Kindergarten through Grade 2 Economics Standards

Economic Systems, Models, and Markets

Decision‐Making and Personal Finance

The National Economy

The Global Economy 

Alaska Economies: State, Local, and Tribal

Describe the skills and knowledge required to produce certain goods and services.

Describe the goods and services that people in the local community produce and those that are produced in other communities.

Identify prices of products in a local market. 

Explain how people earn income.

Describe examples of costs of production.

Describe the role of banks in an economy.

Explain how scarcity necessitates decision‐making.

Identify the benefits and costs of making various personal decisions. 

Explain why people save.

Describe examples of the goods and services that governments provide. 

Describe examples of capital goods and human capital. 

Describe why people in one country trade goods and services with people in other countries.

Describe products that are produced abroad and sold domestically and products that are produced domestically and sold abroad.

Explain different economic systems used by groups of Alaskans locally across time. 

By the end of K: 1 With support, identify examples of goods and services.

By the end of 1: With support, explain the difference between producers and consumers.

By the end of 2: Describe the skills and knowledge required to produce certain goods and services.

By the end of K: Participate in discussions about goods and services in the local community.

By the end of 1: Compare and contrast goods produced in the local community with those produced elsewhere.

By the end of 2: Describe the goods and services that people in the local community produce and those that are produced in other communities.

By the end of K: [standard not addressed at this grade]

By the end of 1: Identify prices of products in a local market.

By the end of 2: Compare the prices of locally produced and non‐locally produced goods in local markets.

By the end of K: Participate in discussions about how people work to support their families.

By the end of 1: Define income.

By the end of 2: Explain how and why people earn money.

By the end of K: [standard not addressed at this grade]

By the end of 1: [standard not addressed at this grade]

By the end of 2: Describe examples of costs of production for local goods and services.

By the end of K: [standard not addressed at this grade] 

By the end of 1: [standard not addressed at this grade]

By the end of 2: Participate in discussions about the role of banks in the local economy.

By the end of K: With support, explain the difference between needs and wants.

By the end of 1: Identify situations where goods are in high or low demand.

By the end of 2: Define scarcity and explain how it affects decision‐ making.

By the end of K: Explain why people have to make choices between needs and wants.

By the end of 1: Explain how and why households make choices between needs and wants.

By the end of 2: Identify the costs and benefits of personal decisions to the community, and vice versa. 

By the end of K: With support, explain why people save and provide examples from personal experience or literature. 

By the end of 1: Examine decisions that people make about spending and saving money.

By the end of 2: Classify savings goals as short‐term or long‐term.

By the end of K: [standard not addressed at this grade]

By the end of 1: With support, describe the difference between public and private providers of goods and services in the local community.

By the end of 2: Identify examples of the goods and services that local governments provide.

By the end of K: [standard not addressed at this grade]

By the end of 1: [standard not addressed at this grade]

By the end of 2: Describe local examples of capital goods and human capital. 

By the end of K: Describe goods that are produced in the local geographic region.

By the end of 1: Explain that people need to trade for resources not found in their geographic region.

By the end of 2: Explain why people in one country trade goods and services with people in other countries.

By the end of K: [standard not addressed at this grade]

By the end of 1: Sort resources into categories based on location of origin.

By the end of 2: Categorize and describe products that are produced abroad and sold domestically and products that are produced domestically and sold abroad.

By the end of K: Demonstrate how sharing and bartering are basic economic systems.

By the end of 1: Identify different ways of acquiring what you need and want in Alaska.

By the end of 2: Explore and be able to explain traditional economic practices of the local region.