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will understand how different economic systems operate in the exchange, production, distribution and consumption of goods and services. 15A
will demonstrate the exchange of goods and services (using money or other goods and services). 15a1
will identify how people in different cultures have the same needs, but meet their needs in different ways. 15a1
will create and use graphs, charts, maps and other data sources to illustrate the use of resources, the demand for products, and the supply of goods and services. 15a2
will summarize how banks serve as intermediaries between savers and borrowers. 15a2
will give examples of people as consumers and producers of goods. 15a2
will analyze advertisements and their impact upon consumer choices using print and media sources. 15a2
will apply the concept of supply and demand to a specific United States situation. 15a2
will identify the role of consumers in the United States economy. 15a2
will apply the concepts of sales, expenses and profits to a real life event (e.g., school-related situation such as sports events, concession stand, snack machines). 15a2
will compare production and consumption of goods and services in different countries. 15a3
will identify the impact and global effects of a strike on an industry. 15a3
will identify and compare different types of economic systems. 15a3
will describe the relationship between supply, demand and the price of a product. 15a3
will examine and analyze a local community and propose ways in which tourism can be developed. 15a3
will describe how the United States economic system changed from mercantilism to free enterprise capitalism. 15a4
will determine the relationship among the law of supply and demand, production and consumption. 15a4
will describe and analyze how various societies developed economic systems. 15a4
will apply Gross Domestic Product and per capita income calculations to compare the economies of different nations. 15a5

will understand that scarcity necessitates choices by consumers. 15B
will identify the economic concept of saving for the future. 15b1
will identify the economic concept regarding the difference between needs and wants. 15b1
will make economic choices and predict the consequences of those choices. 15b1
will explain the role of banks in saving for the future purchase of goods and services. 15b1
will make choices from among needs and wants, and predict the consequences of those choices. 15b1
will explain why budgeting is a critical skill. 15b2
will explain the concept of scarcity by citing examples of limited supplies and scarce resources. 15b2
will explain the concept of trade-offs (e.g., devleoping hypothetical budgets in simulated situations). 15b2

will understand that scarcity necessitates choices by producers. 15C
will show how competition for products increases with advertising. 15c2
will explain the economic concept of supply and demand with appropriate examples. 15c2
will analyze a product chart for price comparison 15c2
will demonstrate an understanding of how competition among buyers of a product results in higher prices of that product. 15c3
will explain how trade cartels affect the world economy (e.g., Organization of Petroleum Exporting Countries). 15c3
will explain and outline the steps in producing and marketing goods. 15c3
will analyze the production of services in developed and developing nations. 15c5

will understand trade as an exchange of goods and services. 15D
will identify the economic concept of the exchange of money for goods and services. 15d1
will compare bartering as an alternative method of securing goods/services to that of a price-structured market setting. 15d1
will predict how competition in the market place affects prices. 15d2
will explain the benefits of trade to Illinois' economy. 15d3
will describe and explain global economic interdependence and competition using examples to illustrate their influence on national and international policies. 15d4
will analyze the effects of foreign trade and tariff policies on the United States. 15d4
will analyze the role of exchange/trade systems as economic systems developed. 15d4
will define and illustrate the trade patterns of regions of the world across time. 15d4
will describe how European needs/wants for foreign products contributed to the Age of Exploration. 15d4
will explain the business cycle and how different political systems formulate policy. 15d5

will understand the impact of government policies and decisions on production and consumption in the economy. 15E
will recognize that some goods and services are provided by the government, such as schools, parks, police, and fire departments. 15e1
will explain the relationship between government taxation and the provision of public services. 15e2
will explain the concept of taxation and its relationship to public services. 15e2
will give examples of how government does or does not provide for the needs and wants of people establish order and manage conflict. 15e2
will compare and contrast various social services provided by world governments. 15e3
will describe how Illinois' economic condition affects social conditions (e.g., employment, in/out migration). 15e3
will identify major sources and uses of revenue for state and local governments (e.g., property tax, income tax, fees and licenses, excise tax, levies). 15e3
will analyze the influence of diverse forms of public opinion on the development of public policy and decision-making. 15e3
will explain and analyze various forms of citizen action that influence public policy, (e.g., how groups can work with governmental agencies to impact the development of tourism). 15e3
will differentiate among various types of taxes and relate them to taxation controversies in the United States during the current era. 15e4
will examine the role of the United States government in banking, finance and monetary systems. 15e4
will identify a cause and effect relationship between the economic impact of governmental policy and its effect on the job market. (e.g., the growth of tourism in Illinois and the resulting change in types of jobs that are available). 15e4
will compare and contrast fiscal policies of several world societies. 15e4
will analyze and explain the effects of the Great Depression on worldwide economic conditions. 15e5
will develop positions and formulate actions on the problems of today and predict challenges of the future. (e.g., describe the changing job market in Illinois and the impact of tourism). 15e5
will predict the outcomes of changes in all types of taxation (e.g., property, income, sales). 15e5
will analyze the causes and consequences of the United States' national debt and its effect on the world economic system. 15e5
will explain the federal monetary policy and how it impacts on society. 15e5