Typical Course of Study

World Book Learning Resources lists typical courses of study for Kindergarten through Grade 12. The course of study for 8th Grade is the:

• U.S. Economic System,
• Mathematics of Insurance, and
• Banking and Taxes.

Academic Standards

Strand 5: Economics, The Social Studies Standard as of May 22, 2006

State of Arizona, Standards and Assessment Division

Concept 1: Foundations of Economics

The foundations of economics are the application of basic economic concepts and decision-making skills. This includes scarcity and the different methods of allocation of goods and services.

Concept 1 Performance Objectives for the 8th Grade

• PO 1. Explain how limited resources and unlimited human wants cause people to choose some things and give up others.
• PO 2. Analyze how scarcity, opportunity costs, and trade-offs, influence decision-making.
• PO 3. Analyze how individuals, governments and businesses make choices based on the availability of resources.
• PO 4. PO 4. Apply Adam Smith’s ideas of a market economy to: a. property rights b. freedom of enterprise c. competition d. consumer choice e. limited role of government
• PO 5. Describe the impact of the availability and distribution of natural resources on an economy.

Concept 2: Microeconomics

Microeconomics examines the costs and benefits of economic choices relating to individuals, markets and industries, and governmental policies.

Concept 2 Performance Objectives for the 8th Grade

• PO 1. Identify the functions and relationships among various institutions (e.g. business firms, banks, government agencies, labor unions, corporations) that make up an economic system.
• PO 2. Explain the impact of government investment in human capital: a. health (e.g. immunizations) b. education (e.g. college grants, loans) c. training of people (e.g. Job Corps)
• PO 3. Explain the impact of government investment in physical capital (e.g. NASA, transportation).
• PO 4. Describe how income for most people is determined by the value of the goods and services they sell.
• PO 5. Describe the impact of entrepreneurs (e.g. Bill Gates, Martha Stewart, Oprah Winfrey, Ted Turner Donald Trump) in the free enterprise system.
• PO 6. Analyze how investment in physical capital (e.g. factories, medical advancements, new technologies) leads to economic growth.
• PO 7. Describe how competition (e.g. Microsoft/Apple, Wal-Mart/Target) affects supply and demand from the vantage point of the consumer and producer.
• PO 8. Describe how market prices provide incentives to buyers and sellers.
• PO 9. Describe how protection of private property rights provides incentives to conserve and improve property (e.g. resale market).

Concept 3: Macroeconomics

Concept 3 Performance Objectives for the 8th Grade

• PO 1. Identify the organization and functions of the Federal Reserve System.
• PO 2. Identify the effects of inflation on society.
• PO 3. Analyze the government’s role in economic recovery.

Concept 4: Global Economics

Patterns of global interaction and economic development vary due to different economic systems and institutions that exist throughout the world.