3 Describe how 3 Identify how people 3 Describe how 3 Explain the impact of education, skills, and earn income by selling investment in physical government career choices affect their labor to capital (e.g., factories, investment in physical income. businesses or machinery, new capital (e.g., NASA, governments. technology) leads to transportation) economic growth. 4 Discuss how profit is 4 Describe ways in 4 Describe the role of 4 Describe how income an incentive to which entrepreneurs entrepreneurs (e.g., for most people is entrepreneurs. take risks to develop Carnegie, Ford, determined by the new goods and Rockefeller, J. P. value of the goods services. Morgan, Vanderbilt) in and services they sell. the free enterprise system. Strand 5: Economics The goal of the economics strand is to enable students to make reasoned judgments about both personal economic questions and broader questions of economic policy. Students will develop an economic way of thinking and problem solving to understand and apply basic economic principles to decisions they will make as consumers, members of the workforce, citizens, voters, and participants in a global marketplace. This will prepare students to weigh both short-term and long-term effects of decisions as well as possible unintended consequences. The study of economics explains historical developments and patterns, the results of trade, and the distribution of income and wealth in local, regional, national, and world economies. Students will be able to analyze current issue s and public policies and to understand the complex relationships among economic, political, and cultural systems. Concept 2: Microeconomics continued Microeconomics examines the and benefits of economic choices relating to individuals, markets and industries, and governmental policies. 4 Grade 5 Grade 6 Grade 7 Grade 8 Performance Objectives: Performance Objectives: Performance Objectives: Performance Objectives: Performance Objectives: 5 Describe risks that 5 Describe the function 5 Describe the function 5 Describe the impact are taken by of private business in of private business in of entrepreneurs entrepreneurs. producing goods and producing and (e.g., Bill Gates, services. services. Martha Stewart, Oprah Winfrey, Ted
3 Describe how education, skills, and career choices affect income. 3 Identify how people earn income by selling their labor to businesses or governments. 3 Describe how investment in physical capital (e.g., factories, machinery, new technology) leads to economic growth. 3 Explain the impact of government investment in physical capital (e.g., NASA, transportation) 4 Discuss how profit is an incentive to entrepreneurs. 4 Describe ways in which entrepreneurs take risks to develop new goods and services. 4 Describe the role of entrepreneurs (e.g., Carnegie, Ford, Rockefeller, J. P. Morgan, Vanderbilt) in the free enterprise system. 4 Describe how income for most people is determined by the value of the goods and services they sell. Strand 5: Economics The goal of the economics strand is to enable students to make reasoned judgments about both personal economic questions and broader questions of economic policy. Students will develop an economic way of thinking and problem solving to understand and apply basic economic principles to decisions they will make as consumers, members of the workforce, citizens, voters, and participants in a global marketplace. This will prepare students to weigh both short-term and long-term effects of decisions as well as possible unintended consequences. The study of economics explains historical developments and patterns, the results of trade, and the distribution of income and wealth in local, regional, national, and world economies. Students will be able to analyze current issue s and public policies and to understand the complex relationships among economic, political, and cultural systems. Concept 2: Microeconomics continued Microeconomics examines the and benefits of economic choices relating to individuals, markets and industries, and governmental policies. 4 Grade 5 Grade 6 Grade 7 Grade 8 Performance Objectives: Performance Objectives: Performance Objectives: Performance Objectives: Performance Objectives: 5 Describe risks that are taken by entrepreneurs. 5 Describe the function of private business in producing goods and services. 5 Describe the function of private business in producing and services. 5 Describe the impact of entrepreneurs (e.g., Bill Gates, Martha Stewart, Oprah Winfrey, Ted