Social Studies Worksheets and Study Guides Fifth Grade. Economics

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.
4.2. Basic Economic Concepts: Students will learn about the pillars of a free market economy and the market mechanism. Identify the factors of production, e.g., entrepreneurship, human resources, capital resources, and natural resources. Recognize that shortage and surplus affect the price and availability of goods and services, e.g., swimsuits in bad weather, seasonal sales, or fads.
4.3. Cycles in the Economy: Students will be able to explain the business cycle and trends in economic activity over time. Describe gross domestic product and its components, e.g., the difference between imports and exports.