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Skills available for Iowa seventh-grade social studies standards

Standards are in black and IXL social studies skills are in dark green. Hold your mouse over the name of a skill to view a sample question. Click on the name of a skill to practice that skill.

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Economics addresses the production, distribution, and consumption of goods and services. The concept of scarcity is understood to mean that available resources are insufficient to satisfy the wants and needs of everyone. Economics is therefore founded upon the alternative use of available resources and the study of choices.

  • Understand the role of scarcity and economic trade-offs and how economic conditions impact people's lives.

    • Understand the cost and benefits of economic trade-offs and how scarcity of resources affects costs and benefits.

    • Understand economic trade-offs at different levels (personal, business, local government).

    • Understand the short term and long term impact of economic trade-offs on society.

  • Understand the functions of economic institutions.

    • Understand the services that are available at banks and credit unions.

    • Understand the process of interests and payments for goods.

    • Understand the role banks play among savers, borrowers, and investors.

    • Understand the types of specialized economic institutions found in market economies (corporations, partnerships, cooperatives, labor unions, banks, and nonprofit organizations).

  • Understand how governments throughout the world influence economic behavior.

    • Understand goods and services that the government provides.

    • Understand the government's purpose in preventing monopolies.

    • Understand how taxes are used at the local, state, and national levels.

    • Understand revenues and expenditures in the federal budget.

    • Understand the concepts of balanced budget, budget deficit, budget surplus, and national debt.

    • Understand the role of the Federal Reserve on the economy.

    • Understand the process of filing personal tax returns.

  • Understand factors that create patterns of interdependence in the world economy.

    • Understand the impact of imported and exported goods and services in the local community.

    • Understand the concepts of free trade and trade barriers.

    • Understand trade barriers imposed by the United States from a historical perspective and the impact of those actions.

    • Understand the interdependence of America and other regions of the world in terms of imports and exports.

    • Understand balance of trade and trade deficits and their impact on the price of goods.

    • Understand that the increased interdependence of the world market causes economic conditions in one country to affect others.

  • Understand the impact of advancing technologies on the global economy.

    • Understand the evolution of technology over time.

    • Understand the role of technologies that interlock the global economy.

    • Understand the role of investment and government support in advancing technologies.

  • Understand how universal economic concepts present themselves in various types of economies throughout the world.

  • Understand the function of common financial instruments.

    • Understand checking accounts.

    • Understand that bank accounts, loans and other services vary from one bank to another.