Summary
This lesson encourages students to recognize the important relationships among individuals, neighborhoods and nations.

National Economics Content Standards
Standard 2 — Marginal Cost/Benefit
Effective decision-making requires comparing the additional costs of alternatives with the additional benefits. Most choices involve doing a little more or a little less of something; few choices are all-or-nothing decisions.

Standard 5 — Gain from Trade
Voluntary exchange occurs only when all participating parties expect to gain. This is true for trade among individuals or organizations within a nation, and among individuals or organizations in different nations.

Standard 15 — Growth
Investment in factories, machinery, new technology, and the health, education, and training of people can raise future standards of living.

Summary
This lesson encourages students to recognize the important relationships among individuals, neighborhoods, nations and the world.

National Economics Content Standards
Standard 2 — Marginal Cost/Benefit
Effective decision-making requires comparing the additional costs of alternatives with the additional benefits. Most choices involve doing a little more or a little less of something; few choices are all-or-nothing decisions.

Standard 5 — Gain from Trade
Voluntary exchange occurs only when all participating parties expect to gain. This is true for trade among individuals or organizations within a nation, and among individuals or organizations in different nations.

Standard 15 — Growth
Investment in factories, machinery, new technology, and the health, education, and training of people can raise future standards of living.

Summary
This lesson is actually 5 lessons that demonstrate the importance of cooperation in an increasingly global economy. The lessons focus on the mission of the IMF to foster economic growth.

National Economics Content Standards
Standard 5 — Gain from Trade
Voluntary exchange occurs only when all participating parties expect to gain. This is true for trade among individuals or organizations within a nation, and among individuals or organizations in different nations.

Standard 6 — Specialization and Trade
When individuals, regions, and nations specialize in what they can produce at the lowest cost and then trade with others, both production and consumption increase.

Standard 7 — Markets - Price and Quantity Determination
Markets exist when buyers and sellers interact This interaction determines market prices and thereby allocates scarce goods and services.

Standard 8 — Role of Price in Market System
Prices send signals and provide incentives to buyers and sellers. When supply or demand changes, market prices adjust, affecting incentives.

Standard 9 — Role of Competition
Competition among sellers lowers costs and prices, and encourages producers to produce more of what consumers are willing and able to buy. Competition among buyers increases prices and allocates goods and services to those people who are willing and able to pay the most for them.

Standard 10 — Role of Economic Institutions
Institutions evolve in market economies to help individuals and groups accomplish their goals. Banks, labor unions, corporations, legal systems, and not-for-profit organizations are examples of important institutions. A different kind of institution, clearly defined and well-enforced property rights, is essential to a market economy.

Standard 11 — Role of Money
Money makes it easier to trade, borrow, save, invest and compare the value of goods and services.

Summary
This brief lesson focuses on the theme of cooperation and how cooperation among nations leads to free trade and an improved standard of living.

National Economics Content Standards
Standard 1 — Scarcity
Productive resources are limited. Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others.

Standard 3 — Allocation of Goods and Services
Different methods can be used to allocate goods and services. People, acting individually or collectively through government, must choose which methods to use to allocate different kinds of goods and services.

Standard 4 — Role of Incentives
People respond predictably to positive and negative incentives.

This glossary of terms is set up in a question and answer format. It is alphabetized according to terms.

Summary
This brief introduction focuses on two questions: (1) What is the IMF? (2) What does the IMF do? Students should have at least a notion of the IMF before beginning any of the online activities.

All About Money Curriculum

EconEd Online