Economics: Grade 1

Scarcity and Choice

6.2

Markets and Economic Systems

6.3

Functions of Government

6.4

Economic Interdependence

6.5

Income, Profit, and Wealth

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Scarcity and Choice

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Limited Resources

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Opportunity Costs

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Incentives and Choice

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Goods and Services

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Advertising and Media

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Price Determination

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Economic Health

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Economic Systems

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Goods and Services

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Government's Role in International Trade

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Specialization

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Factors Contributing to Economic Interdependence

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Factors Influencing Wages

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Labor Productivity

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Types of Businesses

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Profits and Losses

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Distribution of Wealth

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Entrepreneurship

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Costs and Benefits of Saving

6.1.1.A

Identify scarcity of resources within the family.

6.1.1.B

Identify classroom wants and needs.

6.1.1.C

Identify choice based on needs versus wants.

6.1.1.D

Identify a choice based on classroom interest.

6.2.1.A

Identify goods, consumers, and producers.

6.2.1.C

Identify advertisements that encourage us to buy things based on want rather than need.

6.2.1.D

Explain the role of money in determining price.

6.2.1.E

Identify the impact on a community when a business opens.

6.2.1.G

Define an economic system at the individual level.

6.3.1.A

Identify examples of goods and services.

6.3.1.D

Identify products produced in the United States.

6.4.1.A

Identify specialization of work in the community.

6.4.1.D

Describe how individuals differ in their wants and needs and why people buy and sell things.

6.5.1.A

Identify individuals who work for wages in the community.

6.5.1.B

Identify different jobs and the purpose of each.

6.5.1.C

Identify businesses and their corresponding goods and service.

6.5.1.D

Identify ways to earn money.

6.5.1.E

Describe what tools (tangible assets) are necessary to complete a task.

6.5.1.F

Identify buyers and sellers (people) buy and sell things.

6.5.1.G