Use the basic economic concepts of trade, opportunity cost, specialization, voluntary exchange, productivity, and price incentives to illustrate historical events.
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Describe opportunity cost and its relationship to decision-making across time (e.g., decisions to settle in the west).
Explain how price incentives affect people’s behavior and choices: decisions about what crops (e.g., cotton, and tobacco) to grow and products (e.g., textiles) to produce.
Describe how specialization improves standards of living (e.g., differences in the economies in the North and South).
Explain how voluntary exchange helps both buyers and sellers (e.g., Gold Rush mining towns).
Describe how trade promotes economic activity (e.g., trade between the U.S. and Europe).