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Wants, Needs, Scarcity, and Opportunity Cost
Distinguish between wants and needs and explain how scarcity forces individuals and societies to make economic trade-offs.
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Economics, Resources, and Wisconsin Industries
4th Grade · Social-studies · US-WI-SS
9 lessons
Goal
Apply foundational economic principles of goods, services, supply, demand, trade, and specialization to regional and Wisconsin industries.
9 lessons
0 of 9 done
- Wants, Needs, Scarcity, and Opportunity CostYou are here
- 2Producers, Consumers, Goods, and ServicesPremiumUp next
- 3How Supply and Demand Affect Market PricesNot started yet
- 4Natural, Human, and Capital Resources in ProductionNot started yet
- 5America's Dairyland: Wisconsin's Dairy and Agricultural IndustryNot started yet
- 6Forestry, Paper Mills, and Manufacturing in WisconsinNot started yet
- 7Specialization, Interdependence, and International TradeNot started yet
- 8Money, Saving, Spending, and Budgeting SkillsNot started yet
- 9How Economic Changes Affect Our Local CommunitiesNot started yet
Learning standards covered
SS.Hist3Wisconsin Social Studies Standards · 4th GradeWisconsin students will connect past events, people, and ideas to the present; use different perspectives to draw conclusions; and suggest current implications.
SS.Hist3.a.eWisconsin Social Studies Standards · 4th GradeDescribe a person or event from the past that reflects your own life in some way.