Economics

Grade Level: 4th Grade

Subject: Social Studies 

Time Frame: 4 weeks (October/November)

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Big Understandings

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- people respond to positive and negative incentives
- determine the opportunity cost when making a choice

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Essential Questions

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- why are different goods and services important at different times in Colorado's history?
- how have science and technology changed the economy of Colorado?
- how have natural, human, and capital resources had both positive and negative impacts on the development of Colorado?
- how can you explain why people or communities make the decisions that they do?
- what different ways does an individual have to get information when deciding between purchase options?
- how do you know when a good decision has been made about a purchase?
- how do you know when a bad decision has been made about a purchase?

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By the end of the unit, students will be able to:

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- define positive and negative economic incentives and describe how people typically respond when given positive or negative incentives
- in a given situation, create a plan of appropriate incentives to achieve a desired result (offering a prize to the person who picks up the most trash on the playground)
- give examples of the kinds of goods and services produced in Colorado in different historical periods and their connection to economic incentives
- Explain how productive resources (natural, human, and capital) have influenced the types of goods produced and services provided in Colorado
- define choice and opportunity cost
- determine the relationship between long-term goals and opportunity cost
- analyze scenarios of choices including opportunity cost (how to spend allowance money or purchase school supplies)

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Topics:

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- positive and negative incentives 
- relationship between resources and types of goods and services provided in Colorado
- choice
- opportunity cost
- creating financial long-term goals

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Standards

SS.4.3.1
SS.4.3.2