School Improvement in Maryland

Using the State Standards: Social Studies, Grade 3

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. Explain that people must make choices because resources are limited relative to unlimited wants for goods and services
Objectives
  1. Explain why people must make economic choices
  2. Identify and apply the steps in the decision-making process
  3. Identify the opportunity cost of a choice or decision

Indicator

  • 2. Examine the production process
Objectives
  1. Explain how producers make choices because of limited natural, human, and capital resources
  2. Give examples of when limited resources affect the decisions producers make
  3. Describe steps in the production process to produce a product
  4. Explain how specialized work results in increased production

Indicator

  • 3. Examine how technology affects the way people live, work, and play
Objectives
  1. Describe how changes in technology have affected the lives of consumers, such as UPC bar codes, and online shopping
  2. Describe how changes in technology have affected lives of producers, such as robot-powered assembly lines

Topic

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

Indicator

  • 1. Describe different types of markets
Objectives
  1. Identify markets that are not face-to-face meetings, such as Internet shopping or catalog shopping
  2. Describe how countries around the world trade in the global market

Indicator

  • 2. Identify goods and services provided by the government and paid for by taxes
Objective
  1. Classify goods and services according to who produces them, such as the government, business, or both

Indicator

  • 3. Describe how consumers acquire goods and services
Objectives
  1. Develop a budget indicating income and expenses
  2. Develop a plan that shows how money is obtained, such as selling things, getting a gift, and getting allowance

Date: 1/27/2015