Common Planner
K–12 Standards

Economics: Grade 2

Other Pennsylvania Social Studies sets

Scarcity and Choice

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    Scarcity and Choice

    1. A.

      Identify scarcity of resources within the school community.6.1.2.A

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    Limited Resources

    1. B.

      Identify community wants and needs.6.1.2.B

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    Opportunity Costs

    1. C.

      Explain how choice has consequences.6.1.2.C

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    Incentives and Choice

    1. D.

      Identify a choice based on community interest.6.1.2.D

Markets and Economic Systems

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    Goods and Services

    1. A.

      Identify goods, services , consumers, and producers in the local community.6.2.2.A

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    Market Competition

    1. B.

      Differentiate between markets and competition6.2.2.B

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    Advertising and Media

    1. C.

      Define personal choice as related to buying an item.6.2.2.C

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    Price Determination

    1. D.

      Explain how demand for a consumer good impacts price.6.2.2.D

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    Economic Health

    1. E.

      Identify the impact on a community when a business closes.6.2.2.E

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    Private Economic Institutions

    1. F.

      Describe the role of financial institutions as related to consumers' financial needs.6.2.2.F

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    Economic Systems

    1. G.

      Identify examples of an economic system.6.2.2.G

Functions of Government

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    Goods and Services

    1. A.

      Identify examples of goods and services provided by the private sector.6.3.2.A

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    Taxation

    1. C.

      Define taxes and who pays them.6.3.2.C

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    Government's Role in International Trade

    1. D.

      Identify products produced outside the United States.6.3.2.D

Economic Interdependence

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    Specialization

    1. A.

      Identify local examples of specialization of work.6.4.2.A

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    Multinational and Non-Governmental Organizations

    1. 72C.

      Identify products that come from many different countries.6.4.72C

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    Factors Contributing to Economic Interdependence

    1. D.

      Identify buyers and sellers and how their wants and needs are addressed.6.4.2.D

Income, Profit, and Wealth

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    Factors Influencing Wages

    1. A.

      Explain how money earned by individuals is used to meet needs and wants.6.5.2.A

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    Labor Productivity

    1. B.

      Different how different job skills impact earnings.6.5.2.B

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    Types of Businesses

    1. C.

      Describe the roles of local businesses.6.5.2.C

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    Profits and Losses

    1. D.

      Describe money saving behaviors.6.5.2.D

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    Distribution of Wealth

    1. E.

      Describe the qualities that may be necessary to complete a task.6.5.2.E

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    Entrepreneurship

    1. F.

      Explain the responsibilities of a business owner.6.5.2.F

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    Costs and Benefits of Saving

    1. G.

      Identify how saving for a purchase occurs over time.6.5.2.G

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    Interest Rates

    1. H.

      Describe why people save money in the local bank.6.5.2.H

Frequently asked questions

What grade levels do these standards cover?
Grade 2
When were these standards adopted?
2012
Where can I read the official document?
Academic Standards for Economics (PreK-3)

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