Unit Outlines Standards

Social Studies: Grade 4 Version: CPS08-09

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Unit Name: 01 - Economics Basics

Essential Question

Is the world ruled by economics?

Topic 1

Economic Concepts

  • Relationship of opportunity cost to decision-making
  • Impact of price incentives on people's behavior and choices
  • Improved standard of living from specialization
  • Benefits of voluntary exchange to buyers and sellers
  • Trade promotes economic activity
  • Impact of technological advancements on business productivity
  • Topic 1 Vocabulary

    • economics
    • opportunity cost
    • decision-making
    • price incentives
    • specialization
    • standard of living
    • voluntary exchange
    • buyers
    • sellers
    • trade
    • economic activity
    • technological advancement
    • business productivity

    Topic 1 Standards and Elements

    SS4E1: Basic Economic Concepts
    SS4IP1: Information Processing Skills
    SS4MG1: Map & Globe Skills

    Topic 2


  • Elements of personal budget
  • Personal spending and saving decisions
  • Topic 2 Vocabulary

    • personal budget
    • spending
    • saving

    Topic 2 Standards and Elements

    SS4E2: Personal Budgeting

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