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

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General 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

Related Benchmarks

This cluster includes the following benchmarks.

Related Access Points

This cluster includes the following access points.

Independent

SS.7.E.1.In.0
Identify major characteristics of market (buyers/sellers) and mixed (buyers/sellers and government-controlled) economies.
SS.7.E.1.In.1
Identify differences in borrowing and lending money, including the use of credit.
SS.7.E.1.In.2
Identify common examples of the concepts of supply and demand, choice, scarcity, and opportunity cost.
SS.7.E.1.In.3
Identify different kinds of accounts and services provided by banks or other financial institutions.
SS.7.E.1.In.4
Identify that profit and incentives motivate people and businesses to work harder.
SS.7.E.1.In.5
Identify an individual budget and how personal needs are used to develop it.

Supported

SS.7.E.1.Su.0
Recognize characteristics of a market (buyers/sellers) economy.
SS.7.E.1.Su.1
Recognize differences in borrowing and lending money.
SS.7.E.1.Su.2
Recognize common examples of the concepts of supply and demand, choice, and scarcity.
SS.7.E.1.Su.3
Recognize common accounts provided by banks or other financial institutions.
SS.7.E.1.Su.4
Recognize that incentives motivate people to work.
SS.7.E.1.Su.5
Recognize the parts of a budget and how personal needs are used to develop it.

Participatory

SS.7.E.1.Pa.0
Recognize people use money to purchase goods and services.
SS.7.E.1.Pa.1
Recognize the difference between a loan and a gift.
SS.7.E.1.Pa.2
Recognize an example of choice and scarcity.
SS.7.E.1.Pa.3
Recognize that a bank is a place to save money.
SS.7.E.1.Pa.4
Recognize an incentive for completing work.
SS.7.E.1.Pa.5
Recognize a plan (budget) to use resources, such as time, money, or materials.

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