Check this link to see the academic standards for your state.

Pertinent national academic standards for this Learning Center include:

Geography

NSS-G.K-12.4: Human Systems

• As a result of their activities in K-12, all students should understand the patterns and networks of economic interdependence on Earth's surface.

NSS-G.K-12.5: Environment and Society

• As a result of their activities in K-12, all students should understand the changes that occur in the meaning, use, distribution, and importance of resources.

Economics

NSS-EC.5-8.8: Role of Price in Market Systems

• Students should understand that markets are interrelated; changes in the price of one good or service can lead to changes in prices of many other goods and services.
• Students should understand that scarce goods and services are allocated in a market economy through the influence of prices on production and consumption decisions.

NSS-EC.5-8.14: Profit and the Entrepreneur

• Students should understand that entrepreneurs accept the risk in organizing resources to produce goods and services because they hope to earn profits.
• Entrepreneurs and other sellers earn profits when buyers purchase the products they sell at prices high enough to cover the costs of production.
• Entrepreneurs and other sellers incur losses when buyers do not purchase the products they sell at prices high enough to cover the costs of production.