Economics of North Carolina:
Learning Objectives:
4.E.1 Understand how a market economy impacts life in North Carolina.
4.E.1.1 Understand the basic concepts of a market economy: supply, demand, scarcity, productivity, and entrepreneurship. The student will understand: Positive and negative incentives direct economic behavior in a market economy. Economic decision-making often determines the production and distribution of goods and services.
4.E.1.2 Understand how scarcity and choice in a market economy impacts business decisions. The student will understand: Business and personal economic decisions are often determined by the availability of goods and services in a region. Competition among buyers results in higher prices and competition among sellers results in lower prices. Opportunity cost requires citizens to make economic choices.
4.E.1.3 Analyze the historical and contemporary role that major North Carolina industries have played in the state, nation, and world. The student will understand: Major industries play a historical and contemporary role in the state, nation, and world. Industrial development may determine the ability of state or region to attract settlers and businesses and influence economic trade locally, nationally, and globally. Changes in the economy may generate differing levels of employment.
4.E.1.4 Explain the impact of entrepreneurship on the economy of North Carolina. The student will understand: Entrepreneurship is often essential to the vitality of a state’s economy. Economic development within a state is often driven by the behavior of producers and consumers. A people’s emphasis on self-sufficiency and independence may result in the growth of entrepreneurship within a state.
4.E.2 Understand the economic factors when making personal choices.
4.E.2.1 Explain how personal financial decisions such as spending, saving, and paying taxes, can positively and/or negatively affect everyday life. The student will understand: Personal financial decisions can have benefits and consequences on everyday life. Opportunities for or limitations on choice may determine the financial decisions of individuals. The economic climate in a region may be determined by people’s access to financial resources. The maintenance of government services may require individuals to make financial contributions that contribute to the common good.
4.E.2.2 Explain how limited personal financial resources affect the choices people make based on their wants and needs. The student will understand: Limited personal financial resources often limit choices concerning what one can have or do. Values and beliefs concerning wants and needs often determine how individuals choose to spend their income.
Essential Concepts & Vocabulary:
4.E.1 Understand how a market economy impacts life in North Carolina.
4.E.1.1 Understand the basic concepts of a market economy: supply, demand, scarcity, productivity, and entrepreneurship. The student will understand: Positive and negative incentives direct economic behavior in a market economy. Economic decision-making often determines the production and distribution of goods and services.
4.E.1.2 Understand how scarcity and choice in a market economy impacts business decisions. The student will understand: Business and personal economic decisions are often determined by the availability of goods and services in a region. Competition among buyers results in higher prices and competition among sellers results in lower prices. Opportunity cost requires citizens to make economic choices.
4.E.1.3 Analyze the historical and contemporary role that major North Carolina industries have played in the state, nation, and world. The student will understand: Major industries play a historical and contemporary role in the state, nation, and world. Industrial development may determine the ability of state or region to attract settlers and businesses and influence economic trade locally, nationally, and globally. Changes in the economy may generate differing levels of employment.
4.E.1.4 Explain the impact of entrepreneurship on the economy of North Carolina. The student will understand: Entrepreneurship is often essential to the vitality of a state’s economy. Economic development within a state is often driven by the behavior of producers and consumers. A people’s emphasis on self-sufficiency and independence may result in the growth of entrepreneurship within a state.
4.E.2 Understand the economic factors when making personal choices.
4.E.2.1 Explain how personal financial decisions such as spending, saving, and paying taxes, can positively and/or negatively affect everyday life. The student will understand: Personal financial decisions can have benefits and consequences on everyday life. Opportunities for or limitations on choice may determine the financial decisions of individuals. The economic climate in a region may be determined by people’s access to financial resources. The maintenance of government services may require individuals to make financial contributions that contribute to the common good.
4.E.2.2 Explain how limited personal financial resources affect the choices people make based on their wants and needs. The student will understand: Limited personal financial resources often limit choices concerning what one can have or do. Values and beliefs concerning wants and needs often determine how individuals choose to spend their income.
Essential Concepts & Vocabulary:
- supply, demand, scarcity, market economy, productive resources, natural resources, human resources, capital resources, consumers, producers, entrepreneurs, income,