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Elementary K-4 Ideas
Standard 1 K-4 Standard 2 Standard 3 Standard 4 Standard 5

Standard 4:  Economics  Elementary  Grades K-4

Students will use a variety of intellectual skills to demonstrate their understanding of how the United States and other societies develop economic systems and associated institutions to allocate scarce resources, how major decision-making units function in the U.S. and other national economies, and how an economy solves the scarcity problem through market and nonmarket mechanisms.

Key Idea 1:  The study of economics requires an understanding of major economic concepts and systems, the principles of economic decision making, and the interdependence of economies and economic systems throughout the world.
Performance Indicators:  This is evident when students 

·          know some ways individuals and groups attempt to satisfy their basic needs and wants by utilizing scarce resources

·          explain how people’s wants exceed their limited resources and that this condition defines scarcity

·          know that scarcity requires individuals to make choices and that these choices involve costs

·          study about how the availability and distribution of resources is important to a nation’s economic growth

·          understand how societies organize their economies to answer three fundamental economic questions: What goods and services shall be produced and in what quantities ? How shall goods and services be produced? For whom shall goods and services be produced?

·          investigate how production, distribution, exchange, and consumption of goods and services are economic decisions with which all societies and nations must deal

Key Idea 2:  Economics requires the development and application of the skills needed to make informed and well-reasoned economic decisions in daily and national life.
Performance Indicators:  This is evident when students

·          locate economic information, using card catalogues, computer databases, indices, and library guides

·          collect economic information from textbooks, standard references, newspapers, periodicals, and other primary and secondary sources

·          make hypotheses about economic issues and problems, testing, refining, and eliminating hypotheses and developing new ones when necessary

·          present economic information by developing charts, tables, diagrams, and simple graphs