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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Government's Role in International Trade

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Specialization

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Trade

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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

6.1.3.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

Demonstrate the importance of money in everyday life.

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 .

6.3.3.D

Describe how government is important to the economic system.

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.

6.4.3.C

Identify different organizations that are part of the economic system (banks, small businesses, big corporations).

6.4.3.D

Describe how buyers make choices about their wants and needs through purchases.

6.5.3.A

Explain why people work.

6.5.3.B

Explain the differences in earnings by those in different jobs.

6.5.3.C

Describe how different businesses meet the needs and wants of families.

6.5.3.D

Describe the result of spending savings.

6.5.3.E

Identify tangible and intangible assets.

6.5.3.F

Define entrepreneurship.

6.5.3.G

Define saving and explain why people save.

6.5.3.H