--- title: "SS5E1: Basic Economic Concepts (Georgia Social Studies standard)" code: SS5E1 cite_as: Georgia Standards of Excellence, Social Studies, SS5E1 subject: social_studies grades: - grade-5 language: en canonical_url: https://georgiahomeroom.org/standards/code/SS5E1 md_url: https://georgiahomeroom.org/standards/code/SS5E1.md alternate_language_url: https://georgiahomeroom.org/es/standards/code/SS5E1.md source_url: https://case.georgiastandards.org/ims/case/v1p1/CFDocuments/a446e74c-463e-11e7-94f5-b49cee8b2d8c source_last_changed: 2025-02-04 data_built: 2026-09-18 publisher: Georgia Homeroom, a free public-interest project of Georgia Civic Data. Not affiliated with or endorsed by the Georgia Department of Education or any school district. up: https://georgiahomeroom.org/standards/social_studies/grade-5.md index: https://georgiahomeroom.org/standards/index.md --- # SS5E1: Basic Economic Concepts Use the basic economic concepts of trade, opportunity cost, specialization, productivity, and price incentives to illustrate historical events. - Subject: Social Studies - Appears in: Grade 5, https://georgiahomeroom.org/standards/social_studies/grade-5.md ## Expectations - **SS5E1.a**: Describe opportunity costs and their relationship to decision-making across time (e.g., decisions by individuals in response to rationing during WWII). - **SS5E1.b**: Explain how price incentives affect people's behavior and choices (e.g., decisions to participate in cattle trails because of increased beef prices). - **SS5E1.c**: Describe how specialization can improve standards of living and productivity (e.g., how Henry Ford's use of the assembly line reduced the price of automobiles). - **SS5E1.d**: Describe how trade and voluntary exchange promotes economic activity (e.g., how the Panama Canal increases trade among countries). ## Georgia Milestones coverage No Georgia Milestones blueprint cites this standard. Source: Georgia Standards of Excellence, published by the Georgia Department of Education at case.georgiastandards.org.