State Standards - Social Studies

Grade 2
Standard 4.0 Economics: Students will identify the economic principles and processes that are helpful to producers and consumers when making good decisions.
A. Scarcity and Economic Decision-making
1. Explain why people have to make economic choices about goods and services
a. Identify and explain economic choices people make
b. Identify and give examples of the positive and negative aspects of each choice
c. Explain that choices have consequences, some of which are more important than others
2. Explain the production process
a. Identify the natural, capital, and human resources used in the production of a good or service
b. Identify examples of specialized workers in the school and community, such as nurses, truck drivers, lawyers, and postal workers
3. Examine how technology affects the way people live, work and play
a. Identify examples of technology used by consumers, such as automobiles, cameras, telephones, microwaves, televisions, and computers
b. Analyze why consumers use technology in their daily lives
B. Economic Systems and the Role of Government in the Economy
1. Describe different types of markets
a. Describe different market situations where buyers and sellers meet to exchange goods and services
b. Describe how people meet in market communities around the world, such as farmers' markets and door-to-door sales
3. Describe how consumers acquire goods and services
a. Identify goods and services provided by businesses
b. Identify goods and services provided by government
c. Explain different ways to pay for goods and services, such as credit cards, checks, debit cards, and money orders


MSDE has developed a toolkit for these standards which can be found online at:


Date: 1/27/2015