Maryland School Performance Program
Social Studies Outcomes and Indicators

Economics

Students will demonstrate an understanding of the historical development and current status of economics principles, institutions, and processes needed to be effective citizens, consumers, and workers in American society.

For clarification of the meaning of specific indicators (as well as sample student activities), click on the number of the indicator.

Grades K-3	Grades 4-5	Grades 6-8
Describe the relationship between economic wants and needs Describe the impact of economic specialization on the growth of communities Make decisions about available goods and services and understand the consequences of those decisions Examine the services financed through taxation Identify economic resources located within a community	Describe the relationship between available resources and the production of goods and services Explain how the exchange of goods and services connects Maryland with the world Describe the relationship of supply and demand to the production and consumption of goods and services Examine examples of various types and uses of taxes Analyze historical and economic factors which have contributed to the growth and development of Maryland's economy Analyze the effects of economic growth on the standards of living of individuals See an Exemplar Assessment Task: "Juft Imported From London," for Grade 5.	Using case studies, analyze the role of scarcity in economic decision-making Using case studies, cite examples of economic interdependency among world communities Analyze the effects of supply and demand on the production of goods and services in historical and contemporary contexts Relate the development and implementation of taxation to given historical and economic conditions Compare the economic characteristics of Maryland with those of the U.S. Analyze the impact of technological change and resource use in promoting economic growth in the U.S.

Return to the Grades K-8 Social Studies Outcomes Overview.

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