Economics Research Paper

1559 words - 6 pages

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 objective for third grade economics. When a resource is scarce, the demand for those resources goes up. This means that consumers need and want that resource. Although when a resource is wanted and needed, the production of the product does increase, production cannot occur but so quickly resulting in high prices for the goods. Scarcity affects the method of distribution that companies choose to ship their goods. Distribution is how good travel from one place to another. For distribution within the United States, goods can be distributed by train, car, transfer truck, or even by foot. For international deliveries, goods can be shipped on boats or planes. The method that people choose for distribution is usually determined by the size, weight, and distance that the object or objects must be shipped to reach the destination. For example, if something has to be delivered a mile down the road, a car would be sufficient, but if a good has to be shipped four thousand miles, a plane would be a better choice of delivery. Specialization is a way that a community can assure maximum production of goods. It is also the main concept of the third objective for third grade economics. Specialization is the idea that someone narrows...

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