Discuss the role of labor, government, and financial institutions in the American economy. People organize economic systems to produce (make), distribute (give out), and consume (use or buy) goods and services. Governments have a lot of influence on businesses.
ECON.14(B) describe the role of government in the U.S. free enterprise system and the changes in that role over time
ECON.14(C) evaluate government rules and regulations in the U.S. free enterprise system
ECON.15(A) identify types of taxes at the local, state, and national levels and the economic importance of each
ECON.15(C) analyze the impact of fiscal policy decisions on the 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.8(B) explain how government actions affect the circular-flow model
ECON.10(B) analyze business cycles using key economic indicators
ECON.13(A) explain the structure of the Federal Reserve System
ECON.13(B) analyze the three basic tools used to implement U.S. monetary policy, including reserve requirements, the discount rate and the federal funds rate target, and open-market operations
ECON.13(C) explain how the actions of the Federal Reserve System affect the nation's money supply
ECON.13(D) analyze the decline in value of the U.S. dollar, including the abandonment of the gold standard
ECON.1(B) describe how societies answer the basic economic questions
ECON.5(B) compare the free enterprise system, socialism, and communism using the basic characteristics of economic systems
ECON.5(C) examine current examples of free enterprise, socialist, and communist economic systems
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.7(B) identify and evaluate examples of restrictions that the government places on the use of business and individual property
ECON.9(A) describe characteristics and give examples of pure competition, monopolistic competition, oligopoly, and monopoly
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