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Economics in Our Community: Goods, Wants, and Resources

1st Grade · Social Studies · US-MI-SS

11 lessons

Goal

Examine economic choices, opportunity cost, productive resources, specialization, and trade in a community.

11 lessons
0 of 11 done
  1. Needs vs. Wants in Daily LifeUp next
  2. Families Meet Needs in Different WaysNot started yet
  3. Goods and Services in Our NeighborhoodNot started yet
  4. Producers and Consumers: Who Makes and Who BuysNot started yet
  5. Scarcity: When There Is Not Enough to Go AroundNot started yet
  6. Making Choices and Opportunity CostNot started yet
  7. A Step-by-Step Personal Decision-Making ProcessNot started yet
  8. Natural Resources: Gifts from Nature Used in ProductionNot started yet
  9. Human Resources: The Skills and Work of PeopleNot started yet
  10. Capital Resources: Tools, Machines, and BuildingsNot started yet
  11. Specialization and Interdependence: Why We TradeYou are here
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Learning standards covered

us-mi2 – E1.0.4Michigan Social Studies Standards · 5th Grade

Use examples to show that people cannot produce everything they want (specialization) and depend on trade with others to meet their wants (interdependence).