Economics: Grade 4

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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Labor Productivity

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Costs and Benefits of Saving

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Interest Rates

6.1.4.A

Identify scarcity of resources in a local community.

6.1.4.B

Recognize the difference between basic needs and wants. Explain the role of producers in making goods and providing services.

6.1.4.C

Illustrate what individuals or organizations give up when making a choice.

6.1.4.D

Explain what influences the choices people make

6.2.4.A

Explain how a product moves from production to consumption.

6.2.4.B

Determine how sellers compete with one another.

6.2.4.C

Differentiate between monetary and non-monetary incentives in advertising.

6.2.4.D

Explain the role of buyers and sellers in determining prices of products.

6.2.4.E

Explain why local businesses open and close.

6.2.4.F

Describe the role of a private economic institution in the local community.

6.2.4.G

Explain the three basic questions all economic systems must answer.<ul><li>What to produce?</li><li>How?</li><li>For whom?</li></ul>

6.3.4.A

Explain how government responds to social needs by providing public goods and services.

6.3.4.B

Describe the impact of government involvement in state and national economic activities.

6.3.4.C

Explore ways in which tax revenues are used in local community.

6.4.4.A

List and explain factors that promote specialization and division of labor.

6.4.4.B

Explain why nations trade.

6.5.4.B

Identify the requirements for different careers and occupations.

6.5.4.G

Compare different ways people save.

6.5.4.H