State Standards - Social Studies

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Grade 1 Grade 2 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. Standard 4.0 Economics: Students will identify the economic principles and processes that are helpful to producers and consumers when making good decisions. 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 A. Scarcity and Economic Decision-making A. Scarcity and Economic Decision-making
1. Describe economic choices people make about goods and services
1. Explain why people have to make economic choices about goods and services
1. Explain that people must make choices because resources are limited relative to unlimited wants for goods and services
a. Identify and discuss goods and services provided in the community
a. Identify and explain economic choices people make
a. Explain why people must make economic choices
b. Explain how getting something one wants may mean giving up something in return
b. Identify and give examples of the positive and negative aspects of each choice
b. Identify and apply the steps in the decision-making process
  c. Explain that choices have consequences, some of which are more important than others
c. Identify the opportunity cost of a choice or decision
2. Describe the production process
2. Explain the production process
2. Examine the production process
a. Give examples of natural and human resources used in production, such as making butter, making ice cream, and building houses
a. Identify the natural, capital, and human resources used in the production of a good or service
a. Explain how producers make choices because of limited natural, human, and capital resources
b. Describe the skills people need for their work in the home, school, and community
b. Identify examples of specialized workers in the school and community, such as nurses, truck drivers, lawyers, and postal workers
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. Explain how technology affects the way people live, work, and play
3. Examine how technology affects the way people live, work and play
3. Examine how technology affects the way people live, work, and play
a. Describe how tools and products have affected the way people live, work, or play
a. Identify examples of technology used by consumers, such as automobiles, cameras, telephones, microwaves, televisions, and computers
a. Describe how changes in technology have affected the lives of consumers, such as UPC bar codes, and online shopping
  b. Analyze why consumers use technology in their daily lives
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 B. Economic Systems and the Role of Government in the Economy B. Economic Systems and the Role of Government in the Economy
1. Describe types of markets in the community
1. Describe different types of markets
1. Describe different types of markets
a. Explain how markets operate
a. Describe different market situations where buyers and sellers meet to exchange goods and services
a. Identify markets that are not face-to-face meetings, such as Internet shopping or catalog shopping
b. Identify markets in the local community, such as grocery stores, farmers' markets, toy stores, and fast food restaurants
b. Describe how people meet in market communities around the world, such as farmers' markets and door-to-door sales
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 goods and services are acquired
3. Describe how consumers acquire goods and services
3. Describe how consumers acquire goods and services
a. Describe how people earn money by working at a job
a. Identify goods and services provided by businesses
a. Develop a budget indicating income and expenses
b. Compare goods that have different values, such as same item at different stores
b. Identify goods and services provided by government
b. Develop a plan that shows how money is obtained, such as selling things, getting a gift, and getting allowance
  c. Explain different ways to pay for goods and services, such as credit cards, checks, debit cards, and money orders
 
 

 

MSDE has developed a toolkit for these standards which can be found online at: http://mdk12.org/instruction/curriculum/social_studies/vsc_toolkit.html.

 

Date: 1/27/2015