Social Studies Scope and Sequence, Basic Economics

Social Studies Standard VI, Economics

Lesson 600, Basic Economics

Knowing a definition of economics

Understanding basic economic concepts

Understanding the concepts of scarcity, supply and demand, price, utility, and value

Understanding opportunity costs

Understanding the factors in production

Understanding decision making using marginal cost and benefits

Understanding production, distribution, and consumption

Understanding specialization and division of labor

Understanding interdependence


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