February SS-04-3.1.1 I can explain the nature of Essential Scarcity Students will describe limited resources and Resources scarcity and explain how scarcity. Natural resources scarcity requires people in Human resources Kentucky to make economic I can define and explain Capital resources choices (e.g., use of productive opportunity cost. Opportunity cost resources -natural, human, Profit capital) and incur opportunity I can research and give Loss costs. examples of natural, Wants/needs DOK 2 human and capital Productive resources resources found in (And United States) regions of KY. I can explain how profit motivates people/businesses. February SS-04-3.2.1 I can explain how banks Condensed Loaning money Students will explain how profit help people deal with Saving money motivates scarcity. individuals/businesses to take Banks/financial in producing goods and institutions services. February SS-04-3.3.1 I can describe how Essential Markets Students will give examples of markets enable buyers Profit markets; explain how they and sellers to exchange Consumer function and how the prices of goods and services. Producer goods and services are Supply/demand determined by supply and I can explain how Buyers demand. competition influences Sellers DOK 2 the price of goods and Barter (Less emphasis on services. Competition markets/more on goods and Price of goods
February SS-04-3.1.1 Students will describe scarcity and explain how scarcity requires people in Kentucky to make economic choices (e.g., use of productive resources -natural, human, capital) and incur opportunity costs. DOK 2 (And United States) I can explain the nature of limited resources and scarcity. I can define and explain opportunity cost. I can research and give examples of natural, human and capital resources found in regions of KY. I can explain how profit motivates people/businesses. Essential Scarcity Resources Natural resources Human resources Capital resources Opportunity cost Profit Loss Wants/needs Productive resources February SS-04-3.2.1 Students will explain how profit motivates individuals/businesses to take in producing goods and services. I can explain how banks help people deal with scarcity. Banks/financial institutions Condensed Loaning money Saving money February SS-04-3.3.1 Students will give examples of markets; explain how they function and how the prices of goods and services are determined by supply and demand. DOK 2 (Less emphasis on markets/more on goods and I can describe how markets enable buyers and sellers to exchange goods and services. I can explain how competition influences the price of goods and services. Essential Markets Profit Consumer Producer Supply/demand Buyers Sellers Barter Competition Price of goods
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