Social Studies Standards

Michigan Social Studies Standards as of June 2019.

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Impact of Transitional Economies – analyze the impact of transitional economies, such as in China and India, on the global economy in general and the American economy in particular.


Absolute and Comparative Advantage – use the concepts of absolute and comparative advantages to explain why goods and services are produced in one nation or locale versus another.


Domestic Activity and World Trade – assess the impact of trade policies, monetary policy, exchange rates, and interest rates on domestic activity and world trade.


Exchange Rate and World Trade – analyze the effects on trade from a change in an exchange rate between two currencies.


The Global Economy and the Marketplace – analyze and describe how the global economy has changed the interaction of buyers and sellers.


Earning Income - conduct research regarding potential income and employee benefit packages, non-income factors that may influence career choice, benefits and costs of obtaining the necessary education or technical skills, taxes a person is likely to pay, and other possible sources of income.


Buying Goods And Services – describe the factors that consumers may consider when purchasing a good or service, including the costs, benefits, and the role of government in obtaining the information.


Saving – identify the incentives people have to set aside income for future consumption, and evaluate the impact of time, interest rates, and inflation upon the value of savings.


Using Credit – evaluate the benefits, costs, and potential impacts of using credit to purchase goods and services.


Financial Investing – analyze the risks, expected rate of return, tax benefits, impact of inflation, role of government agencies, and importance of diversification when investing in financial assests.

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