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7th grade Social Studies  

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    Economic Understandings

     SS7E7 Analyze different economic systems.
    a. Compare how traditional, command, and market economies answer the economic questions of 1-what to produce, 2-how to produce, and 3-for whom to produce.
    b. Explain that countries have a mixed economic system located on a continuum between pure market and pure command.
    c. Compare and contrast the economic systems in China, India, Japan, North Korea, and South Korea.

    SS7E8 Explain how voluntary trade benefits buyers and sellers in Southern and Eastern Asia.

    a. Explain how specialization encourages trade between countries.
    b. Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargoes.
    c. Explain why international trade requires a system for exchanging currencies between nations.

    SS7E9 Describe factors that influence economic growth and examine their presence or absence in China, India, Japan, South Korea and North Korea.

    a. Evaluate how literacy rates affect the standard of living.
    b. Explain the relationship between investment in human capital (education and training) and gross domestic product (GDP per capita).
    c. Explain the relationship between investment in capital goods (factories, machinery, and technology) and gross domestic product (GDP per capita).
    d. Describe the role of natural resources in a country’s economy. e. Describe the role of entrepreneurship.


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