Nebraska Core Academic Content Standards
NE.SS.6. Grades 6-8 (United States/World)
SS 8.2. Economics: Students will utilize economic reasoning skills to make informed judgments and become effective participants in the economy at the local, state, national and international levels.
SS 8.2.2. Students will describe the relationship between supply and demand.
SS 8.2.2.a. Explain how the relationship between supply and demand determines price (market clearing price)
SS 8.2.2.b. Illustrate how consumers will demand more at lower prices and suppliers will produce more at higher prices (law of supply and demand) (e.g., Adam Smith, Invisible Hand)
SS 8.2.5. Students will identify the basic economic systems in the global economy.
SS 8.2.5.a. Compare and contrast characteristics of different economic systems. (e.g., traditional, command, market, mixed)