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SOESD / Technology & Media Services / Media Materials Library / ODE Standards / Social Sciences Standards Search / 5th Grade Economics

5th Grade Economics

 
CCG: Understand that resources are limited (e.g., scarcity).
 
bullet SS.05.EC.01 Understand that all economic choices have costs and benefits, and compare options in terms of costs and benefits.
 
bullet SS.05.EC.01.01 Know that whenever a choice is made, there is a cost.
 
CCG: Understand economic trade-offs and how choices result in both costs and benefits to individuals and society.
 
bullet SS.05.EC.02 Identify and give examples of the concepts of "trade-off" and "opportunity costs."
 
bullet SS.05.EC.02.01 Identify and give examples of consequences of economic choices in terms of trade-off and opportunity cost.
 
bullet SS.05.EC.02.02 Understand the difference between "needs" and "wants" and their relationship to economic trade-offs.
 
CCG: Understand how conditions in an economy influence and are influenced by the decisions of consumers, producers, economic institutions, and government.
 
bullet SS.05.EC.03 Understand how supply and demand influence price, and how price increases or decreases influence the decisions of consumers.
 
bullet SS.05.EC.03.01 Understand that prices rise and fall depending on supply and demand.
 
CCG: Understand economic concepts, principles, and factors affecting the allocation of available resources in an economy.
 
Benchmark Standard: No standards currently exist for this CCG.
 
CCG: Understand the role of government and institutions (i.e., banks, labor unions) in various economic systems in an economy.
 
Benchmark Standard: No standards currently exist for this CCG.
 
CCG: Understand the interdependence of the global economy and the role played by the United States.
 
bullet SS.05.EC.04 Recognize examples of how nations interact economically.
 
bullet SS.05.EC.04.01 Recognize that nations interact through trade.
 
CCG: Understand how money makes it easier to trade, borrow, save, invest, and compare the value of goods and services.
 
bullet SS.05.EC.05 Identify the characteristics of money and the advantages of its use over barter.
 
bullet SS.05.EC.05.01 Distinguish between "barter" and "money" and how they facilitate the exchange of goods.
 
CCG: Apply economic concepts and principles to issues of personal finance.
 
bullet SS.05.EC.06 Understand the processes of earning, saving, spending, budgeting, and record keeping in money management.
 
bullet SS.05.EC.06.01 Recognize that people earn income by exchanging their labor for wages and salaries.
 
bullet SS.05.EC.06.02 Recognize that savings are the part of income not spent on taxes or consumption.
 
bullet SS.05.EC.06.03 Recognize that spending involves exchanging money for goods or services.
 
bullet SS.05.EC.06.04 Recognize that a budget is a record-keeping plan for managing income and spending.
 
bullet SS.05.EC.07 Understand how banks and credit unions serve savers and borrowers.
 
bullet SS.05.EC.07.01 Understand how interest creates incentives for borrowing and saving.



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