Describe examples of Describe examples of Describe consumption Compare and contrast Compare and contrast Explain how scarcity, scarcity within your scarcity within your and production and the private and public saving and financial supply and demand, family and school. school and community. relationship to goods and services. investment. opportunity costs, and services within your income, labor, wages Describe examples of Describe examples of region. Define natural, capital Explain the relationship and other economic concepts opportunity cost within and services within and human resources. between profit and loss concepts affect our your family and school. your school and Demonstrate how in economic decisions. nation’s past, present community. Define economy. people use money to and future. Describe examples of Distinguish natural, buy and sell goods and economic Explain supply and needs and wants within Describe consumers and capital and human services. demand. your family and school. producers and the resources. basic of relationship to goods Demonstrate how and services within your people barter to school and community. exchange goods and services. Knowledge Explain the relationship of income, labor, and wages. Describe a personal Conduct a personal Conduct a public cost- B. cost-benefit situation. cost-benefit analysis. benefit analysis. of the decisions economic Understanding consequences Define taxes and Explain how the explain how taxes are government utilizes C. generated and used. to provide goods and services. taxes their of various and purposes types D.
Describe examples of scarcity within your family and school. Describe examples of opportunity cost within your family and school. Describe examples of needs and wants within your family and school. Describe examples of scarcity within your school and community. Describe examples of and services within your school and community. Describe consumers and producers and the relationship to goods and services within your school and community. Describe consumption and production and the relationship to goods and services within your region. Demonstrate how people use money to buy and sell goods and services. Demonstrate how people barter to exchange goods and services. Explain the relationship of income, labor, and wages. Compare and contrast private and public and services. Define natural, capital and human resources. Define economy. Explain supply and demand. Compare and contrast saving and financial investment. Explain the relationship between profit and loss in economic decisions. Distinguish natural, capital and human resources. Explain how scarcity, supply and demand, opportunity costs, income, labor, wages and other economic concepts affect our nation’s past, present and future. Knowledge of basic economic concepts B. Describe a personal cost-benefit situation. Conduct a personal cost-benefit analysis. Conduct a public cost- benefit analysis. Understanding the consequences of economic decisions C. Define taxes and explain how taxes are generated and used. Explain how the government utilizes to provide goods and services. various types of taxes and their purposes D.
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