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.
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.
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