Economics
Unit description: The peoples of the Western Hemisphere have developed various ways to meet their needs and wants. Many of the countries of the Western Hemisphere trade with each other, as well as with other countries around the world. In this unit, students will study how different types of economic systems have developed across time and place within the Western Hemisphere. Students will also explore how peoples of the Western Hemisphere have engaged in a variety of economic activities to meet their needs and wants including trade and how trade lead to interdependence among them.
Download the complete Social Studies Grade 5 Unit 7 framework to customize for your own planning.
Standards
Standards: 1, 2, 3, 4; Themes: TCC, GEO, ECO, EXCH
Essential Questions and Big Ideas
Big ideas of the unit: The peoples of the Western Hemisphere have developed various ways to meet their needs and wants.
What are the different types of economic systems that have developed across time and place within the Western Hemisphere?
- Traditional, market, and command economies have developed across time in the Western Hemisphere.
What are the characteristics, similarities and differences of traditional, market and command economy?
- Economic systems, including traditional, market, and command, address the three economic questions: what will be produced, how it will be produced, and who will get what is produced?
What types of economic activities have people of the Western Hemisphere engaged in to meet their needs and wants?
- Natural resources drive how countries meet their wants and needs, including production of products and variety of services.
- In the Western Hemisphere there are many variations of how countries use their natural resources to meet their wants and needs.
How does trade with other countries lead to interdependence?
- Countries trade with other countries to meet the wants and needs of and needs of their citizens.
- Products are imported and exported building interdependent relationships between countries.