Economics

Grade Level: 6th Grade

Subject: Social Studies 

Time Frame: 4 weeks (January/February)

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Big Understandings

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- investigate the role of consumers within the Western Hemisphere

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Essential Questions

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- how did different societies in the Western Hemisphere define the roles of buyers and sellers in the various markets?
- what role did the distribution of resources play in personal financial decisions?
- what role has competition and wages played in different cultures?
- why is it important to analyze the various levels of a culture before understanding how individuals in that culture would make financial decisions?

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

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- explain the roles of buyers and sellers in product, labor, and financial markets
- describe the role of competition in the determination of prices and wages in a market economy
- explore how consumer spending decisions and demand impact market economies
- analyze how external factors might influence spending decisions for different individuals

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Topics:

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◦ Become familiar with different types of economic systems- market, command, and mixed economies 
◦ Interdependence between economies on a global scale 
◦ Explore how some economies require choices regarding resource distribution and the production of goods 
◦ Effects of specialization of different careers in different areas 
◦ Exploring financial well-being- key factors: saving and investing 
◦ Short and medium term investments 
◦ Importance of an emergency fund 

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Standards

SS.6.3.1