Standard(s)/Element(s)
Standard SS7E8
The student will analyze different economic systems.
  1. Compare how traditional, command, market economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce.
  2. Explain how most countries have a mixed economy located on a continuum between pure market and pure command.
  3. Compare and contrast the economic systems in China, India, Japan, and North Korea.

Standard SS7E9
The student will explain how voluntary trade benefits buyers and sellers in Southern and Eastern Asia.
  1. Explain how specialization encourages trade between countries.
  2. Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargos.
  3. Explain why international trade requires a system for exchanging currencies between nations.

Standard SS7E10
The student will describe factors that influence economic growth and examine their presence or absence in India, China, and Japan.
  1. Explain the relationship between investment in human capital (education and training) and gross domestic product (GDP).
  2. Explain the relationship between investment in capital (factories, machinery, and technology) and gross domestic product (GDP).
  3. Describe the role of natural resources in a country’s economy.
  4. Describe the role of entrepreneurship.

Direction: Using the Ipads, find the information on the different Economic Terms: