This is a comprehensive unit for 5th grade Social Studies. It could be modified for other grade levels. It is a one week unit reviewing the Economics standards with slides and activities which are differentiated. The standards covered are 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.c. Describe the bank function in providing checking accounts, savings accounts, and loans. d. Describe the government function in taxation and providing certain 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. c. Describe how entrepreneurs take risks to develop new goods and services to start a business. SS5E4 The student will identify the elements of a personal budget and explain why
personal spending and saving decisions are important.