OH.4. Economics: Students use economic reasoning skills and knowledge of major economic concepts, issues and systems in order to make informed choices as producers, consumers, savers, investors, workers and citizens in an interdependent world.
4.1. Grade Level Indicator: Scarcity and Resource Allocation: Compare different allocation methods for scarce goods and services such as prices, command, first-come-first-served, sharing equally, rationing and lottery.
4.4. Grade Level Indicator: Markets: Explain how regions in North America become interdependent when they specialize in what they produce best and then trade with other regions inside and outside North America to increase the amount and variety of goods and services available.
4.5. Grade Level Indicator: Markets: Explain the general relationship between supply, demand and price in a competitive market.
4.A. Explain the opportunity costs involved in the allocation of scarce productive resources.
4.B. Explain why entrepreneurship, capital goods, technology, specialization and division of labor are important in the production of goods and services.