AK.F. Government and Citizenship: A student should understand the economies of the United States and the state and their relationships to the global economy. A student who meets the content standard should:
F.1. Understand how the government and the economy interrelate through regulations, incentives, and taxation.
F.2. Be aware that economic systems determine how resources are used to produce and distribute goods and services.
F.3. Compare alternative economic systems.
F.5. Understand the basic concepts of supply and demand, the market system, and profit.
F.7. Understand the role of self-interest, incentives, property rights, competition, and corporate responsibility in the market economy.
AK.G. Government and Citizenship: A student should understand the impact of economic choices and participate effectively in the local, state, national, and global economies. A student who meets the content standard should:
G.1. Apply economic principles to actual world situations.
G.2. Understand that choices are made because resources are scarce.