Economics: Grade 7

Scarcity and Choice

6.2

Markets and Economic Systems

6.3

Functions of Government

6.4

Economic Interdependence

6.5

Income, Profit, and Wealth

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Scarcity and Choice

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Limited Resources

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Opportunity Costs

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Incentives and Choice

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Goods and Services

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Market Competition

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Advertising and Media

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Price Determination

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Economic Health

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Private Economic Institutions

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Economic Systems

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Goods and Services

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Government Involvement in the Economy

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Taxation

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Government's Role in International Trade

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Specialization

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Trade

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Multinational and Non-Governmental Organizations

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Factors Contributing to Economic Interdependence

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Factors Influencing Wages

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Labor Productivity

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Profits and Losses

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Distribution of Wealth

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Entrepreneurship

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Costs and Benefits of Saving

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Interest Rates

6.1.7.A

Explain how limited resources and unlimited wants cause scarcity.

6.1.7.B

Compare decisions made because of limited resources and unlimited wants. Describe how resources are combined to produce different goods and services.

6.1.7.C

Define opportunity cost and describe the opportunity cost of personal choice.

6.1.7.D

Explain how positive and negative incentives affect behavior.

6.2.7.A

Describe the interaction of consumers and producers of goods and services in the state and national economy.

6.2.7.B

Explain why and how market competition takes place.

6.2.7.C

Explain how advertising influences economic decisions.

6.2.7.D

Explain the effects that changes in price have on buyers and sellers.

6.2.7.E

Explain the causes and effects of expansion and contraction of businesses.

6.2.7.F

Explain the influence of private economic institutions on the local and state economy.

6.2.7.G

Examine how various economic systems address the three basic questions.<ul><li>What to produce?</li><li>How?</li><li>For whom?</li></ul>

6.3.7.A

Explain the impact of public goods and services on the local community and state.

6.3.7.B

Describe the impact of government involvement in state and national economic activities.

6.3.7.C

Explain the cost and benefits of taxation.

6.3.7.D

Identify how governments limit or promote international trade.

6.4.7.A

Explain why people specialize in the production of goods and services and divide labor.

6.4.7.B

Analyze how changes in trade affect standards of living.

6.4.7.C

Explain how multinational corporations and other non-government organizations contribute to economic interdependence.

6.4.7.D

Explain how transportation, communication networks, and technology contribute to economic interdependence.

6.5.7.A

Describe how people are compensated for their production of goods and services.

6.5.7.B

Describe the characteristics of productive workers.

6.5.7.D

Explain the relationship between risk and reward.

6.5.7.E

Describe how people accumulate tangible and financial assets through income, saving, and financial investment.

6.5.7.F

Explain the role of entrepreneurship in Pennsylvania.

6.5.7.G

Identify the costs and benefits of various financial tools available to savers.

6.5.7.H