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

General Information
Number: SS.912.E.1
Title: Understand the fundamental concepts relevant to the development of a market economy.
Type: Standard
Subject: Social Studies
Grade: 912
Strand: Economics

Related Benchmarks

This cluster includes the following benchmarks.

Related Access Points

This cluster includes the following access points.

Independent

SS.912.E.1.In.a
Identify examples of factors of production, such as land, labor, and capital.
SS.912.E.1.In.b
Identify the impact of scarcity, choice, and opportunity costs on the production of goods and services.
SS.912.E.1.In.c
Identify differences in the major characteristics of the market, command, and mixed economic systems.
SS.912.E.1.In.d
Describe how the interaction between supply and demand affects the price of a product.
SS.912.E.1.In.e
Identify forms of business organization, such as sole proprietorship, partnership, and corporation.
SS.912.E.1.In.f
Identify differences between a monopoly and pure competition market structure.
SS.912.E.1.In.g
Identify factors that determine the price of a good or service, such as fixed and variable costs.
SS.912.E.1.In.h
Identify characteristics of price and non-price competition, such as discounts and rebates, and quality and extra service.
SS.912.E.1.In.i
Identify factors that determine the earnings of workers, such as minimum wage, the market value of the product, and worker productivity.
SS.912.E.1.In.j
Identify that the government uses taxation and oversight of government spending to support the economy.
SS.912.E.1.In.k
Identify that the Federal Reserve controls interest rates to affect economic growth.
SS.912.E.1.In.l
Identify changes in the business cycle, such as peak, contraction-unemployment, trough, and expansion-inflation.
SS.912.E.1.In.m
Describe the basic functions of money in the United States.
SS.912.E.1.In.n
Identify major differences between credit, savings, and investment services.
SS.912.E.1.In.o
Identify sources of information on investments, such as stocks, bonds, and mutual funds.
SS.912.E.1.In.p
Identify a budget plan that includes wages for a specific career, ongoing expenses, and a plan for purchasing a major item.

Supported

SS.912.E.1.Su.a
Recognize examples of factors of production, such as land, labor, and capital.
SS.912.E.1.Su.b
Identify an example of scarcity, choice, and trade-offs in the production of goods.
SS.912.E.1.Su.c
Recognize a major characteristic of the market and the command economic systems.
SS.912.E.1.Su.d
Identify examples of the interaction between supply and demand.
SS.912.E.1.Su.e
Recognize forms of business organization, such as sole proprietorship, partnership, or corporation.
SS.912.E.1.Su.f
Recognize a difference between a monopoly and pure competition market structure.
SS.912.E.1.Su.g
Recognize factors that determine the price of a good or service, such as fixed costs.
SS.912.E.1.Su.h
Recognize an example of price and non-price competition, such as discounts or extra service.
SS.912.E.1.Su.i
Recognize that the earnings of workers reflect worker productivity.
SS.912.E.1.Su.j
Recognize that the government uses tax money to support the economy.
SS.912.E.1.Su.k
Recognize that the bank of the federal government (Federal Reserve) controls some interest rates.
SS.912.E.1.Su.l
Recognize changes in the business cycle, such as peak, contraction-unemployment, trough, and expansion-inflation.
SS.912.E.1.Su.m
Identify the basic functions of money in the United States.
SS.912.E.1.Su.n
Recognize a credit and savings service.
SS.912.E.1.Su.o
Recognize the purpose of saving and investing money.
SS.912.E.1.Su.p
Recognize a budget plan that includes wages and essential expenses, such as food and housing.

Participatory

SS.912.E.1.Pa.a
Recognize that products are made from resources.
SS.912.E.1.Pa.b
Recognize examples of scarcity and choice.
SS.912.E.1.Pa.c
Recognize that goods are produced because people want or need them (supply and demand).
SS.912.E.1.Pa.d
Recognize that goods are produced because people want or need them (supply and demand).
SS.912.E.1.Pa.e
Recognize that some businesses are owned by people.
SS.912.E.1.Pa.f
Recognize a basic characteristic of a market structure, such as buyers and sellers.
SS.912.E.1.Pa.g
Recognize that goods are produced because people want or need them (supply and demand).
SS.912.E.1.Pa.h
Recognize that products have different prices.
SS.912.E.1.Pa.i
Recognize that workers receive wages.
SS.912.E.1.Pa.j
Recognize that the government makes rules about money.
SS.912.E.1.Pa.k
Recognize that the government makes rules about money.
SS.912.E.1.Pa.l
Recognize a change in the business cycle, such as growth (peak).
SS.912.E.1.Pa.m
Recognize a use for money in the United States.
SS.912.E.1.Pa.n
Recognize that money in a bank can be withdrawn.
SS.912.E.1.Pa.o
Recognize the purpose of saving money.
SS.912.E.1.Pa.p
Recognize a plan (budget) to save and spend money.

Related Resources

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

Lesson Plans

Pay Credit When Credit is Due:

In this lesson, students will learn about credit cards and credit scores through video clips and online interactive content posing hypothetical credit-history scenarios for practice. As students examine how specific actions impact a person's credit score, they will have an opportunity to apply learned material as they "help repair" the person's credit score by choosing a series of actions that to build a positive credit history. Finally, students will compare different credit card offers for young people, determining which card offers the best deal, charting features of the cards, including annual fees, APRs, and rewards.

Type: Lesson Plan

The Specifics of Supply and Demand:

This lesson is designed to teach the specifics of supply and demand. Determinants, as well as effects on equilibrium, will be covered. A short (1/2 to 1 page) argumentative essay and quiz will be the final assessments to determine students' mastery. A PowerPoint, writing rubric, final quiz and answer key have been included with the lesson.

Type: Lesson Plan

Student Resources

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Parent Resources

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