Social Studies
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how many core principals are there
6
first core priniple
people choose
people choose
recources are limited, and people always want more of what they can get
good
object that satifies peoples wants (handbag)
service
an action that satrisfies peoples wants (shopiing for a handbag)
second core principal
peoples choices involve cost
oppertunity cost
what you give up when you make a cost (buy a handbag, feel great about buying a handbag (boost of confidence) oppertunity cost - loosing the money you could spend on other things like food, mortgage bills or insurence)
prinipal three
people respond to incentives in pradictable ways
what are incitives
actions, awards or rewards that infuence choices people make
postivie econmic influence
rewards you the choice you make
negative economic influcnce
punishes you for the choice you make
principal core 4
People Create Economic Systems that Influence Individual Choices and Incentives
what is an economic system?
how a nation manages the production and distribution of goods and services.
what are the three questions all economic systems anwser?
What will we produce with our resources? How will we produce the goods? Who will we produce the goods for?
how many economies are there
4
what are the 4 types of economies
Traditional economy Command economy Market economy Mixed economy
principal 5
People Gain When They Trade Voluntarily
Some benefits of voluntary trade includes
higher standards of living and broader choice of goods and services.
what helps elementary students help manage and understand thier choices
graphic organizers
An overabundance of anything is called a
surplus.
prinipal 6
People’s Choices Have Consequences That Lie in the Future
The costs and benefits of economic decisions we make may lead to
unintended consequences.
Cost/benefit analysis is done when people judge
advantages of an economic decision are likely to outweigh its disadvantages.