Key in Elementary School
Helping teachers provide students with a foundation for good decision making and understanding the necessity of investing in themselves. Viewing history through an “economic lens” helps students understand not only what happened but why.
What’s Important to Understand?
- SCARCITY (limited resources) and that people make choices because they can’t have everything they want
- All choices have an OPPORTUNITY COST (what is given up when making a choice)
- RESOURCES are needed to make goods and provide services: natural, capital and particularly human resources
- Because people and regions cannot produce everything they want, they SPECIALIZE in producing some goods and services and TRADE for the rest
- People WORK to earn MONEY to buy goods & services and SAVE to purchase things in the future