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SS5E1 Use the basic economic concepts of trade, opportunity cost, specialization, productivity, and price incentives to illustrate historical events.

SS5E2 Describe the functions of four major sectors in the U. S. economy.

a. Describe the household function in providing resources and consuming goods and services.

b. Describe the private business function in producing goods and services.

c. Describe the bank function in providing checking accounts, savings accounts, and loans.

d. Describe the government function in taxation and providing certain public goods and public services.

SS5E3 Describe how consumers and producers interact in the U. S. economy.

a. Describe how competition, markets, and prices influence consumer behavior.

b. Describe how people earn income by selling their labor to businesses.

c. Describe how entrepreneurs take risks to develop new goods and services to start a business.

SS5E4 Identify the elements of a personal budget (income, expenditures, and saving) and explain why personal spending and saving decisions are important.


Economics Vocabulary:

  1. Opportunity cost-what a person gives up by choosing one way of using resources instead of another
  2. Scarcity- Shortage of goods or services, not enough to fill the demand for
  3. Supply-the amount of goods or services that are available for sale
  4. Demand- the desire people have to buy a product or service
  5. Specialization- Providing one kind of product or service
  6. Interdependence-When different countries depend upon each other to succeed economically.
  7. Trade-the action of buying and selling goods and services
  8. Voluntary Exchange- trading one item for another
  9. Resources-  Something that can be used in a business (car, tools, workers)
  10. Competition-  Rivalry between 2 businesses to get more customers
  11. Entrepreneurs- person who organizes, operates and assumes the risk for a business venture.
  12. Capital goods- tools needed for making things (tractors, computers)
  13. Taxes-  money paid to the government
  14. Consumer-a person who purchases goods and services for personal use
  15. Producer-a person, company, or country that makes, grows, or supplies goods or commodities for sale
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