7th Grade Economics Standards
7.E.1.1 Explain how competition for resources affects the economic relationship among nations (e.g. colonialism, imperialism, globalization and interdependence). (Day 2)
The student will know:
o Imperialism
o Globalization
o Interdependence
7.E.1.2 Explain the implications of economic decisions in national and international affairs (e.g. OPEC, NAFTA, G20, WTO, EU and economic alliances). (Day 3)
The student will know:
o NAFTA
o G20
o WTO
o EU
o OAS
7.E.1.3 Summarize the main characteristics of various economic systems (e.g. capitalism, socialism, communism; market, mixed, command and traditional economies). (Day 1)
The student will understand:
The student will know:
o Socialism
o Communism
o Market economies
o Command economies
o Mixed Economies
o Traditional economies
7.E.1.4 Explain how personal financial decision-making impacts quality of life (e.g. credit, savings, investing, borrowing and giving).
The student will understand:
The student will know:
*please excuse the above typos. This is the exact wording used in the standards released by North Carolina's Department of Education.
7.E.1.1 Explain how competition for resources affects the economic relationship among nations (e.g. colonialism, imperialism, globalization and interdependence). (Day 2)
The student will know:
- Key terms including but not limited to:
o Imperialism
o Globalization
o Interdependence
7.E.1.2 Explain the implications of economic decisions in national and international affairs (e.g. OPEC, NAFTA, G20, WTO, EU and economic alliances). (Day 3)
The student will know:
- Key terms including but not limited to:
o NAFTA
o G20
o WTO
o EU
o OAS
7.E.1.3 Summarize the main characteristics of various economic systems (e.g. capitalism, socialism, communism; market, mixed, command and traditional economies). (Day 1)
The student will understand:
- Economic systems may vary by
The student will know:
- Key terms including but not limited to:
o Socialism
o Communism
o Market economies
o Command economies
o Mixed Economies
o Traditional economies
7.E.1.4 Explain how personal financial decision-making impacts quality of life (e.g. credit, savings, investing, borrowing and giving).
The student will understand:
- Making good economic decisions may lead to a better quality of life.
- Making bad personal financial decisions may have negative implications for the larger society.
The student will know:
- The benefits of saving, investing and giving.
- Methods people use to save, invest, and create wealth.
- How to use credit and borrowing responsibly.
- Factors that may negatively impact quality of life e.g. accumulating too much debt, not planning for the future, and spending more than earn.
*please excuse the above typos. This is the exact wording used in the standards released by North Carolina's Department of Education.