Idaho Social Studies 9-12.EC.12
The Standard
Describe the elements of entrepreneurship and successful businesses including comparative advantage, specialization, and trade.
Idaho Content Standards: K-12 Social Studies · Macroeconomics and International Trade
Teacher's field guide
What This Standard Means
What Students Need to Do
- Students explain how a business finds customers, pays for supplies, and takes a risk to sell something. They compare what two producers give up to make different goods, then explain why each might specialize and trade. They also explain why sales must cover costs.
What Mastery Looks Like
- Given production numbers, a student identifies who gives up less to make each good, even if one producer makes more of both. They suggest a trade that helps both producers and explain how supply costs or too few customers could hurt a new business.
Common Misconceptions
- Students often assign both jobs to whoever makes the most, without comparing what each gives up. They may think trade helps only one side or mistake sales for profit. Some assume a good product will always find customers.
How to Assess It
- Exit ticket: A makes 12 muffins or 6 posters per hour. B makes 8 muffins or 8 posters per hour. Who should make each item, and what trade could help both?
Lesson moves
Ways to Teach It
Time two teams making paper bookmarks and flyers, record each team's output, then have them choose specialties and trade finished items.
Ask: 'Why might a bakery that makes more cakes and loaves than its rival still buy loaves from that rival?'
Give pairs cards showing 12 muffins or 6 posters and 8 muffins or 8 posters; award points for specialties and trades that help both.
Show a cafe menu and a local bakery price list; have students choose one item the cafe might buy instead of make and explain why.
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Related Standards
- 5.SS.3.5
Identify economic incentives and risks of entrepreneurship.
- 9-12.EC.11
Apply economic concepts to explain the role of imports/exports both nationally and internationally.
- 9-12.EC.1
Apply and explain the concepts of supply and demand, scarcity, opportunity costs, and incentives, as well as their implications for decision-making.
- 4.SS.3.7
Define entrepreneurship and identify reasons for starting a business.
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