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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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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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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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A. Scarcity and Economic Decision-making
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A. Scarcity and Economic Decision-making
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1. Describe choices people make because of unlimited economic wants
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1. Describe economic choices people make about goods and services
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1. Explain why people have to make economic choices about goods and services
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a. Explain that goods are things that people make or grow
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a. Identify and discuss goods and services provided in the community
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a. Identify and explain economic choices people make
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b. Identify situations where people make choices
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b. Explain how getting something one wants may mean giving up something in return
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b. Identify and give examples of the positive and negative aspects of each choice
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c. Explain that choices have consequences, some of which are more important than others
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2. Identify that resources are used to make products
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2. Describe the production process
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2. Explain the production process
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a. Recognize workers as human resources
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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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a. Identify the natural, capital, and human resources used in the production of a good or service
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b. Describe some jobs and what is required to perform them
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b. Describe the skills people need for their work in the home, school, and community
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b. Identify examples of specialized workers in the school and community, such as nurses, truck drivers, lawyers, and postal workers
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c. Recognize that natural resources, such as water, trees, and plants are used to make products
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3. Explain how technology affects the way people live, work, and play
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3. Explain how technology affects the way people live, work, and play
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3. Examine how technology affects the way people live, work and play
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a. Begin to be aware of technology and how it affects life
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a. Describe how tools and products have affected the way people live, work, or play
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a. Identify examples of technology used by consumers, such as automobiles, cameras, telephones, microwaves, televisions, and computers
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b. Analyze why consumers use technology in their daily lives
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B. Economic Systems and the Role of Government in the Economy
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B. Economic Systems and the Role of Government in the Economy
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B. Economic Systems and the Role of Government in the Economy
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1. Identify types of local markets
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1. Describe types of markets in the community
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1. Describe different types of markets
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a. Describe how buyers and sellers make exchanges at the market
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a. Explain how markets operate
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a. Describe different market situations where buyers and sellers meet to exchange goods and services
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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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b. Describe how people meet in market communities around the world, such as farmers' markets and door-to-door sales
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3. Describe how goods are acquired
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3. Describe how goods and services are acquired
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3. Describe how consumers acquire goods and services
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a. Explain that money is one way to acquire goods
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a. Describe how people earn money by working at a job
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a. Identify goods and services provided by businesses
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b. Explain that trading is another way to acquire goods
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b. Compare goods that have different values, such as same item at different stores
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b. Identify goods and services provided by government
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c. Recognize that goods have different values
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c. Explain different ways to pay for goods and services, such as credit cards, checks, debit cards, and money orders
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