Economics: Grade 2

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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Market Competition

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Advertising and Media

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Price Determination

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Economic Health

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Private Economic Institutions

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Economic Systems

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Goods and Services

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Taxation

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Government's Role in International Trade

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Specialization

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Multinational and Non-Governmental Organizations

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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

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Interest Rates

6.1.2.A

Identify scarcity of resources within the school community.

6.1.2.B

Identify community wants and needs.

6.1.2.C

Explain how choice has consequences.

6.1.2.D

Identify a choice based on community interest.

6.2.2.A

Identify goods, services , consumers, and producers in the local community.

6.2.2.B

Differentiate between markets and competition

6.2.2.C

Define personal choice as related to buying an item.

6.2.2.D

Explain how demand for a consumer good impacts price.

6.2.2.E

Identify the impact on a community when a business closes.

6.2.2.F

Describe the role of financial institutions as related to consumers' financial needs.

6.2.2.G

Identify examples of an economic system.

6.3.2.A

Identify examples of goods and services provided by the private sector.

6.3.2.C

Define taxes and who pays them.

6.3.2.D

Identify products produced outside the United States.

6.4.2.A

Identify local examples of specialization of work.

6.4.72C

Identify products that come from many different countries.

6.4.2.D

Identify buyers and sellers and how their wants and needs are addressed.

6.5.2.A

Explain how money earned by individuals is used to meet needs and wants.

6.5.2.B

Different how different job skills impact earnings.

6.5.2.C

Describe the roles of local businesses.

6.5.2.D

Describe money saving behaviors.

6.5.2.E

Describe the qualities that may be necessary to complete a task.

6.5.2.F

Explain the responsibilities of a business owner.

6.5.2.G

Identify how saving for a purchase occurs over time.

6.5.2.H