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Standard 1 : Understand the fundamental concepts relevant to the development of a market economy.
Cluster Standards

This cluster includes the following benchmarks.

Visit the specific benchmark webpage to find related instructional resources.

  • SS.7.E.1.1 : Explain how the principles of a market and mixed economy helped to develop the United States into a democratic nation.
  • SS.7.E.1.2 : Discuss the importance of borrowing and lending in the United States, the government's role in controlling financial institutions, and list the advantages and disadvantages of using credit.
  • SS.7.E.1.3 : Review the concepts of supply and demand, choice, scarcity, and opportunity cost as they relate to the development of the mixed market economy in the United States.
  • SS.7.E.1.4 : Discuss the function of financial institutions in the development of a market economy.
  • SS.7.E.1.5 : Assess how profits, incentives, and competition motivate individuals, households, and businesses in a free market economy.
  • SS.7.E.1.6 : Compare the national budget process to the personal budget process.
Cluster Information
Number:
SS.7.E.1
Title:
Understand the fundamental concepts relevant to the development of a market economy.
Type:
Standard
Subject:
Social Studies
Grade:
7
Strand
Economics
Cluster Access Points

This cluster includes the following Access Points.

  • SS.7.E.1.AP.1 : Identify major characteristics of market and mixed economies.
  • SS.7.E.1.AP.2 : Identify differences in borrowing and lending money, including the use of credit.
  • SS.7.E.1.AP.3 : Identify examples of supply and demand, choice, scarcity, and opportunity cost.
  • SS.7.E.1.AP.4 : Identify the function of accounts and services provided by banks or other financial institutions.
  • SS.7.E.1.AP.5 : Identify that profit and incentives motivate people and businesses to work harder.
  • SS.7.E.1.AP.6 : Identify the differences and similarities in the national budget process to the personal budget process.
Cluster Resources

Vetted resources educators can use to teach the concepts and skills in this topic.

Lesson Plans
  • Global Economic Systems: Students will rotate through country stations that demonstrate the economic systems of capitalism, communism, and socialism.  They will analyze characteristics of each country to determine its economic system and compare those to characteristics of the United States. Students will explain how free markets advantage the United States. 

  • Lifting the Standard of Living: Capitalism and the Free Market: In this lesson plan, students will be introduced to different economic systems. Through collaborative learning, students will explore economic system scenarios and complete a written response to show their understanding of the various economic systems, and which one provides the best opportunity for economic prosperity.

  • Show Me the Money: Capitalism, Socialism, Communism: The lesson begins with students exploring the terms economic freedom and standard of living in a group discussion.  Students will complete graphic organizers about capitalism, socialism, and communism as they learn via a provided PowerPoint presentation.  Students will reflect in writing on the advantages of capitalism and the free market.