Common Planner
K–12 Standards

Economics: Grade 8

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Scarcity and Choice

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    Scarcity and Choice

    1. A.

      Explain how limited resources and unlimited wants cause scarcity.6.1.8.A

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    Limited Resources

    1. B.

      Compare decisions made because of limited resources and unlimited wants. Analyze the resources that are combined to create goods and services.6.1.8.B

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    Opportunity Costs

    1. C.

      Compare choices to determine the best action.6.1.8.C

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    Incentives and Choice

    1. D.

      Compare the effect of incentives on personal decisions.6.1.8.D

Markets and Economic Systems

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    Goods and Services

    1. A.

      Describe the interaction of consumers and producers of goods and services in the state and national economy.6.2.8.A

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    Market Competition

    1. B.

      Identify positive and negative effects of market competition.6.2.8.B

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    Advertising and Media

    1. C.

      Explain how advertising influences economic decisions.6.2.8.C

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    Price Determination

    1. D.

      Explain the effects that changes in price have on buyers and sellers.6.2.8.D

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    Economic Health

    1. E.

      Compare the state of the current economy with the economy in a different time or place.6.2.8.E

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    Private Economic Institutions

    1. F.

      Analyze the functions of private economic institutions in the national economy.6.2.8.F

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    Economic Systems

    1. G.

      Examine how various economic systems address the three basic questions.<ul><li>What to produce?</li><li>How?</li><li>For whom?</li></ul>6.2.8.G

Functions of Government

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    Goods and Services

    1. A.

      Assess the value of public goods and services.6.3.8.A

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    Government Involvement in the Economy

    1. B.

      Predict how changes to government involvement at the state and national levels may affect the economy.6.3.8.B

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    Taxation

    1. C.

      Compare and contrast the effects of different taxation policies.6.3.8.C

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    Government's Role in International Trade

    1. D.

      Explain how government actions may affect international trade.6.3.8.D

Economic Interdependence

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    Specialization

    1. A.

      Explain how specialization contributes to economic interdependence on a national level.6.4.8.A

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    Trade

    1. B.

      Compare the standard of living in different times and places.6.4.8.B

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    Multinational and Non-Governmental Organizations

    1. C.

      Explain the influence of multinational corporations and other non-government organizations.6.4.8.C

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    Factors Contributing to Economic Interdependence

    1. D.

      Explain how the level of transportation, communication networks, and technology affect economic interdependence.6.4.8.D

Income, Profit, and Wealth

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    Factors Influencing Wages

    1. A.

      Examine the compensation of workers who produce different goods and provide different services.6.5.8.A

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    Labor Productivity

    1. B.

      Compare the characteristics of productive workers with less productive workers.6.5.8.B

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    Types of Businesses

    1. C.

      Explain the organization of different types of businesses.6.5.8.C

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    Profits and Losses

    1. D.

      Compare the risks and rewards of specific business actions.6.5.8.D

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    Distribution of Wealth

    1. E.

      Identify wealth within and among political divisions in Pennsylvania.6.5.8.E

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    Entrepreneurship

    1. F.

      Explain the role of entrepreneurship across the nation.6.5.8.F

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    Costs and Benefits of Saving

    1. G.

      Identify the costs and benefits of various financial tools available to savers.6.5.8.G

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    Interest Rates

    1. H.

      Identify the effect of higher and lower interest rates.6.5.8.H

Frequently asked questions

What grade levels do these standards cover?
Grade 8
When were these standards adopted?
2009
Where can I read the official document?
Academic Standards for Economics (Elementary)

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