School Improvement in Maryland

Using the State Standards: Social Studies, Grade 4

Print:

Economics:

Social Studies:

Standard 4.0 Economics

Students will develop economic reasoning to understand the historical development and current status of economic principles, institutions, and processes needed to be effective citizens, consumers, and workers participating in local communities, the nation, and the world.

Topic

A. Scarcity and Economic Decision-making

Indicator

  • 1. Explain that people must make choices because resources are limited relative to economic wants for goods and services in Maryland, past and present
Objective
  1. Identify opportunity cost of economic decisions made by individuals, businesses, and governments

Indicator

  • 2. Explain how limited economic resources are used to produce goods and services to satisfy economic wants in Maryland
Objective
  1. Describe how scarcity and the availability of economic resources determine what is produced and the effects on consumers

Indicator

  • 3. Explain how technological changes have affected production and consumption in Maryland
Objectives
  1. Describe how changes in technology, such as refrigeration, impacted the lives of consumers
  2. Describe how entrepreneurship inspired technological changes and affected business productivity

Indicator

  • 4. Describe regional economic specialization in Maryland and the ways people live and work
Objectives
  1. Explain how available resources determine which careers are more common in one region such as waterman on the Eastern Shore
  2. Describe how specialization results in the interdependence of people

Topic

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

Indicator

  • 1. Describe the types of economic systems in Maryland
Objectives
  1. Provide examples of tradition in the Maryland economy, such as businesses and skills that are handed down through families
  2. Give examples of the kinds of goods and services produced in Maryland during different historical periods

Indicator

  • 2. Describe the role of government in regulating economic activity and providing goods and services
Objectives
  1. Give examples of how governments' decision making affect economic growth and the ability to provide jobs and provide services
  2. Explain how local and state governments in Maryland provide goods and services and are paid for by taxes
  3. Give examples of government's rules and laws that affect how people in businesses work such as requiring licenses to drive and regulating resources

Indicator

  • 3. Examine the progression from a barter system to a money economy in Colonial America
Objectives
  1. Give examples of barter exchanges of goods and services in Maryland
  2. Give examples of contemporary money exchanges

Date: 1/27/2015