Students will learn about the pillars of a free market economy and the market mechanism.
Resources cannot be aligned to this standard, browse sub-standards to find lessons.
Explain why needs and wants are unlimited while resources are limited.
Explain why scarcity requires individuals, households, businesses and governments to make economic choices and how economic choices always involve an opportunity cost.
Describe different ways individuals, households, businesses and governments make economic decisions, e.g., developing alternative choices or budgets.
Define supply and demand and describe factors that can cause a change in supply and demand.
Explain how prices of goods and services are set in the United States and describe different factors that affect price.