Common Planner
K–12 Standards

Economics: Grade 1

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Scarcity and Choice

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    Scarcity and Choice

    1. A.

      Identify scarcity of resources within the family.6.1.1.A

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    Limited Resources

    1. B.

      Identify classroom wants and needs.6.1.1.B

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    Opportunity Costs

    1. C.

      Identify choice based on needs versus wants.6.1.1.C

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    Incentives and Choice

    1. D.

      Identify a choice based on classroom interest.6.1.1.D

Markets and Economic Systems

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    Goods and Services

    1. A.

      Identify goods, consumers, and producers.6.2.1.A

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    Advertising and Media

    1. C.

      Identify advertisements that encourage us to buy things based on want rather than need.6.2.1.C

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    Price Determination

    1. D.

      Explain the role of money in determining price.6.2.1.D

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    Economic Health

    1. E.

      Identify the impact on a community when a business opens.6.2.1.E

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    Economic Systems

    1. G.

      Define an economic system at the individual level.6.2.1.G

Functions of Government

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    Goods and Services

    1. A.

      Identify examples of goods and services.6.3.1.A

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    Government's Role in International Trade

    1. D.

      Identify products produced in the United States.6.3.1.D

Economic Interdependence

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    Specialization

    1. A.

      Identify specialization of work in the community.6.4.1.A

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    Factors Contributing to Economic Interdependence

    1. D.

      Describe how individuals differ in their wants and needs and why people buy and sell things.6.4.1.D

Income, Profit, and Wealth

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    Factors Influencing Wages

    1. A.

      Identify individuals who work for wages in the community.6.5.1.A

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    Labor Productivity

    1. B.

      Identify different jobs and the purpose of each.6.5.1.B

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    Types of Businesses

    1. C.

      Identify businesses and their corresponding goods and service.6.5.1.C

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    Profits and Losses

    1. D.

      Identify ways to earn money.6.5.1.D

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    Distribution of Wealth

    1. E.

      Describe what tools (tangible assets) are necessary to complete a task.6.5.1.E

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    Entrepreneurship

    1. F.

      Identify buyers and sellers (people) buy and sell things.6.5.1.F

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    Costs and Benefits of Saving

    1. G.

      Explain the need to save money.6.5.1.G

Frequently asked questions

What grade levels do these standards cover?
Grade 1
When were these standards adopted?
2012
Where can I read the official document?
Academic Standards for Economics (PreK-3)

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