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SS.I.4.1B:
Students define basic economic concepts such as scarcity, supply and demand, markets, opportunity costs, resources, productivity, economic growth, and systems.
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Intermediate
Students will use a variety of intellectual skills to demonstrate their understanding of how the United States and other societies develop economic systems and associated institutions to allocate scarce resources, how major decision-making units function in the United States and other national economies, and how an economy solves the scarcity problem through market and non-market mechanisms.
The study of economics requires an understanding of major economic concepts and systems, the principles of economic decision making, and the interdependence of economies and economic systems throughout the world.
Students define basic economic concepts such as scarcity, supply and demand, markets, opportunity costs, resources, productivity, economic growth, and systems.
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