1st quarter Social Studies goals

Economics	5.E.2 Understand that personal choices result in benefits or consequences. E.2.1 Explain the importance of developinga basic budget for spending and saving.
Economics	5.E.1 Understand how a market economy impacts life in the United States. E.1.1 Summarize the role of international trade between the United States and other countries through Reconstruction. E.1.2 Explain the impact of production, specialization, technology and division of labor on the economic growth of the United States.

Students will understand that our market economy has impacted the history of the United States. Students will understand how our personal economic decisions affect our lives.

How do economies shape a nation? How do personal decisions about finances shape our lives?

Vocabulary

budget market economy command economy traditional economy division of labor specialization