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8th grade · Social Studies · Unit 5 of 7

Economies & Global Trade

Economic systems, growth and trade between countries

What your child practices

Practices traditional, command, market and mixed economies, what GDP and economic growth measure, why countries trade, and how consumer, producer and government choices affect society.

Minnesota K-12 Academic Standards benchmark: 8.2.8.1; 8.2.7.1; 8.2.11.1; 8.2.12.1; 8.2.10.1 · economic systems and development, economic growth, global trade, and how economic decisions affect society

How we explain it

Children can open this short lesson before they practice.

  1. In a command economy, the government makes the main decisions; in a market economy, buyers and sellers do.
  2. Most countries, including the United States, have mixed economies.
  3. Countries trade to get goods they can’t make as cheaply; trade can help economies grow.

Example: In a market economy, who mainly decides what gets made? In a command economy, the government decides. In a market economy, prices guide choices. Buyers and sellers decide. Answer: buyers and sellers

Economies & Global Trade in Minnesota

In the Minnesota K-12 Academic Standards, this is unit 5 of 7 in 8th grade Social Studies, after Forms of Government and before Population & Migration.

Gradelings describes a child's practice on this unit as Beginning, Approaching, Meeting or Exceeding (Four practice steps). That reflects practice, not a report-card mark: the teacher decides the mark.

Source: Minnesota Department of Education (MDE)

Sample questions

A taste of this unit. In the app, questions change every time and get easier or harder to match your child.

  1. Question 1

    A developing country usually has…

    • lower average incomes and is building its industries
    • no farms
    • the highest incomes in the world
    • no people

  2. Question 2

    When many consumers decide to buy electric cars, it can…

    • lower demand for batteries
    • change what companies produce
    • have no effect
    • stop all driving

  3. Question 3

    A country that sells goods to other countries is…

    • exporting
    • importing
    • saving
    • taxing

  4. Question 4

    Globalization means…

    • the internet disappears
    • countries are more connected through trade, travel and ideas
    • countries stop trading
    • everyone lives in one city

  5. Question 5

    Which helps an economy grow?

    • Closing all schools
    • Banning trade
    • Destroying roads
    • Better education and technology

  6. Question 6

    Comparative advantage means a country should make what it can produce at the…

    • slowest speed
    • largest size
    • highest price
    • lowest opportunity cost

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