State Standard - Social Studies

Grade 4
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.
A. Scarcity and Economic Decision-making
1. Explain that people must make choices because resources are limited relative to economic wants for goods and services in Maryland, past and present
a. Identify opportunity cost of economic decisions made by individuals, businesses, and governments
2. Explain how limited economic resources are used to produce goods and services to satisfy economic wants in Maryland
a. Describe how scarcity and the availability of economic resources determine what is produced and the effects on consumers
3. Explain how technological changes have affected production and consumption in Maryland
a. Describe how changes in technology, such as refrigeration, impacted the lives of consumers
b. Describe how entrepreneurship inspired technological changes and affected business productivity
4. Describe regional economic specialization in Maryland and the ways people live and work
a. Explain how available resources determine which careers are more common in one region such as waterman on the Eastern Shore
b. Describe how specialization results in the interdependence of people
B. Economic Systems and the Role of Government in the Economy
1. Describe the types of economic systems in Maryland
a. Provide examples of tradition in the Maryland economy, such as businesses and skills that are handed down through families
b. Give examples of the kinds of goods and services produced in Maryland during different historical periods
2. Describe the role of government in regulating economic activity and providing goods and services
a. Give examples of how governments' decision making affect economic growth and the ability to provide jobs and provide services
b. Explain how local and state governments in Maryland provide goods and services and are paid for by taxes
c. Give examples of government's rules and laws that affect how people in businesses work such as requiring licenses to drive and regulating resources
3. Examine the progression from a barter system to a money economy in Colonial America
a. Give examples of barter exchanges of goods and services in Maryland
b. Give examples of contemporary money exchanges


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


Date: 1/27/2015