Where can I read the official document?

Academic Standards for Economics Grades K-12

Grades 6 to 8
Other Pennsylvania Economics sets
Kindergarten to Grade 2
Grades 3 to 5
Grades 9 to 12

A
Describe and identify the characteristics of traditional, command, and market systems. 6.1.6-8.A
B
Explain how traditional, command, and market economies answer the basic economic questions:6.1.6-8.B
1. 1
  What goods and services should be produced? 6.1.6-8.B.1
2. 2
  How will goods and services be produced? 6.1.6-8.B.2
3. 3
  Who will consume goods and services?6.1.6-8.B.3
C
Describe ways to deal with scarcity within various communities.6.1.6-8.C
D
Explain that scarcity is the condition of not having all the goods and services wanted because resources are limited.6.1.6-8.D
E
Explain how resources can be used in different ways to produce different goods and services.6.1.6-8.E
F
Explain how the additional cost and additional benefit of a choice affects decision-making (marginal analysis).6.1.6-8.F
G
Explain the opportunity cost of a public choice from different perspectives.6.1.6-8.G
H
Explain how incentives affect the behaviors of workers, savers, consumers, and producers.6.1.6-8.H
I
Describe how specialization may lead to increased production and consumption.6.1.6-8.I
J
Explain how trade may improve a society's standard of living.6.1.6-8.J
K
Explain why governments sometimes subsidize or restrict trade (i.e., tariffs or quotas).6.1.6-8.K
L
Explain how specialization and trade lead to interdependence.6.1.6-8.L
M
Explain how opportunity costs influence where goods and services are produced locally and regionally. 6.1.6-8.M

A
Explain the flow of goods, services, and resources in an economy.6.2.6-8.A
B
Describe the advantages and disadvantages of competition for consumers in markets. 6.2.6-8.B
C
Identify historical examples of monopolies in the United States.6.2.6-8.C
D
Explain how supply and demand affect the prices of goods and services.6.2.6-8.D
E
Explain how the location of resources, transportation, and technology have affected United States economic patterns.6.2.6-8.E
F
Define wages and explain how wages are determined by the supply of and demand for workers.6.2.6-8.F
G
Describe how productivity is measured and identify ways in which a person can improve his or her productivity.6.2.6-8.G
H
Identify and explain the characteristics of the three types of businesses: sole proprietorship, partnership, and corporation. 6.2.6-8.H
I
Explain how profits and losses serve as incentives. 6.2.6-8.I
J
Investigate leading entrepreneurs in Pennsylvania and the United States and describe the characteristics of successful entrepreneurship (including risks and rewards).6.2.6-8.J

A
Define macroeconomic indicators such as the Consumer Price Index (CPI), gross domestic product (GDP), and unemployment rate.6.3.6-8.A
B
Describe historical examples of expansion, recession, and depression in the United States. 6.3.6-8.B
C
Define fiscal policies available to the federal government.6.3.6-8.C
E
Define the three different types of tax structures (progressive, proportional, and regressive) and different tax bases, such as income, wealth, property, etc.6.3.6-8.E
F
Compare the taxation policies of local, state, and national government levels in the economy.6.3.6-8.F
G
Analyze the economic roles of governments in market economies in promoting growth and stability and providing legal frameworks (laws and regulations).6.3.6-8.G
H
Identify policies governments can use to address unintended consequences (i.e., externalities) of market activities.6.3.6-8.H
I
Explain why the government provides public goods and services (e.g., education, infrastructure, national defense, safety and health). 6.3.6-8.I

A
Identify and explain various forms of payments used in markets.6.4.6-8.A
B
Explain why you have to exchange currencies to purchase goods when you visit another country.6.4.6-8.B
D
Explain how banks and other financial institutions channel funds from savers to borrowers and investors.6.4.6-8.D
E
Explain the history, structure, and purposes of the Federal Reserve System. 6.4.6-8.E
F
Define nongovernmental economic institutions (e.g., labor unions, non-profits, financial markets).6.4.6-8.F
G
Explain the impact of higher or lower interest rates for savers, borrowers, consumers, and producers.6.4.6-8.G

What grade levels do these standards cover?: Grade 6, Grade 7, and Grade 8
Where can I read the official document?: Academic Standards for Economics Grades K-12

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