Students will explain the structure and operation of the United States economy and the role of citizens as producers and consumers.
Example Indicators:
- Define the concepts of scarcity, choice, trade-offs, specialization, entrepreneurship, productivity, inflation, profits, markets, supply and demand, and unemployment and incentives.
- Analyze the effect of producer and consumer behavior on markets.
- Describe the role of individuals and businesses as consumers, savers, investors, and borrowers.
- Explain how various institutions help individuals and groups accomplish economic goals.
- Describe common forms of credit, savings, investments, purchases, and contractual agreements, e.g., warranties, and guarantees.
- Analyze skills necessary for career opportunities, e.g., individual abilities, skills, and education, and the changing supply and demand for those skills in the economy.
- Describe the development of money, savings, and credit.
Social Studies 8.3.6
Students will compare the United States economic system to systems in other countries.
Example Indicators:
- Describe the government's role in the United States economy, e.g., provision of public goods and services, protection of consumer rights, and the promotion of competition.
- Describe the impact of government policies, on individuals and businesses, taxation, and government borrowing
- Explain how the government addresses third-party costs and benefits, e.g., pollution and medical research.
- Explain the differences between traditional command and market economics.
- Analyze the costs and benefits of instituting different degrees of market, command, and traditional characteristics in to mixed economic systems.
