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 8.2.5. 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)
SS 8.2.12. Students will illustrate how international trade benefits individuals, organizations, and nations.
SS 8.2.12.b. Explain how individuals gain through specialization and voluntary trade
SS 8.2.11. Students will explain how tax revenues are collected and distributed.
SS 8.2.11.a. Identify taxes paid by individuals e.g., income taxes, sales tax, property taxes)
SS 8.2.3. Students will identify economic institutions and describe how they interact with individuals and groups.
SS 8.2.3.a. Describe the purpose and role of economic institutions (e.g., corporations, labor unions, financial institutions, stock markets, cooperatives, and business partnerships)
SS 8.2.1. Students will explain the interdependence of producers and consumers in a market economy.
SS 8.2.1.d. Identify the role of entrepreneurs and profit 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)