| GRADES | PRE-KINDERGARTEN thru 4
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08.4.2.0.1
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Students will identify the three basic questions all economic systems must answer: What will be produced? How will it be produced? For whom will it be produced?
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08.4.2.0.2
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Students will explain that there are different economic systems in the world and that these systems use different means to produce, distribute and exchange goods and services
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08.4.2.0.3
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Students will explain that a market exists whenever buyers and sellers exchange goods and services
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08.4.2.0.4
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Students will define a consumer and a producer and their roles in a market system
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08.4.2.0.5
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Students will describe how the price of a good or service in a market is related to how much of it there is and how many people want it
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08.4.2.0.6
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Students will explain that some goods and services are provided by the government
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08.4.2.0.7
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Students will explain that government raises money by taxing and borrowing to pay for the goods and services it provides.
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| GRADES | 5 thru 8
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08.4.2.5.1
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Students will explain how different economic systems (traditional, market and command) use different means to produce, distribute and exchange goods and services
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08.4.2.5.2
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Students will explain that all countries' economies reflect a mix of market, command and traditional elements
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08.4.2.5.3
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Students will describe the relationships among demand, supply and price and their roles in a market system
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08.4.2.5.4
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Students will identify how fundamental characteristics of a market system (e.g., private property, profits and competition, businesses, labor, banks and government) influence decision making
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08.4.2.5.5
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Students will identify governmental activities that affect the local, state, national and international economy
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08.4.2.5.6
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Students will describe how, in a market system, government enforces property rights and provides for standardized systems (e.g., weights and measures, and money)
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08.4.2.5.7
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Students will analyze the impact of government taxing and spending decisions on specific individuals, businesses, organizations and groups.
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| GRADES | 9 thru 12
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08.4.2.9.1
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Students will evaluate economic systems by their ability to achieve broad societal goals, such as efficiency; equity, security, employment, stability and economic growth
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08.4.2.9.2
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Students will identify and explain the factors that determine and cause changes in demand, supply and the market-clearing (equilibrium) price
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08.4.2.9.3
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Students will compare and contrast the characteristics and effects of different market structures, including pure competition, monopolistic competition, oligopoly and monopoly
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08.4.2.9.4
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Students will interpret important statistics about the national economy: the inflation rate, unemployment rate, Gross Domestic Product and its growth rate
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08.4.2.9.5
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Students will understand the causes and effects of periods of growth and recession evident in the history of market economies
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08.4.2.9.6
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Students will analyze the impact of government taxing and spending actions and changes in the money supply and interest rates on the national economy
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08.4.2.9.7
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Students will contrast and compare different types of taxes, including progressive, regressive and proportional taxes
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08.4.2.9.8
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Students will explain reasons for government action in the economy, including providing public goods and services, maintaining competition, redistributing income, promoting employment, stabilizing prices and sustaining reasonable rates of economic growth
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08.4.2.9.9
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Students will analyze the impact of specific government actions in the economy on different groups, including consumers, employees and businesses.
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