Finer grained standards that are part of this one
Describe for-profit and not-for-profit organizations and explain why not-for-profit organizations are tax exempt.
Explain how investment in either physical capital or human capital improves standards of living by increasing productivity.
Determine the advantages and disadvantages of being an entrepreneur.
Give examples of how specialization is facilitated by trade.
Illustrate how competition among sellers decreases prices, while competition among buyers increases prices.
Identify the role of government in a market economy regarding:
Discuss the rise of the merchant class, the development of mercantilism and the move toward industrialization.
Define stereotypical economic systems by contrasting:
Explain ways in which households, schools, or community groups allocate resources.
Explain how consumer and producer reactions to price changes affect resource allocation.