Economics
K
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2
3
4
6.1 Scarcity and Choice
Scarcity and
Choice
Identify scarcity of
resources within the
family.
Identify scarcity of
resources within the
school community.
Identify scarcity of resources Identify how scarcity
in a local community.
influences choice.
Identify family wants
Limited Resources and needs.
Identify choices to meet
Opportunity Costs needs.
Identify classroom wants
and needs.
Identify choice based on
needs versus wants.
Incentives and
Choice
Identify a choice based on Explain a choice based on
classroom interest.
community interests.
Identify a choice based
on family interest.
Christian
Perspective on
Identify the four basic
Limited Resources needs of all humans.
6.2 Markets and Economic Systems
Identify community wants
and needs.
Explain how choice has
consequences.
Identify reasons why people Explain what influences the
make a choice.
choices people make
Explain why we can't have
everything we want if it
Identify opportunities to
means others don't have share limited resources to
Explain that what we own
does not bring us happiness. their needs met.
help meet others' needs.
Identify goods, services,
consumers and producers
in the local community.
Identify goods and
consumers.
Identify goods,
consumers, and
producers.
Market
Competition
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K
Identify needs and wants of
people. Identify examples of
natural, human, and capital
resources.
Describe why it is
important to not waste
things, but to use
everything carefully.
Goods and
Services
Economics
Recognize the difference
between basic needs and
wants. Explain the role of
producers in making goods
and providing services.
Explain what is given up
when making a choice.
Identify scarcity and identify
examples of resources,
wants, and needs.
1
2
Compare the goods,
services, consumers and
producers in different
communities.
Explain how a product
moves from production to
consumption.
Identify competing sellers in Determine how sellers
the local market.
compete with one another.
3
4
Advertising and
Media
Price
Determination
Economic Health
Identify advertisements
Identify advertisements that encourage us to buy
that encourage us to buy things based on want
things.
rather than need.
Identify currency and
how it is used.
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Private Economic Intentionally left
Institutions
blank.
Define personal choice as
related to buying an item.
Differentiate between
Identify types of advertising monetary and nondesigned to influence
monetary incentives in
personal choice.
advertising.
Explain how the higher the
Explain the role of buyers
value of the product is
Explain how demand for a
Define price and how prices and sellers in determining
then the higher the price. consumer good impacts price. vary for products.
prices of products.
Identify the impact on a
community when a
business opens.
Identify the impact on a
community when a business
closes.
Describe the effect of local
businesses opening and
closing on the community
and consumers.
Explain why businesses open
and close.
Describe the role of financial
Describe the role of a
institutions as related to
Identify businesses that
business in the local
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Explain the three basic
questions all economic
systems must answer: What
Define an economic system at Identify characteristics of
to produce, how, and for
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the individual level.
the local economy.
whom?
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Economic Systems blank.
Know that people are
Explain how choices we
Explain how an individual may Give an example of how
more important than Know that all life has God make a sacrifice for the
work can cause someone to make can improve life for
given value.
common good.
feel worthwhile.
Social Justice
things.
the poor.
6.3 Functions of Government
Goods and
Services
Economics
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K
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1
Identify examples of goods
Identify goods and services
and services provided by the provided by the
private sector.
government.
2
3
Explain how government
responds to social needs by
providing public goods and
services.
4
Government
Involvement in
the Economy
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Taxation
Government's
Role in
Identify products
International
produced in the region
or state.
Trade
6.4 Economic Interdependence
Specialization
Give examples of how
jobs are divided up
within the family.
Trade
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Factors
Contributing to
Economic
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6.5 Income, Profit, and Wealth
Describe the impact of
government involvement in
economic activities.
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Identify examples of
government involvement in
local economic activities.
Define tax and explain the
relationship between
taxation & government
services.
Identify products
produced in the United
States.
Identify products produced
outside the United States.
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Give examples of how
work is divided among
people working at the
school.
Give examples of how people
in the community specialize in Identify local examples of
their work.
division of labor.
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Define taxes and who pays
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Identify individuals who Identify individuals who
Factors
volunteer in the
work for wages in the
community.
Influencing Wages community.
K
1
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List factors that promote
specialization and division of
labor.
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Identify examples of trade,
imports, and exports in the
local community.
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State reasons why people
go outside of their
geographical region to
buy and sell.
Explain how money earned by
individuals is used to meet
needs and wants.
Explain why people work.
2
Explore ways in which tax
revenues are used in local
community.
3
Compare the job market
and wages within the
regions of the U.S.
4
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Labor Productivity blank.
Types of
Businesses
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Draft 03/06/15
Identify different
occupations found in
different regions of the
world.
Identify the requirements
for different jobs and
occupations.
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Identify businesses and their
corresponding goods and
services.
List different jobs within a
business. Know the basic
role of a business owner.
Identify different managerial
roles within a business.
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Explain the need to save
money.
Identify how saving for a
purchase occurs over time.
Define saving and explain
why people save.
Identify different ways
people save.
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Describe why people save
money in the local bank.
Identify the role of banks in Examine the basic operation
our local community.
of the banking system.
Costs and Benefits
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of Saving
Interest Rates
Give examples of how people
work together in the
community to create a
product, service, or event.
Define profit and loss from a
Identify ways to earn money. business perspective.
List factors that would cause
Explain why some jobs pay
one job to pay more than
more than other jobs.
another job.
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Distribution of
Wealth
Preferential
Option for the
Poor
Identify different jobs in
the community and the
purpose of each.
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Explain how price effects
profit and loss.
Identify tangible and
intangible assets.