State Standards - Social Studies

Grade K
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. Describe choices people make because of unlimited economic wants
a. Explain that goods are things that people make or grow
b. Identify situations where people make choices
2. Identify that resources are used to make products
a. Recognize workers as human resources
b. Describe some jobs and what is required to perform them
c. Recognize that natural resources, such as water, trees, and plants are used to make products
3. Explain how technology affects the way people live, work, and play
a. Begin to be aware of technology and how it affects life
B. Economic Systems and the Role of Government in the Economy
1. Identify types of local markets
a. Describe how buyers and sellers make exchanges at the market
3. Describe how goods are acquired
a. Explain that money is one way to acquire goods
b. Explain that trading is another way to acquire goods
c. Recognize that goods have different values


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


Date: 1/27/2015