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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 ChoiceNot started yet
  6. The Four Factors of Production: Land, Labor, Capital, EntrepreneurshipNot started yet
  7. Understanding Supply, Demand, and Market PricesYou are here
  8. Incentives and How They Influence Consumer DecisionsNot started yet
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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.