Florida SS.7.E.2

SS.7.E.2 is a Florida social studies standard. These are the benchmarks under it.

• SS.7.E.2.1

  Explain how federal, state, and local taxes support the economy as a function of the United States government.

• SS.7.E.2.2

  Describe the banking system in the United States and its impact on the money supply.

• SS.7.E.2.3

  Identify and describe United States laws and regulations adopted to promote economic competition.

• SS.7.E.2.4

  Identify entrepreneurs from various gender, social, and ethnic backgrounds who started a business seeking to make a profit.

• SS.7.E.2.5

  Explain how economic institutions impact the national economy.

01

What Students Need to Do

Students identify the roles of households, businesses, banks, and government in a national economy. They explain how money, resources, goods, and services move among these groups.

02

What Mastery Looks Like

Students can create and label a circular flow diagram. They can explain how a change in taxes, spending, production, or lending affects more than one part of the economy.

03

Common Misconceptions

Students may think the government controls every economic decision or that banks only store money. They may also show money moving one way instead of recognizing exchanges among households, businesses, banks, and government.

04

How to Assess It

Give students a blank circular flow diagram and ask them to label each group and add four accurate arrows. Then ask, "What might happen if businesses hire fewer workers?"

1. 01

   Give groups role cards and tokens to simulate wages, purchases, taxes, loans, goods, and services moving through an economy.

2. 02

   Ask students to write which institution most affects their family during a job loss and support the choice with two reasons.

3. 03

   Play an economy matching game where students pair actions, such as paying wages or collecting taxes, with the correct institution.

4. 04

   Have students trace a grocery purchase from household income through the store, suppliers, workers, banks, and taxes.

• SS.7.E.1

  Understand the fundamental concepts relevant to the development of a market economy.

• SS.6.E.1

  Understand the fundamental concepts relevant to the development of a market economy.

• SS.6.E.2

  The 6th Grade version of this standard.

• SS.8.E.2

  The 8th Grade version of this standard.