Strand 5: Economics, The Social Studies Standard as of May 22, 2006
State of Arizona, Standards and Assessment Division
Concept 1: Foundations of Economics
The foundations of economics are the application of basic economic concepts and decision-making skills. This includes scarcity and the different methods of allocation of goods and services.
Concept 1 Performance Objectives for the 3rd Grade
PO 1. Identify how scarcity requires people to make choices due to their unlimited wants and needs.
PO 2. Identify opportunity costs in personal decision-making situations.
PO 3. Identify goods and services (e.g., fire and police protection, immunizations, library) provided by local government.
PO 4. Give examples of trade in the local community (e.g., farmers supply the grocer).
PO 5. Discuss reasons (e.g., labor, raw materials, energy resources) why some goods are made locally and some are made in other parts of the United States and world.
PO 6. Discuss how producers use natural, human, and capital resources to create goods and services.
Concept 2: Microeconomics
Microeconomics examines the costs and benefits of economic choices relating to individuals, markets and industries, and governmental policies.
Concept 2 Performance Objectives for the 3rd Grade
PO 1. Discuss different ways individuals can earn money.
Concept 5: Personal Finance
Decision making skills foster a personís individual standard of living. Using information wisely leads to better informed decisions as consumers, workers, investors and effective participants in society.
Concept 5 Performance Objectives for the 3rd Grade
PO 1. Discuss costs and benefits of personal spending and saving choices.