MT.5. Students make informed decisions based on an understanding of the economic principles of production, distribution, exchange, and consumption.
5.1. Students will give examples of needs and wants; scarcity and choice (e.g., budgeting of allowance, trading cards).
5.2. Students will identify basic economic concepts (e.g., supply and demand, price) that explain events and issues in the community.
5.3. Students will distinguish between private goods and services (e.g., family car or local restaurant) and public goods and services (e.g., interstate highway system or U.S. Postal Service).
5.4. Students will describe how personal economic decisions, (e.g., deciding what to buy, what to recycle, how much to contribute to people in need) affect the lives of people in Montana, United States, and the world.