Evidence of Student Learning:
Social Studies Learning Goals in Economics
Here are social studies learning goals in economics for K-6 expressed in terms that are appropriate for presentation at the designated grade level. This document was prepared by Mary Lynn Reiser (UNO Center) working with elementary teachers in the Omaha Public Schools. The material was compiled and arranged from the National Council on Economic Education curriculum guides, more specifically from the National Council A Framework for Teaching Basic Economics K-12, 1995. Goals are described for the primary grades or for intermediate grades, or more specifically, for
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Suggestions for student evidence of learning are also available for primary grade concepts and for intermediate grade concepts.
If you are the impatient type and you prefer to skip the details, go right to the summary table of concepts.
For the Primary Grades
Kindergarten Key Economic Concepts
Scarcity- The condition of not being able to have all the goods and services that we want.
Choice- What someone must make when faced with two or more alternative uses for a resource, also called an economic choice.
Goods-Objects that can be held or touched that can satisfy people’s wants.
Services- Activities that can satisfy people’s wants.
K04: Identify how families and communities work together to meet their basic needs and wants. ( Knowledge)
First Grade Key Economic Concepts
* Review of Kindergarten Concepts
Opportunity Cost -The next best alternative that must be given up when a choice is made. Not all alternatives, just the next best choice.
Resources-All natural, human and human-made aids to the production of goods and services. Also called productive resources.
Natural Resources-"Gifts of nature" that are present without human intervention (also called land).Barter-The direct trading of goods and services between people without the use of money.
Human Resources-The quantity and quality of human effort directed toward producing goods and services (also called labor).
Capital Resources-Goods made by people and used to produce other goods and services (also called intermediate goods).
105- Describe how the basic process of choice making allows people to satisfy their basic needs and wants. (Comprehension) 106-Recognize characteristics of urban and rural communities depending on their resources. (Knowledge)
Second Grade Key Economic Concepts
* Review of concepts from Kindergarten and First grade
Interdependence- Dependence on others for goods and services; occurs as a result of specialization.
Money- A medium of exchange, a good that can be used to buy other goods and services.
Production/Producers- People who use resources to make goods and services, also called workers.
Consumers-People whose wants are satisfied by using goods and services.
Specialization- The situation in which people produce a narrower range of goods and services than they consume.
207 Identify natural, human, and capital resources ( Knowledge)/TD> 208 Give examples of how to conserve or spend resources. (Application)
Third Grade Key Economic Concepts
* Review of Kindergarten, First, and Second Grade Concepts
Division of Labor -The process whereby workers perform only a single task or very few steps of a major production task, as when working on a assembly line.
Productivity - The ratio of output (goods and services) produced per unit of input (productive resources) over a period of time.
Markets-Any setting where buyers and sellers exchange goods, services, resources, and currencies.
Price- The value of a good or service stated in money terms.
Public Goods - Goods and services that are provides by the government. They often too expensive or not practical to be obtained by individuals.
307 Describe how producers and consumers in the Omaha community are interdependent. (Comprehension) 308 Give examples of local businesses and name the products and/or services they provide. ( Comprehension)
At this point, you may continue on in this document for economic concepts for the intermediate grades, or go to the summary table of economics concepts or to the evidence of learning for primary grades.
For the Intermediate Grades
Fourth Grade Key Economic Concepts
* Review of all the Primary Concepts
Economic Systems -The way a society organizes the production, consumption, and distribution of goods and services.
Market Economy -An economic system where most goods and services are exchanged through private transactions by private households and businesses. Prices are determined by buyers and sellers making exchanges in private markets.
Circular flow - A model of an economy showing the interactions between households and business firms as they exchange goods and services and resources in markets.
Trade/Exchange - Trading goods and services with people for other goods and services or for money. When people exchange voluntarily, they expect to be better off as a result.
408 - Compare and contrast how resources have influenced the development of economic systems in various word regions. (Analysis)
Fifth Grade Key Economic Concepts
* Review of Fourth Grade Concepts
Factors of Production - Resources used by businesses to produce goods and services.
Investment in Capital Resources - Business purchases of new plant and equipment.
Investment in Human Resources - Activities that increase the skills and knowledge of workers.
Trade-offs - Giving up one thing to get some of another.
Demand - A schedule of how much consumers are willing and able to buy at all possible prices during some time period.
Supply - A schedule of how much producers are willing and able to produce and sell at all possible prices during some time period.
Equilibrium Price - The market clearing price at which the quantity demanded by buyers equals the quantity supplied by sellers.
507 - Compare and contrast how resources have influenced the development of economic systems in the United States. (Analysis)
Sixth Grade Key Economic Concepts
* Review of all Primary and Intermediate Concepts
Competition - Techniques used by businesses to gain more customers and to earn higher profits.
Costs of Production - All resources used in producing goods and services, for which owners receive payment.
Profit - The difference between the total revenue and total cost of a business; entrepreneurial income.
Entreprenuership -The human resource that assumes the risk of organizing other productive resources to produce goods and services.
Incentives- Factors that motivate and influence the behavior of households and businesses. Prices, profits, and losses act as incentives for participants to take action in a market economy.
Taxes- Required payments of money made to governments by households and business firms.
Income Taxes - Taxes paid by households and business firms on the income they receive.Unemployment - The situation in which people are willing and able to work at current wages but do not have jobs.
Property Taxes - Taxes paid by households and businesses on land and buildings.
Sales Taxes - Taxes paid on the goods and services people buy.
Shortages- The situation resulting when the quantity demanded exceeds the quantity supplied of a good, service, or resource.
Surpluses -The situation resulting when the quantity supplied exceeds the quantity demanded of a good, service, or resource, usually because the price is for some reason above the equilibrium price in the market.
610 Explain how economic decisions in one region affect other regions. (Analysis) 611 Use economic concepts and current developments and issues in local, national, or global contexts. ( Application)
Interested in looking at the summary table of economics concepts by grade level, or the student learning outcomes associated with the economics concepts in this document?
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