Common Planner
K–12 Standards

Economics: Grade 5

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Scarcity and Choice

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    Scarcity and Choice

    1. A.

      Explain how limited resources and unlimited wants cause scarcity.6.1.5.A

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    Limited Resources

    1. B.

      Explain ways in which people meet their basic needs and wants. Demonstrate the use of human and capital resources in the production of a specific good.6.1.5.B

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    Opportunity Costs

    1. C.

      Explain how people's choices have different economic consequences.6.1.5.C

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    Incentives and Choice

    1. D.

      Demonstrate how availability of resources affects choices.6.1.5.D

Markets and Economic Systems

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    Goods and Services

    1. A.

      Describe how goods and services are distributed.6.2.5.A

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    Market Competition

    1. B.

      Identify how pricing influences sellers and consumers.6.2.5.B

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    Advertising and Media

    1. C.

      Explain how advertising causes people to change their behavior in predictable ways.6.2.5.C

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    Price Determination

    1. D.

      Identify factors that cause changes in price.6.2.5.D

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    Economic Health

    1. E.

      Describe the impact of businesses opening and closing on Pennsylvania economy.6.2.5.E

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    Private Economic Institutions

    1. F.

      Compare and contrast types of private economic institutions.6.2.5.F

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    Economic Systems

    1. G.

      Describe various economic systems.<ul><li>Traditional</li><li>Market</li><li>Command</li></ul>6.2.5.G

Functions of Government

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    Goods and Services

    1. A.

      Describe the cost and benefits of government economic programs.6.3.5.A

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    Government Involvement in the Economy

    1. B.

      Describe factors that influence government's economic decision making.6.3.5.B

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    Taxation

    1. C.

      Explore ways in which tax revenue is collected.6.3.5.C

Economic Interdependence

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    Specialization

    1. A.

      Explain why people specialize in the production of goods and services and divide labor.6.4.5.A

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    Trade

    1. B.

      Explain the growth in international trade.6.4.5.B

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    Multinational and Non-Governmental Organizations

    1. C.

      Explain how and where multinational corporations operate.6.4.5.C

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    Factors Contributing to Economic Interdependence

    1. D.

      Identify various economic and non-economic organizations that contribute to interaction among individuals and nations.6.4.5.D

Income, Profit, and Wealth

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    Factors Influencing Wages

    1. A.

      Describe how the availability of goods and services is made possible by the work of members of the society.6.5.5.A

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    Labor Productivity

    1. B.

      Differentiate the requirements for different careers and occupations.6.5.5.B

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    Profits and Losses

    1. D.

      Explain how positive and negative incentives affect individual choices.6.5.5.D

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    Distribution of Wealth

    1. E.

      Identify tangible and intangible assets.6.5.5.E

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    Entrepreneurship

    1. F.

      Define entrepreneurship and its role in the local community.6.5.5.F

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    Costs and Benefits of Saving

    1. G.

      Identify the costs and benefits of saving.6.5.5.G

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    Interest Rates

    1. H.

      Identify the costs and benefits of borrowing.6.5.5.H

Frequently asked questions

What grade levels do these standards cover?
Grade 5
When were these standards adopted?
2009
Where can I read the official document?
Academic Standards for Economics (Elementary)

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