Standards for Guess Who’s Coming to Dinner

Standard: 7

Name: Role of Government

Governments intervene in markets for a variety of economic reasons, including improving competition; providing public goods, like national defense; controlling pollution; defining and enforcing property rights; and helping those in need.

• K-5: Elementary school students learn that governments tax or borrow money to pay for goods and services that they provide to society.
• 6-8: Middle school students learn that taxes or subsidies might affect the output of goods and services.
• 9-12: High school students learn that governments pursue different economic goals and that policymaking often requires trade-offs among the goals. High schoolers are given examples of how government policies are used to encourage competitive markets, and how governments can correct for externalities or public goods. Finally, students learn that governments may pursue goals other than correcting inefficiencies, for example, redistributing income. The impact of economic policies is then examined, noting that sometimes the cost of an intervention may exceed the benefits, and those who construct policies may not be incentivized to create optimal policies.Benchmark Students will know that: Students will use this knowledge to: 7.E.1 Governments often provide certain kinds of goods and services in a market economy.Brainstorm a list of goods and services (such as police protection, upkeep of roads, parks, etc.) not usually privately produced. 7.E.2 Governments pay for the goods and services they use or provide by taxing or borrowing.Explain how a local school district would raise the money to pay for a new elementary school.E: ELEMENTARY STUDENTS

Name: Spending

Standard: 2

• Students will understand that: A budget is a plan for allocating a person’s spendable income to necessary and desired goods and services. When there is sufficient money in their budget, people may decide to give money to others, save, or invest to achieve future goals. People can often improve their financial wellbeing by making well-informed spending decisions, which includes critical evaluation of price, quality, product information, and method of payment. Individual spending decisions may be influenced by financial constraints, personal preferences, unique needs, peers, and advertising.