CT.1. Economics: Limited Resources: Students will demonstrate that because human, natural and capital resources are limited, individuals, households, businesses and governments must make choices.
1.1. Compare the resources used by various cultures, countries and/or regions throughout the world.
1.2. Explain that households, businesses, governments and societies face scarcity just as individuals do.
1.5. Illustrate how resources can be used in a variety of ways.
CT.2. Economics: Economic Systems: Students will demonstrate that various economic systems coexist, and that economic decisions are made by individuals and/or governments, influenced by markets, cultural traditions, individuals and governments in the allocation of goods and services.
2.1. Explain how different economic systems (traditional, market and command use different means to produce, distribute and exchange goods and services.
2.2. Explain that all countries' economies reflect a mix of market, command and traditional elements.
2.4. Identify how fundamental characteristics of a market system (e.g., private property, profits and competition, businesses, labor, banks and government) influence decision making.
2.7. Analyze the impact of government taxing and spending decisions on specific individuals, businesses, organizations and groups.