Pennsylvania

6 Economics

• 6.1 Scarcity and Choice

  • Scarcity and Choice

    • 6.1.2.A Identify scarcity of resources within the school community.

      • What is economics? (3-H.1)

  • Limited Resources

    • 6.1.2.B Identify community wants and needs.

      • What is economics? (3-H.1)

  • Opportunity Costs

    • 6.1.2.C Explain how choice has consequences.

      • What is economics? (3-H.1)

  • Incentives and Choice

    • 6.1.2.D Identify a choice based on community interest.

• 6.2 Markets and Economic Systems

  • Goods and Services

    • 6.2.2.A Identify goods, services, consumers, and producers in the local community.

      • Goods and services (2-F.3)
      • Producers and consumers (2-F.4)

  • Market Competition

    • 6.2.2.B Differentiate between markets and competition.

  • Advertising and Media

    • 6.2.2.C Define personal choice as related to buying an item.

  • Price Determination

    • 6.2.2.D Explain how demand for a consumer good impacts price.

      • Understand quantity supplied and quantity demanded (3-I.1)

  • Economic Health

    • 6.2.2.E Identify the impact on a community when a business closes.

  • Private Economic Institutions

    • 6.2.2.F Describe the role of financial institutions as related to consumers' financial needs.

  • Economic Systems

    • 6.2.2.G Identify examples of an economic system.

• 6.3 Functions of Government

  • Goods and Services

    • 6.3.2.A Identify examples of goods and services provided by the private sector.

      • Goods and services (2-F.3)

  • Taxation

    • 6.3.2.C Define taxes and who pays them.

  • Government's Role in International Trade

    • 6.3.2.D Identify products produced outside the United States.

• 6.4 Economic Interdependence

  • Specialization

    • 6.4.2.A Identify local examples of specialization of work.

  • Multinational and Non-Governmental Organizations

    • 6.4.2.C Identify products that come from many different countries.

  • Factors Contributing to Economic Interdependence

    • 6.4.2.D Identify buyers and sellers and how their wants and needs are addressed.

      • Producers and consumers (2-F.4)

• 6.5 Income, Profit, and Wealth

  • Skills covering this topic are not currently available on IXL.