The
Virginia Standards of Learning covered in this unit:
SOL 7.6 - Virginia Standards
of Learning
The students will explain the
structure and operation of the United States economy as compared with other
economies, with emphasis on
-
the basic concepts of free market,
as described by Adam Smith, and of communism, as described by Karl Marx;
-
the concepts of supply and demand,
scarcity, choices, trade-offs, private ownership, incentives, consumer
sovereignty, markets, and competition;
-
private and public financial institutions;
-
the economic impact of consumption,
saving and investment, and borrowing by individuals, firms and governments;
and
-
the differences between free market,
centrally planned, and mixed economies.
SOL 7.7 - Virginia Standards
of Learning
The students will describe
the role of the governments in the United States economy, with emphasis
on
-
provision of public goods and
services;
-
protection of consumer rights,
contracts, and property rights;
-
the impact of government taxation,
borrowing, and spending on individuals and on the production and distribution
of goods and services; and
-
the role of the Federal Reserve
System and the impact of monetary policy on the money supply and interest
rates.
SOL 7.10 - Virginia Standards
of Learning
The student will interpret
maps, tables, diagrams, charts, political cartoons and basic indicators
of economic performance ( gross domestic product, consumer price index,
productivity, index of leading economic indicators, etc.) for understanding
of economic and political issues.
(Due to state testing, seventh
grade SOLs are taught in the eighth grade.)