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| Grade 8
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| History and Government, Economics and Geography, Approved 2005
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| 2
| Economics |
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Standard
Benchmark
Indicator | Description | Lesson Plans | Thinkfinity | Resources |
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2
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The student uses a working knowledge and understanding of major economic concepts, issues, and systems of the United States and other nations; and applies decision-making skills as a consumer, producer, saver, investor, and citizen of Kansas and the United States living in an interdependent world.
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2.1
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The student understands how limited resources require choices.
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2.1.1
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(A) The student analyzes the effect of scarcity on the price, production, consumption and distribution of goods and services (e.g., price goes up and production goes down, consumption goes down and distribution is limited).
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2.2
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The student understands how the market economy works in the United States.
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2.2.1
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(K) The student explains how relative price, people's economic decisions, and innovations influence the market system (e.g., cotton gin led to increased productivity, more cotton produced, higher profits, and lower prices; steamboat led to increased distribution of goods, which brought, down prices of goods and allowed goods to be more affordable to people across the United States; development of railroad led to transportation of cattle to eastern markets, price was decreased and profit was increased, timely access to beef).
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2.2.2
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(K) - ($) The student describes the four basic types of earned income (e.g., wages and salaries, rent, interests, and profit).
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2.2.3
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(K) - ($) The student explains the factors that cause unemployment (e.g., seasonal demand for jobs, changes in skills needed by employers, other economic influences, downsizing, outsourcing).
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2.2.4
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(K) - ($) The student describes the positive and negative incentives to which employees respond (e.g., wage levels, benefits, work hours, working conditions).
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2.3
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The student analyzes how different incentives, economic systems and their institutions, and local, national, and international interdependence affect people.
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2.3.1
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(K) The student describes examples of specialized economic institutions found in market economies (e.g., corporations, partnerships, proprietorships, labor unions, banks, and non-profit organizations).
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2.4
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The student analyzes the role of the government in the economy.
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2.4.1
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(K) The student gives examples of how monopolies affect consumers, the prices of goods, laborers, and their wages (e.g., monopolistic employers and development of labor unions; oil, steel, and railroad monopolies; and anti-trust laws).
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2.5
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The student makes effective decisions as a consumer, producer, saver, investor, and citizen.
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2.5.1
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(K) - ($) The student explains how saving accumulation is influenced by the amount saved, the rate of return and time.
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2.5.2
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(A) - ($) The student determines the opportunity cost of decisions related to personal finance plan or budget.
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