People have wants that often exceed the limited resources available to them. Unequal distribution of resources necessitates systems of exchange, including trade, to improve the well-being of the economy, while the role of government in economic policymaking varies over time and from place to place. Increasingly these decisions are global in scope and require systematic study of an interdependent world economy and the role of technology in economic decision-making. In schools, this theme typically appears in units and courses dealing with concepts, principles, and issues drawn from the discipline of economics.
Young learners begin by differentiating between wants and needs.
They explore economic decisions as they compare their own economic experiences with those of others and consider the wider consequences of those decisions on groups, communities, the nation, and beyond. In the middle grades, learners expand their knowledge of economic concepts and principles, and use economic reasoning processes in addressing issues related to the four fundamental economic questions. High school students develop economic perspectives and deeper understanding of key economic concepts and processes through systematic study of a range of economic and sociopolitical systems, with particular emphasis on the examination of domestic and global economic policy options related to matters such as health care, resource use, unemployment, and trade.