Students will identify basic economic concepts.
Example Indicators:
- Recognize the difference between basic needs and wants, e.g. food, clothing, shelter, and affection.
- Explain differences between buyers and sellers/goods and services.
Social Studies 4.8
Students will describe characteristics of a market economic system and the interactions of consumers and producers.
Example Indicators:
- Describe the concepts of scarcity, choice, and the use of limited natural, capital, and human resources in an economic system.
- Explain the specialization and interdependence of producers and consumers involved in producing goods and services.
- Demonstrate how markets and prices help consumers buy and producers supply products and services in an economic system.
- Identify how changing modes of transportation and communication by entrepreneurs have changed the economic system of the United States and Nebraska.
- Explain the purpose of taxes and their use and collection in an economic system.
Social Studies 4.9
Students will demonstrate an understanding of money and the financial system used in the United States.
Example Indicators:
- Identify the concepts of earning, saving, spending, and checking accounts and credit used by financial institutions and consumers.
- Describe the functions of money in an economic system.
