Economics-8th Grade

Understand economic systems with an emphasis on the United States. Understand moral aspects of the economic systems of the United States. 

Understand how different economic systems operate in exchange, production, distribution and consumption of goods and services. Understand the moral consequences of how different economic systems operate in exchange, production, distribution and consumption of goods and services. Identify the motivating values that have informed particular societies and how they correlate with Catholic teaching. CSIS7 (7-12 CS) Explain how one’s beliefs about God, about humanity, and about material things, affect one’s actions .CSIS 7 (K-6 CS) Distinguish the religious dimensions and basic elements of Christian social ethics within historical events. CSIS19 (7& 8)

Understand that scarcity necessitates choices by consumers. Understand that scarcity necessitates consumer choices which have moral implications. Discriminate between what is positive in the world, what needs to be transformed, and what injustices must be overcome. CSDS4 Explain how one’s beliefs about God, about humanity, and about material things, affect one’s actions. CSIS7

Understand that scarcity necessitates choices by producers. Understand that scarcity necessitates producer choices which have moral implications. Explain how one’s beliefs about God, about humanity, and about material things, affect one’s actions. CSIS7       Value and develop a love for the common good and our shared humanity, not just with those around us, but for those who have gone before and those who will come after us. CSDS2 (7-12 CS)

Understanding trade as an exchange of goods or services. Understand moral values behind the understanding of trade as an exchange of goods and services. Explain how one’s beliefs about God, about humanity, and about material things, affect one’s actions. CSIS7       Value one’s own role and dignity as man in God’s plan and creation. CSGS5 (7&8)

Understand the impact of government policies and decisions on production and consumption in the economy. Understand the moral implications of policies and decisions on production and consumption. Explain how one’s beliefs about God, about humanity, and about material things, affect one’s actions. CSIS7 (K-6 CS)       Demonstrate the ways men and societies change and/or persist over time to better understand the human condition. CSIS8 (7&8)

Explain how the price of productive resources in a market economy would influence producer decisions about how, how much, and to what to produce.

Analyze the relationship between productivity and wages.

Demonstrate the circular flow of interaction among households, businesses and government in the economy.

Describe the role of financial institutions in the economy.

Identify the causes of unemployment.

Define GDP (Gross Domestic Product).

Analyze the relationship between productivity and wages based on the Church’s teaching about dignity and rights of the worker.

Explain why, as market price of a good or service goes up, the quantity demanded by consumers goes down.

Predict how the change in price of one good or service can lead to changes in prices of other goods and services.

Explain how prices help allocate scarce goods and services in a market economy.

Explain why shortages and surpluses occur in a market economy and provide real-world examples of each.

Analyze shortages and surpluses in relation to our responsibility as stewards of God’s creation.

Provide examples of how changes in incentives encourage people to change their economic behavior in predictable ways.

Explain why, as the market price of a good or service goes up, the quantity supplied also goes up.

Provide examples of how the same incentive will bring about differing responses from differing people based on their understanding of religious teachings.

Define and provide an example of comparative advantage in the school or community.

Explain why comparative advantage leads to specialization and trade.

Identify barriers to trade and their impact, and explain why nations create barriers to trade.

Analyze the impact of an increase or decrease in imports/exports on jobs and consumers in the U.S.

Explain how people’s incomes reflect choices they have made about education, training, skill development, and careers.

Analyze materialism in relation to social justice. Evaluate trade and mutual benefits.

Identify new technologies over time and explain their impact on the economy.

Identify examples of proportional, progressive, and regressive taxes in the economy; evaluate fairness of each tax.

Analyze the benefits and costs to individuals and businesses of government policies that affect the economy.

Analyze the benefits and costs to individuals and businesses when they operated to protect the poor and vulnerable.

Identify the main sources of revenue for federal and state governments.

Explain how laws and government policies affecting the economy establish rules to help a market economy function effectively.