Social Studies:
Elementary
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Standard 4:
Economics
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 United States and other national economies, and how an economy solves the scarcity problem through market and nonmarket mechanisms.
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Key Idea
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Economics requires the development and application of the skills needed to make informed and well-reasoned economic decisions in daily and national life.
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PI |
Students collect economic information from textbooks, standard references, newspapers, periodicals, and other primary and secondary sources.
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Students make hypotheses about economic issues and problems, testing, refining, and eliminating hypotheses and developing new ones when necessary.
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Students present economic information by developing charts, tables, diagrams, and simple graphs.
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PI |
Students locate economic information, using card catalogues, computer databases, indices, and library guides.
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Key Idea
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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.
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PI |
Students know that scarcity requires individuals to make choices and that these choices involve costs.
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PI |
Students explain how people's wants exceed their limited resources and that this condition defines scarcity.
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Students know some ways individuals and groups attempt to satisfy their basic needs and wants by utilizing scarce resources.
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PI |
Students investigate how production, distribution, exchange, and consumption of goods and services are economic decisions with which all societies and nations must deal.
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Students 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?.
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PI |
Students study about how the availability and distribution of resources is important to a nation's economic growth.
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