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Standard 4.0 Economics: Students will identify the economic principles and processes that are helpful to producers and consumers when making good decisions.
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A. Scarcity and Economic Decision-making
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1. Describe economic choices people make about goods and services
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a. Identify and discuss goods and services provided in the community
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b. Explain how getting something one wants may mean giving up something in return
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2. Describe the production process
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a. Give examples of natural and human resources used in production, such as making butter, making ice cream, and building houses
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b. Describe the skills people need for their work in the home, school, and community
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3. Explain how technology affects the way people live, work, and play
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a. Describe how tools and products have affected the way people live, work, or play
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B. Economic Systems and the Role of Government in the Economy
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1. Describe types of markets in the community
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a. Explain how markets operate
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b. Identify markets in the local community, such as grocery stores, farmers' markets, toy stores, and fast food restaurants
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3. Describe how goods and services are acquired
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a. Describe how people earn money by working at a job
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b. Compare goods that have different values, such as same item at different stores
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