SS 8.2.1 Students will explain the interdependence of producers and consumers in a market economy.
SS 8.2.1.a Understand the relationship between consumers and producers in a market economy (e.g., circular)
SS 8.2.1.b Illustrate how individuals are both consumers and producers (buyers and sellers) in a market
SS 8.2.1.c Describe the development and effects of technology in economic history (e.g., increased productivity,
increased standard of living, increased employment)
SS 8.2.2 Students will describe the relationship between supply and demand.
SS 8.2.2.a Explain how the relationship between supply and demand determines price (market clearing price)
SS 8.2.2.b Illustrate how consumers will demand more at lower prices and suppliers will produce more at higher
prices (law of supply and demand) (e.g., Adam Smith, Invisible Hand)