Social Studies Worksheets and Study Guides Third Grade. Goods and Services

The resources above correspond to the standards listed below:

New Hampshire College and Career Ready Standards

NH.4. Economics: Economics is the study of the allocation and utilization of limited resources to meet society's unlimited needs and wants, including how goods and services are produced and distributed. Through economics, students examine the relationship between costs and benefits. They develop an understanding of basic economic concepts; economics in history; how economics affects and is affected by the individual; cycles in the economy; financial institutions and government; and international economics and trade. The goal of economic education is to prepare students to make effective decisions as consumers, producers, savers, investors, and as citizens.
4.1. Economics and the Individual: Students will learn about their role in a free market, how decisions that they make affect the economy, and how changes in the economy can affect them. Identify the factors of production and explain how businesses use these to produce goods and services. Describe what markets are and define individual's roles as consumers and producers in a market economy using circular flow models. Explain how decisions by consumers and producers affect and are affected by the economy.
4.2. Basic Economic Concepts: Students will learn about the pillars of a free market economy and the market mechanism. Explain why needs and wants are unlimited while resources are limited. Define supply and demand and describe factors that can cause a change in supply and demand.