Michigan Curriculum:
E1 Market Economy
Use fundamental principles and concepts of economics to understand economic activity in a market economy.

Kindergarten: E1.0.2 Distinguish between goods and services.

1st grade: E1.0.1 Distinguish between producers and consumers of goods and services.

2nd grade:
  • E1.0.3 Describe how businesses in the local community meet economic wants of consumers. (i.e. providing goods and services).
  • E1.0.4 Describe the natural, human, and capital resources needed for production of a good or service in a community
  • E1.0.5 Use examples to show that people cannot produce everything they want (specialization) and depend on trade with others to meet their wants.