Economics: Grade 8

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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Types of Businesses

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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

6.1.8.A

Explain how limited resources and unlimited wants cause scarcity.

6.1.8.B

Compare decisions made because of limited resources and unlimited wants. Analyze the resources that are combined to create goods and services.

6.1.8.C

Compare choices to determine the best action.

6.1.8.D

Compare the effect of incentives on personal decisions.

6.2.8.A

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

6.2.8.B

Identify positive and negative effects of market competition.

6.2.8.C

Explain how advertising influences economic decisions.

6.2.8.D

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

6.2.8.E

Compare the state of the current economy with the economy in a different time or place.

6.2.8.F

Analyze the functions of private economic institutions in the national economy.

6.2.8.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>

6.3.8.A

Assess the value of public goods and services.

6.3.8.B

Predict how changes to government involvement at the state and national levels may affect the economy.

6.3.8.C

Compare and contrast the effects of different taxation policies.

6.3.8.D

Explain how government actions may affect international trade.

6.4.8.A

Explain how specialization contributes to economic interdependence on a national level.

6.4.8.B

Compare the standard of living in different times and places.

6.4.8.C

Explain the influence of multinational corporations and other non-government organizations.

6.4.8.D

Explain how the level of transportation, communication networks, and technology affect economic interdependence.

6.5.8.A

Examine the compensation of workers who produce different goods and provide different services.

6.5.8.B

Compare the characteristics of productive workers with less productive workers.

6.5.8.C

Explain the organization of different types of businesses.

6.5.8.D

Compare the risks and rewards of specific business actions.

6.5.8.E

Identify wealth within and among political divisions in Pennsylvania.

6.5.8.F

Explain the role of entrepreneurship across the nation.

6.5.8.G

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

6.5.8.H