Use the basic economic concepts of trade, opportunity cost, specialization, productivity, and price incentives to illustrate historical events.
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Describe opportunity costs and their relationship to decision-making across time (e.g., decisions by individuals in response to rationing during WWII).
Explain how price incentives affect people’s behavior and choices (e.g., decisions to participate in cattle trails because of increased beef prices).
Describe how specialization can improve standards of living and productivity (e.g., how Henry Ford’s use of the assembly line reduced the price of automobiles).
Describe how trade and voluntary exchange promotes economic activity (e.g., how the Panama Canal increases trade among countries).