State Standards - Social Studies

Grade 3
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 that people must make choices because resources are limited relative to unlimited wants for goods and services
a. Explain why people must make economic choices
b. Identify and apply the steps in the decision-making process
c. Identify the opportunity cost of a choice or decision
2. Examine the production process
a. Explain how producers make choices because of limited natural, human, and capital resources
b. Give examples of when limited resources affect the decisions producers make
c. Describe steps in the production process to produce a product
d. Explain how specialized work results in increased production
3. Examine how technology affects the way people live, work, and play
a. Describe how changes in technology have affected the lives of consumers, such as UPC bar codes, and online shopping
b. Describe how changes in technology have affected lives of producers, such as robot-powered assembly lines
B. Economic Systems and the Role of Government in the Economy
1. Describe different types of markets
a. Identify markets that are not face-to-face meetings, such as Internet shopping or catalog shopping
b. Describe how countries around the world trade in the global market
2. Identify goods and services provided by the government and paid for by taxes
a. Classify goods and services according to who produces them, such as the government, business, or both
3. Describe how consumers acquire goods and services
a. Develop a budget indicating income and expenses
b. Develop a plan that shows how money is obtained, such as selling things, getting a gift, and getting allowance


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


Date: 1/27/2015