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Economics:
Social Studies:
Economics |
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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
- Explain why people must make economic choices
- Identify and apply the steps in the decision-making process
- Identify the opportunity cost of a choice or decision
Indicator
- 2. Examine the production process
Objectives
- Explain how producers make choices because of limited natural, human, and capital resources
- Give examples of when limited resources affect the decisions producers make
- Describe steps in the production process to produce a product
- Explain how specialized work results in increased production
Indicator
- 3. Examine how technology affects the way people live, work, and play
Objectives
- Describe how changes in technology have affected the lives of consumers, such as UPC bar codes, and online shopping
- 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
- Identify markets that are not face-to-face meetings, such as Internet shopping or catalog shopping
- 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
- 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
- Develop a budget indicating income and expenses
- Develop a plan that shows how money is obtained, such as selling things, getting a gift, and getting allowance
Date: 1/27/2015
