Science and technology affect the development of society (community). People organize economic systems to produce (make), distribute (give out), and consume (use or buy) goods and services.
ECON.2(A) understand the effect of changes in price on the quantity demanded and quantity supplied
ECON.2(B) identify the non-price determinants that create changes in supply and demand, which result in a new equilibrium price
ECON.2(C) interpret a supply-and-demand graph using supply-and-demand schedules
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.1(B) describe how societies answer the basic economic questions
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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