School Improvement in Maryland

Using the State Standards: Social Studies, Grade 1

Print:

Economics:

Social Studies:

Standard 4.0 Economics

Students will identify the economic principles and processes that are helpful to producers and consumers when making good decisions.

Topic

A. Scarcity and Economic Decision-making

Indicator

  • 1. Describe economic choices people make about goods and services
Objectives
  1. Identify and discuss goods and services provided in the community
  2. Explain how getting something one wants may mean giving up something in return

Indicator

  • 2. Describe the production process
Objectives
  1. Give examples of natural and human resources used in production, such as making butter, making ice cream, and building houses
  2. Describe the skills people need for their work in the home, school, and community

Indicator

  • 3. Explain how technology affects the way people live, work, and play
Objective
  1. Describe how tools and products have affected the way people live, work, or play

Topic

B. Economic Systems and the Role of Government in the Economy

Indicator

  • 1. Describe types of markets in the community
Objectives
  1. Explain how markets operate
  2. Identify markets in the local community, such as grocery stores, farmers' markets, toy stores, and fast food restaurants

Indicator

  • 3. Describe how goods and services are acquired
Objectives
  1. Describe how people earn money by working at a job
  2. Compare goods that have different values, such as same item at different stores

Date: 1/27/2015