Course Title Social Studies Unit Title Economics and Financial Literacy

Grade Level 3 Pacing

Stage 1: Identify Desired Results

By the end of this unit, what should students know, understand, and be able to do?
Content Standards
3.E.1 Understand how the location of regions affects activity in a market economy.
3.E.1.1 Explain how location impacts supply and demand.
3.E.1.2 Explain how locations of regions and natural resources influence economic development (industries developed around
natural resources, rivers and coastal towns).

3.E.2 Understand entrepreneurship in a market economy.

3.E.2.1 Explain why people become entrepreneurs.
3.E.2.2 Give examples of entrepreneurship in various regions of our state.
Understandings Essential Questions
Students will understand that…
1.Prices, location and access to resources often facilitates or weakens
economic growth in regions. This dictates the economic choices of 1. How does the location of resources impact
individuals.. (Ex. careers, leisure activities, foods, manufactured products, the price of resources?
etc.)
2. How does access to resources impact the
2. Due to abundance or lack of resources, people’s decisions to locate, economy and influence a person's decision to
develop and make use of natural resources in particular regions will settle in a particular region or area?
influence economic development.
3. Why do people become entrepreneurs?
3. People may pursue entrepreneurship as a means to ensure economic
independence as well as to are to serve their community, financial
security, stable income, or to be their own boss, among others.
 Knowledge Skills
Students will know… Students will be able to…

1. Scarcity affects economic decision making. 1. Give examples of how scarcity affects
economic decision making.
2. Location impacts supply and demand of goods and services.
2. Explain ways location can impact supply and
3. The relationship between supply and demand. demand (scarcity, abundance, or surplus) of goods
and services in daily life. .
4. Natural resources are substances that exist in the earth and were
not made by human beings. (ex. oil, water, coal, land, etc.) 3. Give examples of the relationship between
supply and demand.
5. Different settlements have a connection between resources and
economic growth. (ex. Coastal region – fishing industry, Plains region – beef 4. Determine natural resources versus human
cattle industry, Mountainous region – snow skiing industry. etc. resources and their effect on settlements in an
area. (capital resources)
6. People become entrepreneurs to serve their community, for financial
security, for a stable income, or to be their own boss, among others. 5. Identify examples of settlements and
economic growth made due to resources in their
7. There are opportunities and risks involved in being an entrepreneur. area.

6. Explain why people become entrepreneurs,

examples of entrepreneurship and risks involved
with entrepreneurships.