1. Define money (characteristics, role, and forms) and trace how money and resources flow through the American economic system.
2. Utilize decision-making models to make economic choices and determine the opportunity cost of those choices.
3. Describe how trade-offs are made during the decision-making process.
4. Use basic economic concepts (such as supply and demand; production, distribution, and consumption; labor, wages, and capital; inflation and deflation; market economy and command economy) to compare and contrast local, regional, and national economics across time and at the present time.
5. Define the basic elements of capitalism.
6. Explain how, in a free enterprise system, individuals attempt to maximize their profits based on their role in the economy.
7. Define characteristics of a market system (e.g., profit, competitive markets, and private ownership of property).
8. Compare and contrast economic systems (e.g., traditional, market, command, and mixed) based on criteria such as freedom, efficiency, equity, security, employment, stability, and growth.
9. Analyze how economic systems, resources, and culture affect each other.
10. Analyze how a nation’s wealth and trade potential are tied to its resources.
11. Suggest what a nation or business should do if economic resources are underutilized.
12. Identify the location of concentrations of selected natural resources and describe how their acquisition and distribution generates trade and shapes economic patterns.
13. Analyze the concepts of trade-offs and opportunity cost.
14. Evaluate the trade-offs of alternatives for solving societal problems according to economic goals (e.g., economic growth, equity, efficiency, security, employment, stability, and freedom).
15. Explain how the United States’ economy has changed from a rural to an industrial economy to a leader in the global economy.
16. Identify and explain various points of view concerning economic issues, such as taxation, unemployment, inflation, the national debt and distribution of income.
17. Describe how personal decisions can have a global impact on issues such as trade agreements, recycling, and conserving the environment.
18. Recommend what a nation or business could do to stimulate economic growth.
19. Define and explain economic scarcity as it applies to production, consumption, and exchange.
20. Ascertain why scarcity faces people at all times and interpret the relationship between trade-offs and opportunity costs.
21. Explain why scarcity requires individuals, governments, and societies to make choices.
22. Analyze how scarcity creates the need for economic policy and allocation.