Standard set
Economics: Grade 5
Standards
Showing 55 of 55 standards.
6.1
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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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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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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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
6.1.5.A
Explain how limited resources and unlimited wants cause scarcity.
6.1.5.B
Explain ways in which people meet their basic needs and wants. Demonstrate the use of human and capital resources in the production of a specific good.
6.1.5.C
Explain how people's choices have different economic consequences.
6.1.5.D
Demonstrate how availability of resources affects choices.
6.2.5.A
Describe how goods and services are distributed.
6.2.5.B
Identify how pricing influences sellers and consumers.
6.2.5.C
Explain how advertising causes people to change their behavior in predictable ways.
6.2.5.D
Identify factors that cause changes in price.
6.2.5.E
Describe the impact of businesses opening and closing on Pennsylvania economy.
6.2.5.F
Compare and contrast types of private economic institutions.
6.2.5.G
Describe various economic systems.<ul><li>Traditional</li><li>Market</li><li>Command</li></ul>
6.3.5.A
Describe the cost and benefits of government economic programs.
6.3.5.B
Describe factors that influence government's economic decision making.
6.3.5.C
Explore ways in which tax revenue is collected.
6.4.5.A
Explain why people specialize in the production of goods and services and divide labor.
6.4.5.B
Explain the growth in international trade.
6.4.5.C
Explain how and where multinational corporations operate.
6.4.5.D
Identify various economic and non-economic organizations that contribute to interaction among individuals and nations.
6.5.5.A
Describe how the availability of goods and services is made possible by the work of members of the society.
6.5.5.B
Differentiate the requirements for different careers and occupations.
6.5.5.D
Explain how positive and negative incentives affect individual choices.
6.5.5.E
Identify tangible and intangible assets.
6.5.5.F
Define entrepreneurship and its role in the local community.
6.5.5.G
Identify the costs and benefits of saving.
6.5.5.H
Identify the costs and benefits of borrowing.
Framework metadata
- Source document
- Academic Standards for Economics (Elementary) (2009)
- License
- CC BY 3.0 US