Georgia HomeroomSS4E1Economic Concepts in History
Use the basic economic concepts of trade, opportunity cost, specialization, voluntary exchange, productivity, and price incentives to illustrate historical events.
Appears in: Social Studies, Grade 4
Expectations
SS4E1.aDescribe opportunity cost and its relationship to decision-making across time (e.g., decisions to settle in the west).
SS4E1.bExplain how price incentives affect people's behavior and choices: decisions about what crops (e.g., cotton, and tobacco) to grow and products (e.g., textiles) to produce.
SS4E1.cDescribe how specialization improves standards of living (e.g., differences in the economies in the North and South).
SS4E1.dExplain how voluntary exchange helps both buyers and sellers (e.g., Gold Rush mining towns).
SS4E1.eDescribe how trade promotes economic activity (e.g., trade between the U.S. and Europe).
SS4E1.fGive examples of technological advancements and their impact on business productivity during the development of the United States (e.g., cotton gin, steamboat, steam locomotive, and telegraph).
Georgia Milestones coverage
No Georgia Milestones blueprint cites this standard.