Illinois Social Studies Standards (Economics and Financial Literacy)

Analyze how scarcity and incentives influence the consumption choices for goods and services made by different individuals and communities and evaluate the role of scarcity, both from nature and human-made.

Use marginal benefits and marginal costs to propose solutions to a significant issue for an individual or community and evaluate the effectiveness of applying cost/marginal benefits to account for economic differences across multiple communities.

Evaluate different market structures, including competitive markets, monopolies, and oligopolies; how those different market structures affect groups differently; examples of these markets in the United States; and the assumptions of each market type.

Evaluate how much competition exists within and among sellers and buyers within the markets to which the students or school community belong and other specific markets.

Use benefits and costs to evaluate the effectiveness of government policies to improve market outcomes.

Evaluate the extent to which specific government policies address inequalities, improve market outcomes, or reduce inefficiencies, and the unintended consequences of these policies for one's community and for diverse groups of people.

Analyze the ways in which market structures influence what is produced and distributed in a market system while accounting for disparity in both implementation and outcomes in one's own and other communities.

Use data and economic indicators to analyze past and current states of the economy and predict future trends and economic conditions among multiple, diverse communities.

Compare the benefits and problems of different economic systems (e.g., capitalism, socialism, communism, mixed systems), particularly their impact on equitable outcomes.

Evaluate how government policies are influenced by and impact a variety of stakeholders.

Analyze how advances in technology and investment in capital goods and human capital affect economic growth and standards of living.

Analyze the role of comparative advantage in global trade of goods and services.

Explain how current and past globalization trends and policies affect economic growth, labor markets, rights of citizens, the environment, and resource and income distribution.

Understand how costs and benefits can be subject to individual circumstances and factors outside of one's control.

Explain the importance of making informed financial decisions by collecting information, planning, and budgeting while accounting for individual circumstances that can limit access to capital.

Explain how time, interest rates, and inflation influence saving patterns over a lifetime.

Analyze costs and benefits of different credit and payment options for goods and services, the role of lenders and interest, and the impact of each on individuals and multiple communities.

Evaluate risks and returns on diversified investments while accounting for the individual risk disposition among students.

Analyze how the cognitive biases, environmental influences, and access to resources and necessities of an individual can impact financial decision-making and the application of economic decision making strategies.

Evaluate risk disposition and opportunity recognition for individual students and multiple communities, accounting for structural impacts on these dispositions.

Evaluate the disparate impact of government and private business policies related to banking, credit, and mortgage lending in one's own and others' contexts while using current economic indicators to analyze or propose future policies.