(1) The benchmark for social studies content standard 5 for a student at the end of grade 8 is the ability to:

(a) identify and explain basic economic concepts (e.g., supply, demand, production, exchange and consumption; labor, wages, and capital; inflation and deflation; private goods and services) ;

(b) apply economic concepts to explain historical events, current situations, and social issues in local, Montana, tribal, national, or global concerns;

(c) compare and contrast the difference between private and public goods and services;

(d) analyze how various personal and cultural points of view influence economic decisions (e.g., land ownership, taxation, unemployment) ;

(e) explain and illustrate how money is used (e.g., trade, borrow, save, invest, compare the value of goods and services) by individuals and groups (e.g., businesses, financial institutions, governments) ; and

(f) analyze the influences of technological advancements (e.g., machinery, internet, genetics) on household, state, national, and global economies.