Standard set
Economics: Grade 6
Standards
Showing 57 of 57 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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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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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
6.1.6.A
Explain how limited resources and unlimited wants cause scarcity.
6.1.6.B
Compare ways that people meet their needs with how they meet their wants. Describe how resources are combined to produce different goods and services.
6.1.6.C
Define opportunity cost and describe the opportunity cost of personal choice.
6.1.6.D
Identify incentives that affect personal choices.
6.2.6.A
Describe the interaction of consumers and producers of goods and services in the state and national economy.
6.2.6.B
Explain why and how market competition takes place.
6.2.6.C
Explain how advertising influences economic decisions.
6.2.6.D
Describe how prices influence both buyers and sellers and explain why prices may vary for similar products.
6.2.6.E
Explain the causes and effects of expansion and contraction of businesses.
6.2.6.F
Explain the influence of private economic institutions on the local and state economy.
6.2.6.G
Examine how various economic systems address the three basic questions.<ul><li>What to produce?</li><li>How?</li><li>For whom?</li></ul>
6.3.6.A
Examine government's role in providing public goods and services.
6.3.6.B
Describe the impact of government involvement in state and national economic activities.
6.3.6.C
Explain the cost and benefits of taxation.
6.3.6.D
Explain the benefits of international trade.
6.4.6.A
Explain why people specialize in the production of goods and services and divide labor.
6.4.6.B
Explain how trade affects standards of living.
6.4.6.C
Explain how multinational corporations contribute to economic interdependence.
6.4.6.D
Explain how transportation, communication networks, and technology contribute to economic interdependence.
6.5.6.A
Describe how the availability of goods and services is made possible by the work of members of the society.
6.5.6.B
Explain the concept of labor productivity.
6.5.6.D
Explain how profits and losses serve as incentives.
6.5.6.E
Describe how people accumulate tangible and intangible assets.
6.5.6.F
Explain the role of the entrepreneur in Pennsylvania.
6.5.6.G
Identify the costs and benefits of saving.
6.5.6.H
Explain the differences between interest rates for saving and borrowing.
Framework metadata
- Source document
- Academic Standards for Economics (Elementary) (2009)
- License
- CC BY 3.0 US