New York State Learning Standards      
 
 



Main Menu

About MPNY
Partners
Training
Resources
Aligned Lessons
More SocStud Elementary Standards
Elementary S1 Elementary S2 Elementary S3 Elementary S4
Elementary S5
Social Studies: Elementary
Standard Four:   Economics
Students will use a variety of intellectual skills to demonstrate their understanding of how the United States and other societies develop economic systems and associated institutions to allocate scarce resources, how major decision-making units function in the United States and other national economies, and how an economy solves the scarcity problem through market and nonmarket mechanisms.
Key Idea The study of economics requires an understanding of major economic concepts and systems, the principles of economic decision making, and the interdependence of economies and economic systems throughout the world.
PI Students know some ways individuals and groups attempt to satisfy their basic needs and wants by utilizing scarce resources.
PI Students explain how people's wants exceed their limited resources and that this condition defines scarcity.
PI Students know that scarcity requires individuals to make choices and that these choices involves costs.
PI Students study about how the availability and distribution of resources is important to a nation's economic growth.
PI Students understand how societies organize their economies to answer three fundamental economic questions: What goods and services shall be produced and in what quantities? How shall goods and services be produced? For who shall goods and services be produced?
PI Students investigate how production, distribution, exchange, and consumption of goods and services are economic decisions, in which all societies and nations must deal.
Key Idea Economics requires the development and application of the skills needed to make informed and well-reasoned economic decisions in daily and national life.
PI Students locate economic information, using cars catalogues, computer databases, indices, and library guides.
PI Students collect economic information from textbooks, stands references, newspapers, periodicals, and other primary and secondary sources.
    PI Students make hypotheses about economic issues and problems, testing, refining, and eliminating hypotheses and developing new ones when necessary.
    PI Students present economic information by developing charts, tables, diagrams, and simple graphs.
    Featured
     

    Lemon Squeeze - The Lemonade Stand

    Have you ever thought about setting up your own lemonade stand on a hot day? Did you hope it would make enough money so that you could have some pocket change or buy something special? Did you do any research on what lemonade brand people liked? Or what would be a good price to charge?

    In this lesson students:

    -Learn what a taste test is.
    -Learn how to take a sample of demand for lemonade.
    -Review Max’s supply schedule for lemonade.
    -Create a supply and demand schedule.
    -Discover where lemons are grown.
    -Discover a great recipe for making refreshing lemonade from scratch.

     

     

     

     

     

     

     

     

     

     

     

     

    		  
     
     
      Copyright ©2005 New York State Teacher Centers and the New York Institute of Technology.  All rights reserved.