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State of Ohio Social Studies StandardsEconomics |
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| Grade: K Economics Production, Distribution and Consumption Standard Number: 3. Identify goods and services. Scarcity and Resource Allocation Standard Number: 1. Recognize that people have many wants. Standard Number: 2. Explain how people make decisions in order to satisfy their wants. Grade: Gr. 1 Economics Markets Standard Number: 3. Explain ways that people may obtain goods and services that they do not produce including the use of money and barter. Production, Distribution and Consumption Standard Number: 2. Describe the ways people produce, consume and exchange goods and services in their community. Scarcity and Resource Allocation Standard Number: 1. Explain that wants are unlimited and resources are scarce, thereby forcing individuals to make choices. Grade: Gr. 2 Economics Markets Standard Number: 5. Recognize that money is a generally accepted medium of exchange for goods and services and that different countries use different forms of money. Production, Distribution and Consumption Standard Number: 2. Explain how people are both buyers and sellers of goods and services. Standard Number: 3. Recognize that most people work in jobs in which they produce a few special goods or services. Standard Number: 4. Explain why people in different parts of the world earn a living in a variety of ways. Scarcity and Resource Allocation Standard Number: 1. Explain how resources can be used in various ways (e.g., a bushel of corn could be fed to cows, used to make sweetener or converted to fuel). Grade: Gr. 3 Economics Markets Standard Number: 5. Identify different forms of money used over time, and recognize that money facilitates the purchase of goods, services and resources and enables savings. Standard Number: 6. Explain how the local community is an example of a market where buyers and sellers exchange goods and services. Standard Number: 7. Identify examples of economic competition in the local community. Production, Distribution and Consumption Standard Number: 2. Identify people who purchase goods and services as consumers and people who make goods or provide services as producers. Standard Number: 3. Categorize economic activities as examples of production or consumption. Standard Number: 4. Explain the advantages and disadvantages of specialization and the division of labor to produce items. Scarcity and Resource Allocation Standard Number: 1. Define opportunity cost and give an example of the opportunity cost of a personal decision. Grade: Gr. 4 Economics Markets Standard Number: 4. Explain ways in which individuals and households obtain and use income. Standard Number: 5. Explain why people in Ohio specialize in what they produce and then trade with others, which then increases the amount of goods and services available. Standard Number: 6. Explain why many jobs in Ohio depend on markets in other countries and why Ohio is a market for goods and services from other countries. Production, Distribution and Consumption Standard Number: 3. Explain how entrepreneurs organize productive resources to produce goods and services and that they seek to make profits by taking risks. Scarcity and Resource Allocation Standard Number: 1. Identify the productive resources needed to produce a good or service and suggest opportunity costs for the resources involved. Standard Number: 2. Explain how the availability of productive resources in Ohio promotes specialization in the production of goods and services and leads to trade. Grade: Gr. 5 Economics Markets Standard Number: 4. Explain how regions in North America become interdependent when they specialize in what they produce best and then trade with other regions inside and outside North America to increase the amount and variety of goods and services available. Standard Number: 5. Explain the general relationship between supply, demand and price in a competitive market. Standard Number: 6. Explain why competition among producers/sellers results in lower costs and prices, higher product quality and better customer service. Standard Number: 7. Explain why competition among consumers/buyers results in higher product prices. Production, Distribution and Consumption Standard Number: 3. Explain how education, specialization, capital goods and the division of labor affect productive capacity. Scarcity and Resource Allocation Standard Number: 1. Compare different allocation methods for scarce goods and services such as prices, command, first-come-first-served, sharing equally, rationing and lottery. Standard Number: 2. Explain that individuals in all economies must answer the fundamental economic questions of what to produce, how to produce and for whom to produce. Grade: Gr. 6 Economics Government and the Economy Standard Number: 6. Distinguish between goods and services typically produced by the private sector and the public sector. Markets Standard Number: 3. Explain why trade occurs when individuals, regions and countries specialize in what they can produce at the lowest opportunity cost and how this causes both production and consumption to increase. Standard Number: 4. Identify goods and services that are imported and exported and explain how this trade makes countries interdependent. Standard Number: 5. Describe how supply and demand help to set the market clearing price for goods and services and how prices reflect the relative scarcity of goods and services. Scarcity and Resource Allocation Standard Number: 1. Explain how the availability of productive resources and entrepreneurship affects the production of goods and services in different world regions. Grade: Gr. 7 Economics Markets Standard Number: 2. Describe the growth of cities and the establishment of trade routes in Asia, Africa and Europe; the products and inventions that traveled along these routes (e.g., spices, textiles, paper, precious metals and new crops); and the role of merchants. Scarcity and Resource Allocation Standard Number: 1. Compare the endowment of productive resources in world regions and explain how this endowment contributed to specialization, trade and interdependence in ancient times. Grade: Gr. 8 Economics Government and Economy Standard Number: 4. Explain how lack of power to regulate the economy contributed to the demise of the Articles of Confederation and the creation of United States Constitution. Standard Number: 5. Explain how governmental protection of property rights and regulation of economic activity impacted the development of the United States economy. Markets Standard Number: 2. Discuss how mercantilism and the establishment of colonies led to increased global trading during the 17th and 18th centuries. Standard Number: 3. Explain the purpose and effects of trade barriers such as tariffs enacted before the Civil War. Scarcity and Resource Allocation Standard Number: 1. Explain how the uneven distribution of productive resources influenced historic events such as the Civil War. Grade: Gr. 9 Economics Government and the Economy Standard Number: 4. Analyze the economic costs and benefits of protectionism, tariffs, quotas and blockades on international trade. Markets Standard Number: 1. Describe costs and benefits of trade with regard to a. standard of living b. productive capacity c. usage of productive resources d. infrastructure Standard Number: 2. Grade: Gr. 10 Markets Standard Number: 14. Production, Distribution and Consumption |
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