People organize economic systems to make, distribute, and consume goods/services.
ECON.1(A) explain why scarcity and choice are basic economic problems faced by every society
ECON.1(C) describe the economic factors of production
ECON.1(D) interpret a production-possibilities curve and explain the concepts of opportunity costs and scarcity
ECON.12(A) describe the functions of money
ECON.5(A) describe the basic characteristics of economic systems, including property rights, incentives, economic freedom, competition, and the role of government
ECON.5(B) compare the free enterprise system, socialism, and communism using the basic characteristics of economic systems
ECON.6(A) explain the basic characteristics of the U.S. free enterprise system, including private property, incentives, economic freedom, competition, and the limited role of government
ECON.6(B) explain the benefits of the U.S. free enterprise system, including individual freedom of consumers and producers, variety of goods, responsive prices, investment opportunities, and the creation of wealth
ECON.6(C) analyze recent changes in the basic characteristics of the U.S. economy
ECON.6(D) analyze the costs and benefits of U.S. economic policies related to the economic goals of economic growth, stability, full employment, freedom, security, equity (equal opportunity versus equal outcome), and efficiency
ECON.7(A) analyze the costs and benefits of the purchase, use, or disposal of personal and business property
ECON.8(A) interpret the roles of resource owners and firms in a circular-flow model of the economy and provide real-world examples to illustrate elements of the model
ECON.8(B) explain how government actions affect the circular-flow model
ECON.12(B) describe the characteristics of money, including commodity money, fiat money, and representative money
ECON.1(B) describe how societies answer the basic economic questions
ECON.5(C) examine current examples of free enterprise, socialist, and communist economic systems
ECON.5(D) understand that the terms free enterprise, free market, and capitalism are synonymous terms to describe the U.S. economic system
ECON.7(B) identify and evaluate examples of restrictions that the government places on the use of business and individual property
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