Pennsylvania

6 Economics

• 6.1 Scarcity and Choice

  • Scarcity and Choice

    • 6.1.3.A Define scarcity and identify examples of resources, wants, and needs.

      • What is economics? (3-H.1)
      • Natural resources (3-H.3)

  • Limited Resources

    • 6.1.3.B Identify needs and wants of people. Identify examples of natural, human, and capital resources.

      • Natural resources (3-H.3)

  • Opportunity Costs

    • 6.1.3.C Explain what is given up when making a choice.

      • Opportunity cost (4-R.3)

  • Incentives and Choice

    • 6.1.3.D Identify reasons why people make a choice.

• 6.2 Markets and Economic Systems

  • Goods and Services

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

      • Goods and services (3-H.4)
      • Producers and consumers (3-H.5)

  • Market Competition

    • 6.2.3.B Identify competing sellers in the local market.

  • Advertising and Media

    • 6.2.3.C Identify types of advertising designed to influence personal choice.

  • Price Determination

    • 6.2.3.D Define price and how prices vary for products.

      • Understand overall supply and demand (3-I.2)

  • Economic Health

    • 6.2.3.E Describe the effect of local businesses opening and closing.

  • Private Economic Institutions

    • 6.2.3.F Identify private economic institutions.

      • Banks (4-T.1)

  • Economic Systems

    • 6.2.3.G Identify characteristics of the local economy.

• 6.3 Functions of Government

  • Goods and Services

    • 6.3.3.A Identify goods and services provided by the government.

      • Goods and services (3-H.4)

  • Government Involvement in the Economy

    • 6.3.3.B Identify examples of government involvement in local economic activities.

  • Taxation

    • 6.3.3.C Define tax and explain the relationship between taxation and government services.

  • Government's Role in International Trade

• 6.4 Economic Interdependence

  • Specialization

    • 6.4.3.A Identify local examples of specialization and division of labor.

  • Trade

    • 6.4.3.B Identify examples of trade, imports, and exports in the local community.

• 6.5 Income, Profit, and Wealth

  • Factors Influencing Wages

    • 6.5.3.A Explain why people work.

  • Labor Productivity

    • 6.5.3.B Identify different occupations.

  • Distribution of Wealth

    • 6.5.3.E Identify tangible and intangible assets.

  • Costs and Benefits of Saving

    • 6.5.3.G Define saving and explain why people save.

      • Banks (4-T.1)

  • Interest Rates

    • 6.5.3.H Identify the role of banks in our local community.

      • Banks (4-T.1)