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Chapter 11: Making a Living in Arizona: Teacher Information

Chapter 11: Making a Living in Arizona: Teacher Information

Enduring Understanding:

  1. Making, saving, and spending money.
  2. Industries help Arizona grow.

Essential Questions:

What is economics?
What is the difference between goods and services?
How does getting a good education affect how much money you will earn?
How can you make wise decisions about how to spend your money?
How does a business make a profit?
What is supply and demand?

Standards:

Strand 5 Concept 1 PO1 PO2 PO3
Strand 5 Concept 2 PO3 PO6
Strand 5 Concept 5 PO1 PO4 PO5

Performance Objectives:

  • Students will be able to explain the decision for a personal spending choice.
  • Students will be able to identify that specialization improves standards of living (e.g., medical care, home building, and agriculture).
  • Students will be able to give examples of how voluntary exchanges of goods and services can be mutually beneficial (e.g., ice cream vendor receives money, child receives ice cream; doctor receives monetary benefit, patient receives care).
  • Students will be able to describe how education, skills, and career choices affect income.
  • Students will be able to identify the role of financial institutions in providing services (e.g., savings accounts, loans).
  • Students will be able to describe how interest is an incentive to saving money.