IL.15. Economics: Understand economic systems, with an emphasis on the United States.
15.A. Understand how different economic systems operate in the exchange, production, distribution and consumption of goods and services.
15.A.2a. Explain how economic systems decide what goods and services are produced, how they are produced and who consumes them.
15.B. Understand that scarcity necessitates choices by consumers.
15.B.2b. Explain the relationship between the quantity of goods/services purchased and their price.
15.C. Understand that scarcity necessitates choices by producers.
15.C.2a. Describe the relationship between price and quantity supplied of a good or service.