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SOESD / Technology & Media Services / Media Materials Library / ODE Standards / Social Sciences Standards Search / 8th Grade Economics

8th Grade Economics

 

 
CCG: Understand that resources are limited (e.g., scarcity).
 
bullet SS.08.EC.01 Understand incentives in a market economy that influence individuals and businesses in allocating resources (time, money, labor, and natural resources).
 
bullet SS.08.EC.01.01 Know that people respond predictably to positive and negative incentives.
 
CCG: Understand economic trade-offs and how choices result in both costs and benefits to individuals and society.
 
bullet SS.08.EC.02 Understand how trade-offs and opportunity costs can be identified and measured.
 
bullet SS.08.EC.02.01 Know and give examples of how changes in the economy impose costs on some and benefits on others because they arbitrarily redistribute purchasing power.
 
bullet SS.08.EC.02.02 Distinguish between "needs" and "wants" in the U.S. and other countries of the world, and the impact of the media.
 
CCG: Understand how conditions in an economy influence and are influenced by the decisions of consumers, producers, economic institutions, and government.
 
bullet SS.08.EC.03 Understand how price is an incentive for both buyers and producers/sellers in the marketplace.
 
bullet SS.08.EC.03.01 Understand how supply and demand respond predictably to changes in economic circumstances.
 
CCG: Understand economic concepts, principles, and factors affecting the allocation of available resources in an economy.
 
bullet SS.08.EC.04 Understand how decisions regarding what to produce, how to produce, and for whom to produce are answered in various economic systems.
 
bullet SS.08.EC.04.01 Understand how decisions about production are made in traditional, capitalist, and command economies.
 
CCG: Understand the role of government and institutions (i.e., banks, labor unions) in various economic systems in an economy.
 
bullet SS.08.EC.05 Understand how banks function within the economy.
 
bullet SS.08.EC.05.01 Identify and give examples of the services of a bank, and know the role of banks in the economy.
 
CCG: Understand the interdependence of the global economy and the role played by the United States.
 
bullet SS.08.EC.06 Identify and give examples of how the United States economy affects citizens of both the United States and other countries.
 
bullet SS.08.EC.06.01 Give examples of how the United States economy affects citizens of the United States.
 
bullet SS.08.EC.06.02 Give examples of how the United States economy affects citizens of other countries.
 
CCG: Understand how money makes it easier to trade, borrow, save, invest, and compare the value of goods and services.
 
bullet SS.08.EC.07 Understand the function of money.
 
bullet SS.08.EC.07.01 Understand how money functions as a means of exchange, a store of value, and a measure of value.
 
CCG: Apply economic concepts and principles to issues of personal finance.
 
bullet SS.08.EC.08 Understand factors that determine personal income and predict future earnings, based on plans for education and training.
 
bullet SS.08.EC.08.01 Understand how a wage or salary is the price of labor, and is usually determined by the supply and demand for labor.
 
bullet SS.08.EC.08.02 Understand that people's incomes, in part, reflect choices they have made about education, training, skill development, and careers.
 
bullet SS.08.EC.08.03 Understand how workers can increase their productivity by improving their skills or by using tools and machinery.
 
bullet SS.08.EC.09 Understand different ways that people invest and save.
 
bullet SS.08.EC.09.01 Understand that banks and credit unions are institutions where people save money and earn interest, and where other people borrow money and pay interest.
 
bullet SS.08.EC.09.02 Understand that stocks, bonds, and other investments are ways people earn money.
 



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