Common Planner
K–12 Standards

Economics: Grade 3

Other Pennsylvania Social Studies sets

Scarcity and Choice

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    Scarcity and Choice

    1. A.

      Define scarcity and identify examples of resources, wants, and needs.6.1.3.A

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    Limited Resources

    1. B.

      Identify needs and wants of people. Identify examples of natural, human, and capital resources.6.1.3.B

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    Opportunity Costs

    1. C.

      Explain what is given up when making a choice.6.1.3.C

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    Incentives and Choice

    1. D.

      Identify reasons why people make a choice.6.1.3.D

Markets and Economic Systems

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    Goods and Services

    1. A.

      Identify goods, services, consumers, and producers in the local community.6.2.3.A

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    Market Competition

    1. B.

      Identify competing sellers in the local market.6.2.3.B

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    Advertising and Media

    1. C.

      Identify types of advertising designed to influence personal choice.6.2.3.C

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    Price Determination

    1. D.

      Demonstrate the importance of money in everyday life.6.2.3.D

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    Economic Health

    1. E.

      Describe the effect of local businesses opening and closing.6.2.3.E

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    Private Economic Institutions

    1. F.

      Identify private economic institutions.6.2.3.F

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    Economic Systems

    1. G.

      Identify characteristics of the local economy.6.2.3.G

Functions of Government

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    Goods and Services

    1. A.

      Identify goods and services provided by the government.6.3.3.A

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    Government Involvement in the Economy

    1. B.

      Identify examples of government involvement in local economic activities.6.3.3.B

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    Taxation

    1. C.

      Define tax and explain the relationship between taxation and government services .6.3.3.C

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    Government's Role in International Trade

    1. D.

      Describe how government is important to the economic system.6.3.3.D

Economic Interdependence

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    Specialization

    1. A.

      Identify local examples of specialization and division of labor.6.4.3.A

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    Trade

    1. B.

      Identify examples of trade, imports, and exports in the local community.6.4.3.B

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    Multinational and Non-Governmental Organizations

    1. C.

      Identify different organizations that are part of the economic system (banks, small businesses, big corporations).6.4.3.C

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    Factors Contributing to Economic Interdependence

    1. D.

      Describe how buyers make choices about their wants and needs through purchases.6.4.3.D

Income, Profit, and Wealth

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    Factors Influencing Wages

    1. A.

      Explain why people work.6.5.3.A

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    Labor Productivity

    1. B.

      Explain the differences in earnings by those in different jobs.6.5.3.B

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    Types of Businesses

    1. C.

      Describe how different businesses meet the needs and wants of families.6.5.3.C

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    Profits and Losses

    1. D.

      Describe the result of spending savings.6.5.3.D

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    Distribution of Wealth

    1. E.

      Identify tangible and intangible assets.6.5.3.E

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    Entrepreneurship

    1. F.

      Define entrepreneurship.6.5.3.F

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    Costs and Benefits of Saving

    1. G.

      Define saving and explain why people save.6.5.3.G

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    Interest Rates

    1. H.

      Identify the role of banks in our local community.6.5.3.H

Frequently asked questions

What grade levels do these standards cover?
Grade 3
When were these standards adopted?
2012
Where can I read the official document?
Academic Standards for Economics (PreK-3)

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