Economics-5th Grade

Understand economic systems with an emphasis on the United States. Understand moral aspects of the economic systems of the United States. 

Understand how different economic systems operate in exchange, production, distribution and consumption of goods and services. Understand the moral consequences of how different economic systems operate in exchange, production, distribution and consumption of goods and services. Identify the motivating values that have informed particular societies and how they correlate with Catholic teaching. CSIS7 (7-12 CS) Explain how one’s beliefs about God, about humanity, and about material things, affect one’s actions .CSIS 7 (K-6 CS)      Distinguish the religious dimensions and basic elements of Christian social ethics within historical events. CSIS19 (7& 8)

Understand that scarcity necessitates choices by consumers. Understand that scarcity necessitates consumer choices which have moral implications. Discriminate between what is positive in the world, what needs to be transformed, and what injustices must be overcome. CSDS4 Explain how one’s beliefs about God, about humanity, and about material things, affect one’s actions. CSIS7

Understand that scarcity necessitates choices by producers. Understand that scarcity necessitates producer choices which have moral implications. Explain how one’s beliefs about God, about humanity, and about material things, affect one’s actions. CSIS7      Value and develop a love for the common good and our shared humanity, not just with those around us, but for those who have gone before and those who will come after us. CSDS2 (7-12 CS)

Understanding trade as an exchange of goods or services. Understand moral values behind the understanding of trade as an exchange of goods and services. Explain how one’s beliefs about God, about humanity, and about material things, affect one’s actions. CSIS7        Value one’s own role and dignity as man in God’s plan and creation. CSGS5 (7&8)

Understand the impact of government policies and decisions on production and consumption in the economy. Understand the moral implications of policies and decisions on production and consumption. Explain how one’s beliefs about God, about humanity, and about material things, affect one’s actions. CSIS7 (K-6 CS)       Demonstrate the ways men and societies change and/or persist over time to better understand the human condition. CSIS8 (7&8)

Explain how a market economy answers the three basic economic questions: What to produce? How to produce? For whom to produce?

Identify the productive resources people sell to earn income.

Analyze the relationship between what they learn in school and the skills they need for a job.

Identify human resources in their community and the goods and services they produce.

Discuss the moral obligation of companies and government to treat workers fairly. 

Apply the concept of opportunity cost to choices in the classroom.

Identify factors that affect consumer choices (e.g., prices of goods and services; quality; income; preferences/tastes.

Describe how a large increase or decrease in the price of a good or service would affect how much of that item would be purchased.

Explain why consumers will buy more goods and services at lower prices and fewer at higher prices.

Define prices as what consumers pay when buying goods or services and what sellers receive when selling goods or services.

Describe the obligation to share resources with all of God’s people.

Predict how a large increase or decrease in the price of a good or service will affect how much producers will make and sell of that good or service.

Analyze why producers will produce more goods and services at higher prices and fewer at lower prices.

Identify markets in which there are very few sellers and markets in which there are many sellers.

Identify the characteristics of effective entrepreneurs (e.g., why they are willing to take risks to start new businesses).

Describe the obligation to share resources with all of God’s people.

Explain the benefits of exchanging with the use of money.

Identify the primary functions and services of financial institutions.

Predict how people's lives would be different if they did not trade with others for goods and services they use.

Illustrate how division of labor in a production process can increase productivity.

Explain how division of labor creates interdependence.

Analyze the impact of interdependence on the production process.

Explain the moral obligations involved in the exchange of goods and services.

Identify public goods and services in the community, state, and nation.

Describe the different types of taxes (e.g., income tax, sales tax, and property tax).

Identify how taxes benefit Catholic and private education.