ECONOMICS
Students will make a connection between the development of early United States and be able to summarize the political, economic and social aspects of colonial life in the thirteen colonies.
5.E.1 Understand how a market economy impacts life in the United States.
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5.E.2 Understand that personal choices result in benefits or consequences.
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Vocabulary
goods - a product that can be used
services - work done for others consumers - acquire and use goods or services producers - make or provide goods or services income - amount of money received from jobs, goods, services, investments budget - the way people decide how to use resources to meet their needs savings - income not spent expense - cost or charge taxes - fees charged by a government on a product, income, or activity specialization - businesses that make one kind of good or offer the same service production - the creation of a good Division of Labor - a process in which a worker or group of workers is assigned a task in order to increase production |
Traditional Economy - an economy in which people do the same kinds of work they have always done
Market Economy - an economic system in which businesses are owned and run by those free to make decisions about production; people work for themselves Command Economy - an economic system in which the government owns all resources and controls business; people work for the government import - bringing a product into a country to be sold export - to send a product to another country to be sold interdependence - relationship between countries whose economies rely on one another for trade supply - the amount of available goods demand - condition that occurs when people want more than businesses can provide scarcity - insufficient amount or supply; shortage trade-off - giving up one thing to gain something else |
Helpful Videos
Barter & Trade |
What is Money |
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types of economies
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