INDIVIDUAL RESPONSIBILITY AND THE ECONOMY: Individuals should set personal financial goals, recognize their income needs and debt obligations, and know how to utilize effective budgeting, borrowing, and investment strategies to maximize well-being.

Key Idea 12.E2

INDIVIDUALS AND BUSINESSES IN THE PRODUCT AND FACTOR MARKETS: Free enterprise is a pillar of the United States economy and is based on the principle that individuals and businesses are free to make their own economic choices as they participate in these markets. Individuals buy the goods and services that they desire from businesses in the product markets, and they contribute to producing these goods and services by supplying the resources that they own to businesses in the factor markets. 

Key Idea 12.E3

THE IMPACT OF AMERICAN CAPITALISM IN A GLOBAL ECONOMY: There are various economic systems in the world. The United States operates within a mixed, free market economy that is characterized by competition and a limited role of government in economic affairs. Economic policy makers face considerable challenges within a capitalist system, including unemployment, inflation, poverty, and environmental consequences. Globalization increases the complexity of these challenges significantly, and has exerted strong and transformative effects on workers and entrepreneurs in the United States economy.

Key Idea 12.E4

THE TOOLS OF ECONOMIC POLICY IN A GLOBAL ECONOMY: Globalization and increased economic interdependence affect the United States economy significantly. The tools that the policy makers have available to address these issues are fiscal policy, monetary policy, and trade policy.

Standards

4

Key Idea 12.G1

FOUNDATIONS OF AMERICAN DEMOCRACY: The principles of American democracy are reflected in the Constitution and the Bill of Rights and in the organization and actions of federal, state, and local government entities.  The interpretation and application of American democratic principles continue to evolve and be debated. 

Key Idea 12.G2

CIVIL RIGHTS AND CIVIL LIBERTIES: The United States Constitution aims to protect individual freedoms and rights that have been extended to more groups of people over time. These rights and freedoms continue to be debated, extended to additional people, and defined through judicial interpretation.  In engaging in issues of civic debate, citizens act with an appreciation of differences and are able to participate in constructive dialogue with those who hold different perspectives.

Key Idea 12.G3

RIGHTS, RESPONSIBILITIES, AND DUTIES OF CITIZENSHIP: Active, engaged, and informed citizens are critical to the success of the United States representative democracy.  United States citizens have certain rights, responsibilities, and duties, the fulfillment of which help to maintain the healthy functioning of the national, state, and local communities.

Key Idea 12.G4

POLITICAL AND CIVIC PARTICIPATION: There are numerous avenues for engagement in the political process, from exercising the power of the vote, to affiliating with political parties, to engaging in other forms of civic participation.  Citizens leverage both electoral and non-electoral means to participate in the political process.

Key Idea 12.G5

PUBLIC POLICY: All levels of government—local, state, and federal—are involved in shaping public policy and responding to public policy issues, all of which influence our lives beyond what appears in the Constitution.  Engaged citizens understand how to find, monitor, evaluate, and respond to information on public policy issues.