Economics- Globalization; Credit and Debt

Grade Level: 8th Grade

Subject: Social Studies 

Time Frame: 4 weeks (September)

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Big Understandings

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- economic freedom, including free trade was important for economic growth in early American History
- examine the role of consumer decisions and taxes within the market economies of early American History

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Essential Questions

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- how do societies benefit from trade and exchange?
- why is it important for nations to control trade and exchange?
- what are the benefits and challenges of trade at the international, national, state, local, and individual levels?
- how does where and how you purchase products affect the social, economic, and environmental conditions?
- what impact upon productivity results from taxation?
- what concerns do citizens have with taxation?
- what role did taxes play in the birth of our nation?
- what would countries look like without taxes?
- how has the value of money changed over time and what is the impact on consumerism
- how did inventions impact personal financial options? 

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By the end of the unit, students will be able to:

 

- give examples of international and regional differences in resources, productivity, and costs that provide a basis for trade
- describe the factors that lead to a nation or a region having a comparative and absolute advantage in trade
- explain effects of domestic policies on international trade
- explain why nations sometimes restrict by using quotas, tariffs, and non-tariff barriers
- calculate how the value of money has changed over time impacting earning, spending, borrowing, and investing (inflation and recession)
- explain factors that have impacted borrowing and investing over time (currency stability, war, and banking practices)
- analyze the changes in the development of human capital over time (gaining knowledge and skill through education, apprenticeship, and work experience)
- analyze the impact of taxes on the people of the United States over time dual rights, and the common good 

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Topics:

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◦ International differences in resources 
productivity and prices that provide a basis for international 
◦ Factors that lead to a nation having a comparative and absolute advantage in trade 
◦ Effects of domestic policies on international trade 
◦ Why nations often restrict trade by using quotas, tariffs, and non-tariff barriers 
◦ Differentiate between purposes and reasons for debt 
◦ Benefits and costs of credit and debt 
◦ Compare sources of credit 
◦ Components of a credit history    

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Standards

SS.8.3.1
SS.8.3.2