2-5.4
Standard 2-5: The student will demonstrate an understanding of trade and markets and the role of supply and demand in determining the price and allication of goods within the community.
2-5.4: Identify the relationships between trade and resources both in and among communities, including natural, human, and capital resources. (e)
It is essential for students To know:
- Students must understand the meaning of natural, human, and capital resources.
- Students need to identify examples of each concept and understand how these resources are used in the production of goods and services.
- Students must understand the importance of productive resources in both trade and the final production of goods and services. .
It is not essential for students To know:
- Students do not need to understand the details of the circular flow model of economic activities.
- Students do not need to know the importance of productive resources in international trade.
2-5.4 Links To Information For Teachers