Economics: Grade 3

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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Government Involvement in the Economy

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Taxation

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Specialization

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Trade

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Factors Influencing Wages

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Labor Productivity

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Distribution of Wealth

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Costs and Benefits of Saving

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Interest Rates

6.1.3.A

Define scarcity and identify examples of resources, wants, and needs.

6.1.3.B

Identify needs and wants of people. Identify examples of natural, human, and capital resources.

6.1.3.C

Explain what is given up when making a choice.

6.1.3.D

Identify reasons why people make a choice.

6.2.3.A

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

6.2.3.B

Identify competing sellers in the local market.

6.2.3.C

Identify types of advertising designed to influence personal choice.

6.2.3.D

Define price and how prices vary for products.

6.2.3.E

Describe the effect of local businesses opening and closing.

6.2.3.F

Identify private economic institutions.

6.2.3.G

Identify characteristics of the local economy.

6.3.3.A

Identify goods and services provided by the government.

6.3.3.B

Identify examples of government involvement in local economic activities.

6.3.3.C

Define tax and explain the relationship between taxation and government services.

6.4.3.A

Identify local examples of specialization and division of labor.

6.4.3.B

Identify examples of trade, imports, and exports in the local community.

6.5.3.A

Explain why people work.

6.5.3.B

Identify different occupations.

6.5.3.E

Identify tangible and intangible assets.

6.5.3.G

Define saving and explain why people save.

6.5.3.H