SS.Econ1
Wisconsin Social Studies Standards · 4th Grade
Wisconsin students use economic reasoning to understand issues.
Child standards (8)
- SS.Econ1.a.1Differentiate between a “want” and a “need”. Describe resources that are important or useful to you, your family, community, and country.
- SS.Econ1.a.3Use economic reasoning to compare and contrast the costs and benefits of a decision. Categorize different limited resources (e.g., money, materials, time, labor or workers, land, natural resources, renewable or non-renewable).
- SS.Econ1.a.hPerform a cost–benefit analysis on a real-world situation, using economic thinking to describe the marginal costs and benefits of a particular decision.
- SS.Econ1.a.mPredict the opportunity costs of various decisions and explain why the opportunity cost might differ from person to person or in different situations. Assess how limited resources (e.g., money, land, natural resources, workers, time) impact the choices of individuals, households, communities, businesses, and countries.
- SS.Econ1.b.2Predict a person’s change in behavior in response to different potential rewards.
- SS.Econ1.b.4Infer potential incentives in a real-world situation.
- SS.Econ1.b.hEvaluate how incentives determine what is produced and distributed in a competitive market system.
- SS.Econ1.b.mEvaluate how incentives impact individual and/or household decision making.