Economic Systems
Unit description: In this unit, students will investigate that people have many economic wants and needs, but limited resources with which to obtain them. Students will define scarcity and the effect it has on families and their choices based on their wants and needs. Students will also investigate how tools, technology, and other resources can be used to meet needs and wants. In addition, students will learn the difference between goods and services and consumers and producers and will learn about earning money for wants and needs.
Standards
- Standard 4- Economics
- Standard 5- Civics, Citizenship and Gov’t
Essential Questions and Big Ideas
Big Idea: Economic needs and wants are fulfilled through goods and services obtained by producers and earnings.
How does scarcity affect the cost of a product?
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- When there are less supplies the cost of products goes up.
How does scarcity affect how my wants and needs are met?
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- When there are less supplies, fewer people can get those supplies to those who can afford them typically get them before those who cannot.
How do goods, services, consumers and producers play a role in my wants and needs?
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- People work to earn money to purchase goods and services.
- People produce (producers) goods and services and people consume (consumers) or use goods and services.
How do people obtain goods and services?
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- People can trade goods and services by offering something of similar values.
- People can purchase goods and services.
Prerequisite Standards
“My Family and Other Families, Now and Long Ago” is organized around the same five units of study that organize kindergarten Social Studies—Individual Development and Cultural Identity; Civic Ideals and Practices; Geography, Humans, and the Environment; Time, Continuity, and Change; and Economic Systems. These units represent five of the unifying themes of social studies, and may be presented in any order.
Download the complete Grade 1 Social Studies Unit 5 framework to customize for your own planning.