K-2Yr2Qrtr3

K-2 Yr 2 Qrtr 3toc

Unit 7: Scarcity
** Year 2 Quarter 3 ** Resources 1. Students recognize that resources are limited, and economic decisions must be made regarding the use of resources.
 * ** Unit 7: Scarcity, Production and Consumption ** ||
 * **Big Ideas:**

2. Students understand what production and consumption are, as well as the concepts of scarcity and market prices. |||| **Essential Questions:** 1. What happens in society as a result of limited resources?

2. What is the difference between goods and services?

3. Explain what production and consumption are? || (k.11) People have many wants and make decisionsto satisfy those wants. These decisions impact others.
 * **Strands and Content Statements** ||||  **Student Expectations**  ||  **Key Concepts & Vocabulary**  ||
 * **__Economics__**

(k.12) Goods are objects that can satisfy people’s wants. Services are actions that can satisfy people’s wants.

(1.11) Wants are unlimited and resources are limited. Therefore, people make choices because people can’t have everything they want.

(1.12) People produce and consume goods and services in the community.

(2.13) Information displayed on bar graphs can be used to compare quantities.

(2.14) Resources can be used in various ways.

(2.15) Most people around the world work in jobs in which they produce specific goods and services. |||| **__Economics__** (k.11) Explain how a decision about an individual wants can impact others.

(k.12) Identify goods and services.

(1.11) Explain how and why people must make economic choices.

(1.12) Demonstrate how people are producers and consumers in the community.

(2.13) Construct a bar graph to compare quantities.

(2.14) Describe various uses for a resource.

(2.15) Explain why most people work in jobs where specific goods and services are produced. || **__Economics__** Wants Decisions Influence Impact Goods - objects Services – activities Resources: limited (scarce), unlimited Production: Produce-producer Consumption: Consume – consumer Work – jobs

Bar graph Quantity data Multiple uses Self-sufficiency Marketplace Specialization ||

Unit 8: Markets
Students recognize why individuals must work and earn income. |||| **Essential Questions:** 1. How is your income related to how many goods and services you can purchase? 2. Demonstrate how the concept of income and spending can be illustrated on a bar graph. ||
 * ** Unit 8: Markets, Financial Literacy ** ||
 * **Big Idea:**
 * **Strands and Content Statements** ||||  **Student Expectations**  ||  **Key Concepts & Vocabulary**  ||
 * **__Economics__**

(1.13) People trade to obtain goods and services they want.

(1.14) Currency is used as a means of economic exchange.

(2.16) People use money to buy and sell goods and services.

(2.17) People earn income by working. |||| **__Economics__**

(1.13) Explain why people trade.

(1.14) Demonstrate the use of currency in an economics exchange by making a real or pretend transaction.

(2.16) Explain how people buy and sell goods and services using money.

(2.17) Explain how people earn income. || **__Economics__**

__Markets:__ Buyers Sellers Trade - exchange Currency Economic exchange – Economic transaction

__Money:__ Forms of money Income Earn/ Spend ||