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Foundations of Economics and Markets

5th Grade · Social Studies · US-WY-SS

8 lessons

Goal

Understand fundamental economic concepts including scarcity, choice, factors of production, incentives, and how supply and demand determine prices.

8 lessons
0 of 8 done
  1. How Scarcity Forces Us to Make ChoicesUp next
  2. Understanding Needs vs. WantsNot started yet
  3. Opportunity Cost: The Cost of the Next Best ChoiceNot started yet
  4. Goods and Services: Producers and ConsumersNot started yet
  5. Factors of Production: Land, Labor, Capital, EntrepreneurshipNot started yet
  6. How Incentives Affect Economic DecisionsNot started yet
  7. Using Supply and Demand to Explain EventsYou are here
  8. How Prices Are Determined in a MarketNot started yet
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Learning standards covered

us-wyContent Standard 3Wyoming Social Studies Standards · 5th Grade

Production, Distribution, and Consumption - Students describe the influence of economic factors on societies and make decisions based on economic principles.