Commentary on the intent of Pennsylvania's Economic  Standards

Economics is concerned with the behavior of individuals and institutions engaged in the production, exchange and consumption of goods and services.  As technology helps to reshape the economy, knowledge of how the world works is critical.  People entering the workforce cannot function effectively without a basic knowledge of the characteristics of economic systems, how markets establish prices, how scarcity and choice affect the allocation of resources, the global nature of economic interdependence and how work and earnings impact productivity.

            Every student must know how to manage resources, prepare for the workforce, make wise investments and be informed about public policy.  The Pennsylvania Academic Standards for Economics are intended to provide direction in learning how economic activity impacts the forces of everyday life

            Today, an economic crisis looms over the nation.  Economic recessions occur for a variety of reasons, however; this crisis should have been avoided.  During the debate when Glass-Steagall Act was repealed in 1999, Senator Dorgan (North Dakota) remarked, “I think we will look back in 10 years’ time and say we should not have done this, but we did because we forgot the lessons of the past. And that which is true in the 1930 is true in 2010.”  The need for economic reasoning and is not only needed, it is critical

            The interdisciplinary nature of the history, geography and the social sciences enable individuals to think critically about the world around them and predict outcomes prior to acting.  A prime resource for quality K-12 economic lesson materials is the internet-based EconLink. There are other organizations with economic resources are listed on the right.