Where can I read the official document?

Academic Standards for Economics Grades K-12

Grades 3 to 5
Other Pennsylvania Economics sets
Kindergarten to Grade 2
Grades 6 to 8
Grades 9 to 12

B
Identify the three basic questions that all economic systems attempt to answer:6.1.3-5.B
1. 1
  What goods and services should be produced?6.1.3-5.B.1
2. 2
  How will goods and services be produced?6.1.3-5.B.2
3. 3
  Who will consume goods and services?6.1.3-5.B.3
C
Define scarcity and how it impacts personal, household, and community decision-making. 6.1.3-5.C
F
Explain the costs and benefits of an economic decision.6.1.3-5.F
G
Define opportunity cost and describe the opportunity cost of a personal choice.6.1.3-5.G
H
Explain how negative and positive incentives affect choices.6.1.3-5.H
I
Define specialization and identify examples of interdependence.6.1.3-5.I
J
Explain why countries trade.6.1.3-5.J
K
Identify and define imports, exports, and international trade.6.1.3-5.K
M
Explain why some products are produced locally while others are not.6.1.3-5.M

A
Describe how consumers purchase goods and services from producers.6.2.3-5.A
B
Identify ways local businesses compete for customers.6.2.3-5.B
C
Define and provide an example of a monopoly.6.2.3-5.C
D
Explain how markets bring together buyers and sellers.6.2.3-5.D
E
Explain how the location of resources and transportation have affected Pennsylvania economic patterns.6.2.3-5.E
H
Describe businesses that provide goods and businesses that provide services.6.2.3-5.H
I
Define profit and loss.6.2.3-5.I
J
Identify historical and contemporary entrepreneurs in Pennsylvania.6.2.3-5.J

A
Define unemployment and inflation.6.3.3-5.A
E
Explain how taxes affect the price of goods and services.6.3.3-5.E
F
Explain how the government pays for goods and services through taxes.6.3.3-5.F
H
Identify unintended consequences of market activities (e.g., pollution, noise, traffic).6.3.3-5.H
I
Distinguish between public and private goods and services.6.3.3-5.I

A
Explain the advantages AND DISADVANTAGES of using money instead of bartering.6.4.3-5.A
B
Explain why most countries create their own form of money.6.4.3-5.B
D
Explain how banks bring savers and borrowers together.6.4.3-5.D

What grade levels do these standards cover?: Grade 3, Grade 4, and Grade 5
Where can I read the official document?: Academic Standards for Economics Grades K-12

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Economics

Pennsylvania