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Foundations of Economics and How Markets Work

4th Grade · Social Studies · US-MD-SS

8 lessons

Goal

Understand fundamental economic concepts including scarcity, productive resources, and how supply and demand interact to determine market prices.

8 lessons
0 of 8 done
  1. Scarcity: Unlimited Wants and Limited Natural ResourcesUp next
  2. Opportunity Cost: The Value of the Next Best ChoiceNot started yet
  3. Goods Versus Services in the Everyday EconomyNot started yet
  4. The Four Factors of Production: Land, Labor, Capital, EntrepreneurshipNot started yet
  5. Producers, Consumers, and the Circular Flow of MoneyNot started yet
  6. The Law of Supply: How Producers Respond to PricesNot started yet
  7. The Law of Demand: How Consumers Respond to PricesYou are here
  8. Market Equilibrium Price: Shortages and SurplusesNot started yet
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Learning standards covered

us-md6/7.2.1.cMaryland Social Studies Standards · 4th Grade

Evaluating the role of human interactions with the environment in the progression of early complex societies.