Connect with: Strand 1 Concept 3 Strand 2 Concept 5 Strand 4 Concept 2, 4 2 Identify that 2 Describe how 2 Determine how 2 Analyze how scarcity, 2 Analyze how scarcity, specialization specialization (e.g., scarcity, opportunity opportunity costs, and opportunity costs, and improves standards division of costs, and trade-offs trade-offs influence trade-offs influence of living (e.g., medical improved standards of influence decision-making. decision-making. care, home building, living in the three agriculture). colonial regions and the Pre-Civil War North and South. Connect with: Strand 1 Concept 6 3 Give examples of how 3 Identify how voluntary 3 Explain why 3 Identify how 3 Analyze how voluntary exchanges exchange both specialization improves governments and individuals, of goods and services buyers and sellers as standards of living. businesses make governments and can be mutually in colonial trade in choices based on the businesses make beneficial (e.g., ice North America. Connect with: availability of choices on the cream vendor Strand 2 Concept 2 resources. availability of receives money, child Connect with: resources. receives ice cream; Strand 1 Concept 3 doctor receives Strand 2 Concept 5 monetary benefit, patient receives care). Strand 5: Economics
Connect with: Strand 1 Concept 3 Strand 2 Concept 5 Strand 4 Concept 2, 4 2 Identify that specialization improves standards of living (e.g., medical care, home building, agriculture). 2 Describe how specialization (e.g., division of improved standards of living in the three colonial regions and the Pre-Civil War North and South. Connect with: Strand 1 Concept 6 2 Determine how scarcity, opportunity costs, and trade-offs influence 2 Analyze how scarcity, opportunity costs, and trade-offs influence decision-making. 2 Analyze how scarcity, opportunity costs, and trade-offs influence decision-making. 3 Give examples of how voluntary exchanges of goods and services can be mutually beneficial (e.g., ice cream vendor receives money, child receives ice cream; doctor receives monetary benefit, patient receives care). 3 Identify how voluntary exchange both buyers and sellers as in colonial trade in North America. Connect with: Strand 1 Concept 3 Strand 2 Concept 5 3 Explain why specialization improves standards of living. Connect with: Strand 2 Concept 2 3 Identify how governments and businesses make choices based on the availability of resources. 3 Analyze how individuals, governments and businesses make choices on the availability of resources. Strand 5: Economics
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