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 8.2.1. Students will explain the interdependence of producers and consumers in a market economy.
SS 8.2.1.a. Understand the relationship between consumers and producers in a market economy (e.g., circular flow)
SS 8.2.1.b. Illustrate how individuals are both consumers and producers (buyers and sellers) in a market economy
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)