SS3E1. Define and give examples of the four types of productive resources.a. Natural (land).I can define and give examples of natural (land) resources.
b. Human (labor).I can define and give examples of human (labor) resources.
c. Capital (capital goods).I can define and give examples of capital (capital goods) resources.
d. Entrepreneurship (risk-taking and combining natural, human, and capital resources in an attempt to make a profit)I can define and give examples of entrepreneurship (risk-taking).I can define and give examples of entrepreneurship that combines 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. I can explain that the government provides services such as schools, and pays for these through taxes. I can explain that the government provides services such as libraries, and pays for these through taxes.I can explain that the government provides services such as roads, and pays for these through taxes. I can explain that the government provides services such as police/fire protection, and pays for these through taxes.I can explain that the government provides services such as the military, and pays for these through taxes. I can explain that the government provides certain types of goods in a market economy. I can explain that the government provides certain types of services in a market economy. I can explain that goods and services in a market economy are paid for with taxes.
SS3E3. Give examples of interdependence and trade and explain the benefits of voluntary exchange. a. Describe the interdependence of consumers and producers.I can identify consumers and producers. I can define interdependence and describe its relationship to consumers and producers.
b. Describe how goods and services are allocated by price in the marketplace.I can describe how goods are allocated by price in the marketplace. I can describe how services are allocated by price in the marketplace.
c. Explain that some goods are made locally, some elsewhere in the county, and some other countries.I can explain that some goods are made locally. I can explain that some goods are made elsewhere in the country. I can explain that some goods are made in other countries.
d. Explain that most countries create their own currency for use as money.I can define currency and 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 choices. I can define opportunity cost and explain its relationship to making a saving or spending choice.