SS3E1 Define and give examples of the four types of productive resources.
a. Natural (land)
b. Human (labor)
c. Capital (capital goods)
d. Entrepreneurship (risk-taking and combining natural, human, and capital resources in an attempt to make a profit)
SS3E2 Explain that governments provide certain types of goods and services in a market economy (schools, libraries, roads, police/fire protection, and military) and pay for these through taxes.
SS3E3 Give examples of interdependence and trade and explain the benefits of voluntary exchange.
a. Describe the interdependence of consumers and producers.
b. Describe how goods and services are allocated by price in the marketplace.
c. Explain that some goods are made locally, some elsewhere in the country, and some in other countries.
d. Explain that most countries create their own currency for use as money.
SS3E4 Explain the concept of opportunity cost as it relates to making a saving or spending choice.
a. Natural (land)
b. Human (labor)
c. Capital (capital goods)
d. Entrepreneurship (risk-taking and combining natural, human, and capital resources in an attempt to make a profit)
SS3E2 Explain that governments provide certain types of goods and services in a market economy (schools, libraries, roads, police/fire protection, and military) and pay for these through taxes.
SS3E3 Give examples of interdependence and trade and explain the benefits of voluntary exchange.
a. Describe the interdependence of consumers and producers.
b. Describe how goods and services are allocated by price in the marketplace.
c. Explain that some goods are made locally, some elsewhere in the country, and some in other countries.
d. Explain that most countries create their own currency for use as money.
SS3E4 Explain the concept of opportunity cost as it relates to making a saving or spending choice.