People develop, learn, and adapt cultures to create identities (who we are) and shape societies (communities). People organize economic systems to produce (make), distribute (give out), and consume (use or buy) goods and services.
ECON.3(B) apply the concept of comparative advantage to explain why and how countries trade
ECON.3(C) analyze the impact of U.S. imports and exports on the United States and its trading partners
ECON.4(B) evaluate the benefits and costs of participation in international free-trade agreements
ECON.4(C) analyze the effects of changes in exchange rates on imports and exports
ECON.11(C) analyze how trade relates to growth
ECON.3(A) explain the concepts of absolute and comparative advantages
ECON.4(A) compare the effects of free trade and trade barriers on economic activities
ECON.8(C) explain how the circular-flow model is affected by the rest of the world
ECON.9(B) identify and evaluate ordinances and regulations that apply to the establishment and operation of various types of businesses
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.7(B) identify and evaluate examples of restrictions that the government places on the use of business and individual property
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