The Concept Of Specialization And Second Objectives For Third Grade Economy

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Register to read the introduction… The concept of scarcity impacts the production, distribution, and consumption of goods and services. The ability of students to explain its impact is covered under the second objective for third grade economics. When a resource is scarce, the demand for those resources …show more content…
Specialization is a way that a community can assure maximum production of goods. It is also the main concept of the third objective for third grade economics. Specialization is the idea that someone narrows his or her attention to doing a task quickly and efficiently. This means that someone with good computer skills should be working at a computer rather than working on a wiring system that they do not understand. If they do not understand the wiring, they may only wire one part per hour where as a person specialized in wiring may put out sixty-five parts in an hour. Specialization increases production. Specialization, as well as, division of labor is usually stumbled upon by trial and error. It takes many attempts to find out what talents we possess. Division of labor takes a difficult task and divides it into lots of little tasks. An example of this would be making a wedding cake. One person would bake the layers, one person would make the fondant, and another person would mold the roses or tulips to be placed on the cake. When all the parts come together, they make a beautiful wedding cake. The fourth objective for third grade economics is to understand the division of labor in both the local and …show more content…
If this trend would remain constant for a few weeks, demand would go down due to the high prices and slowly, we would find equilibrium again. Economic interdependence is the theory that most people depend on other people to produce the things we need every day. This topic, which is found in the sixth objective of the third grade economics goal, asks for students to understand the reasons for this interdependence. A long time ago, people grew their own crops, cut their own trees, built their own houses, and made their own clothing. Very few people, if any, could do that today. We depend on construction companies to build our offices, homes, and stores. We depend on grocery stores to stock all the food we need for cooking. When we need clothing, we take to the local mall and venture into our favorite stores to find the latest fashions. If we need lumber for something, we would make a trip to the local Lowe’s or Home Depot. Most of us will not go out and cut the down a tree to make our own wood. Therefore, we have interdependence. Another reason for interdependence comes from the location. Some food only grow is tropical environments. In North Carolina, we do not have the weather to grow

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