SS5E1 The student will use the basic economic concepts of trade, opportunity cost,specialization, voluntary exchange, productivity, and price incentives to illustrate historical events.
a.Describe opportunity costs and their relationship to decision making across time (such as decisions to
ration goods during WWII).
b. Explain how price incentives affect people’s behavior and choices (such as decisions to participate in cattle trails because of increased beef prices).
c.Describe how specialization improves standards of living, (such as how specific economies in the north and south developed at the beginning of the 20th century).
d. Explain how voluntary exchange helps both buyers and sellers (
such as how specialization leads to the need to exchange to get wants and needs).
e.Describe how trade promotes economic activity (
such as how the Panama Canal increases trade between countries).
f. Give examples of technological advancements and their impact on business productivity during the continuing development of the United States (such as the development of the personal computer and the internet)
SS5E2 The student will describe the functions of four major sectors in the U. S.economy.
a.Describe the household function in providing resources and consuming goods and services.
b. Describe the private business function in producing goods and services.
SS5E3 The student will describe how consumers and businesses interact in the U. S.economy.
a.Describe how competition, markets, and prices influence people’s behavior.
b.Describe how people earn income by selling their labor to businesses.
The following presentation covers the Georgia Performance Standards in Social Studies in economics. Download the clozed notes to go along with this presentation for students to take notes over the lesson as you present it.