Student identifies the difference between wants and need
Identify classroom wants and needs
Identify choice based on interest
Identify wants and needs
Define scarcity and identify examples of resources, wants and needs.
Recognize the difference between basic needs and wants.
Identify scarcity of resources in Pennsylvania and regions of the US.
Explain how limited resources and unlimited wants cause scarcity
Define economics as an individual
Identify goods, services, consumers, and producers
Identify goods, services, consumers and producers in communities.
Explain the role of producers in making goods and providing services.
Explain ways in which people meet their basic needs and wants.
Explore the use of human and capital resources to influence the production of a specific good (i.e. corn, rice, tobacco)
Economic Systems …
· Mixed economies
Identify different jobs and the purpose of each
Identify ways to earn money
Identify local economic activities
Identify economic characteristics of local economies
Explain the 3 basic questions all economic systems must answer:
- What to produce?
- For whom?
Describe the interaction of consumers and producers of goods and services in the state (colonial) and national (imperial) economy.
The Role of Government
Identify examples of the local, county, state and national government’s involvement in the economy and how taxes are related to government services.
Describe the impact of government involvement in state and national economic activities.
Describe factors that influence government’s economic decision making.
Identify examples of goods and services
Identify products produced outside the United States
Identify examples of trade, imports and exports in the local community
Explain why regions and nations must trade.
Explain the growth of regional and trans-Atlantic trade during the colonial era.