5.7 - Economics in Western Hemisphere

Fifth Grade - Fifth Social Studies - 5.7 - Economics in Western Hemisphere

From EngageNY

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.

5.7a Different types of economic systems have developed across time and place within the Western Hemisphere. These 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?

• Students will explore the characteristics of a traditional economy used by the Plains Indians, the market economy of the United States or Canada, and the command economy of Cuba, noting similarities and differences.

5.7b Peoples of the Western Hemisphere have engaged in a variety of economic activities to meet their needs and wants.

• Students will identify the major natural resources of the United States, Canada, Mexico, and one Caribbean or one South American country to determine the major industries of those countries in relation to available resources.
• Students will examine why certain products are manufactured in particular places, taking into account the weight, transportation availability, and costs and markets (e.g., soda pop).

5.7c Countries trade with other countries to meet economic needs and wants. They are interdependent.

• Students will examine products that are imported into markets within the United States based on demand for these products, noting how this affects the United States economy.
• Students will examine products that are exported from the United States to other markets in the Western Hemisphere, noting how this affects the United States economy.