Common Planner
K–12 Standards

Economics: Grade 7

Other Pennsylvania Social Studies sets

Scarcity and Choice

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    Scarcity and Choice

    1. A.

      Explain how limited resources and unlimited wants cause scarcity.6.1.7.A

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    Limited Resources

    1. B.

      Compare decisions made because of limited resources and unlimited wants. Describe how resources are combined to produce different goods and services.6.1.7.B

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    Opportunity Costs

    1. C.

      Define opportunity cost and describe the opportunity cost of personal choice.6.1.7.C

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    Incentives and Choice

    1. D.

      Explain how positive and negative incentives affect behavior.6.1.7.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.6.2.7.A

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    Market Competition

    1. B.

      Explain why and how market competition takes place.6.2.7.B

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    Advertising and Media

    1. C.

      Explain how advertising influences economic decisions.6.2.7.C

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    Price Determination

    1. D.

      Explain the effects that changes in price have on buyers and sellers.6.2.7.D

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    Economic Health

    1. E.

      Explain the causes and effects of expansion and contraction of businesses.6.2.7.E

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    Private Economic Institutions

    1. F.

      Explain the influence of private economic institutions on the local and state economy.6.2.7.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>6.2.7.G

Functions of Government

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    Goods and Services

    1. A.

      Explain the impact of public goods and services on the local community and state.6.3.7.A

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    Government Involvement in the Economy

    1. B.

      Describe the impact of government involvement in state and national economic activities.6.3.7.B

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    Taxation

    1. C.

      Explain the cost and benefits of taxation.6.3.7.C

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    Government's Role in International Trade

    1. D.

      Identify how governments limit or promote international trade.6.3.7.D

Economic Interdependence

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    Specialization

    1. A.

      Explain why people specialize in the production of goods and services and divide labor.6.4.7.A

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    Trade

    1. B.

      Analyze how changes in trade affect standards of living.6.4.7.B

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    Multinational and Non-Governmental Organizations

    1. C.

      Explain how multinational corporations and other non-government organizations contribute to economic interdependence.6.4.7.C

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    Factors Contributing to Economic Interdependence

    1. D.

      Explain how transportation, communication networks, and technology contribute to economic interdependence.6.4.7.D

Income, Profit, and Wealth

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    Factors Influencing Wages

    1. A.

      Describe how people are compensated for their production of goods and services.6.5.7.A

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    Labor Productivity

    1. B.

      Describe the characteristics of productive workers.6.5.7.B

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    Profits and Losses

    1. D.

      Explain the relationship between risk and reward.6.5.7.D

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    Distribution of Wealth

    1. E.

      Describe how people accumulate tangible and financial assets through income, saving, and financial investment.6.5.7.E

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    Entrepreneurship

    1. F.

      Explain the role of entrepreneurship in Pennsylvania.6.5.7.F

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    Costs and Benefits of Saving

    1. G.

      Identify the costs and benefits of various financial tools available to savers.6.5.7.G

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    Interest Rates

    1. H.

      Identify the effect of higher and lower interest rates.6.5.7.H

Frequently asked questions

What grade levels do these standards cover?
Grade 7
When were these standards adopted?
2009
Where can I read the official document?
Academic Standards for Economics (Elementary)

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