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Economics Research Paper

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Social studies is a huge part of the elementary curriculum. Without social studies, elementary students would have a huge gap in their knowledge content. Economics is responsible for providing a large amount of information to students. For third graders, the North Carolina Department of Public Instruction places economics under goal five. Goal five divides communities and the basic economic principles into seven objectives. The first objective for third grade economics asks for students to understand the definition of scarcity and be able to provide examples. In order to understand scarcity, students must first understand the difference between a want and a need. A want is something that you wish to possess but is not necessary for survival. Some examples of wants include a laptop, a new sofa, or a big-screen television. A need is something that you must have to live. Some examples of needs include water, shelter, and food. Scarcity deals with the fact that, as humans, we have an unlimited number of wants and needs. However, the earth’s resources are limited and that creates an issue. In today’s world, we use a lot of trees for paper, furniture, and wood. Unfortunately, trees are a depleting resource, meaning there is a limited amount of them which results in scarcity. The concept can apply to any object that consumers buy, as well. Let’s say that Toyota is only making five hundred cars that run completely off of battery. Everyone would want one, but there are only five hundred creating the concept of scarcity because there is not enough to go around. The concept of scarcity impacts the production, distribution, and consumption of goods and services. The ability of students to explain its impact is covered under the second...


... middle of paper ...


...letion of “The Communist Manifesto” which told why capitalism would fall and be replaced by socialism. With all the above considered, it is easy to see that economics is an important step in assuring success for the students. It is detrimental to the third grade curriculum.


Works Cited


McEachern, W. (2008). Contemporary economics . Mason, Ohio: Thomson South-Western.

Nc standard course of study. (n.d.). Retrieved from http://www.ncpublicschools.org/curriculum/

Remy, R. (2008). Civics today : citizenship, economics, & you . New York: Glencoe/McGraw-Hill.


Schiller, B. (2011). Essentials of economics . New York: McGraw- Hill.

Sowell, T. (n.d.). Basic economics. Retrieved from http://www.altfeldinc.com/pdfs/BASICECONOMICS.pdf

Three big names in economics. (n.d.). Retrieved from http://www.scribd.com/doc/37183209/Three-Big-Names-in-Economics




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