AI Tutor

Premium Lesson

Upgrade to unlock this lesson, practice questions, and your personal tutor.

This lesson is part of a track

Public learning track

Basic Economics: Choices, Markets, and Decision Making

4th Grade · Social Studies · US-MD-SS

8 lessons

Goal

Understand fundamental economic concepts including scarcity, opportunity cost, factors of production, and how supply and demand shape market prices.

8 lessons
0 of 8 done
  1. Distinguishing Between Economic Needs and WantsUp next
  2. Goods and Services in the Local and National EconomyNot started yet
  3. Producers, Consumers, and the Flow of MoneyNot started yet
  4. Understanding Scarcity and Making Economic ChoicesNot started yet
  5. Opportunity Cost: The Value of the Next Best ChoiceYou are here
  6. The Four Factors of Production: Land, Labor, Capital, EntrepreneurshipNot started yet
  7. Understanding Supply, Demand, and Market PricesNot started yet
  8. Incentives and How They Influence Consumer DecisionsNot started yet
View full track

Learning standards covered

us-md6/7.1.1.cMaryland Social Studies Standards · 4th Grade

Comparing how humans recognize geographic limitations and strengths and create economic, social, political, cultural, and religious structures that connect and divide people across location, region, and the globe.