E1
Michigan Social Studies Standards · 5th Grade
Market Economy
Grade5th Grade
SubjectSocial Studies
Levelstrand
Child standards (25)
- 1 – E1.0.1Distinguish between producers and consumers of goods and services.
- 1 – E1.0.2Describe ways in which families consume goods and services.
- 1 – E1.0.3Using examples, explain why people cannot have everything they want (scarcity) and describe how people respond (choice).
- 1 – E1.0.4Describe reasons why people voluntarily trade.
- 1 – E1.0.5Describe ways in which people earn money.
- 1 – E1.0.6Describe how money simplifies trade.
- 2 – E1.0.1Identify the opportunity cost involved in a consumer decision.
- 2 – E1.0.2Describe how businesses in the local community meet economic wants of consumers.
- 2 – E1.0.3Describe the natural, human, and capital resources needed for production of a good or service in a community.
- 2 – E1.0.4Use examples to show that people cannot produce everything they want (specialization) and depend on trade with others to meet their wants (interdependence).
- 2 – E1.0.5Utilize a decision-making process to analyze the benefits and costs of a personal decision.
- 3 – E1.0.1Using a Michigan example, explain how scarcity, choice, and opportunity cost affect what is produced and consumed.
- 3 – E1.0.2Identify incentives that influence economic decisions people make in Michigan.
- 3 – E1.0.3Analyze how Michigan’s location and natural resources influenced its economic development.
- 3 – E1.0.4Describe how entrepreneurs combine natural, human, and capital resources to produce goods and services in Michigan.
- 3 – E1.0.5Explain the role of entrepreneurship and business development in Michigan’s economic future.
- 4 – E1.0.2Describe characteristics of a market economy.
- 4 – E1.0.3Describe how positive and negative incentives influence behavior in a market economy.
- 4 – E1.0.4Explain how price affects decisions about purchasing goods and services.
- 4 – E1.0.5Explain how specialization and division of labor increase productivity.
- 4 – E1.0.6Explain how competition among buyers results in higher prices, and competition among sellers results in lower prices.
- 4 – E1.0.7Describe the role of money in the exchange of goods and services.
- 4 – E1.0.8List goods and services governments provide in a market economy and explain how these goods and services are funded.
- 4 – E1.01Identify a good or service produced in the United States and apply the three economic questions all economies must address.
- 6 – E1.1.1Explain how incentives and disincentives in the market economy can change the decision-making process.