li><li><textformat leftmargin='30'>Students will be able to use this knowledge to: Anticipate the impact of the federal government's and the Federal Reserve System's macroeconomic policy decisions on themselves and others.</textformat></li><br><textformat leftmargin='40'><p><a href='asfunction:findLessonByStandard,145015|false|true|true|true|||'>Find lessons that meet this standard >></a></p></textformat><br></font>]]>
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