TN.5.2. Economics: Globalization of the economy, the explosion of population growth, technological changes and international competition compel students to understand both personally and globally production, distribution, and consumption of goods and services. Students will examine and analyze economic concepts such as basic needs versus wants, using versus saving money, and policy making versus decision making.
5.2.02. Give examples of the interaction of individuals, businesses, and governments in a market economy.
5.2.02.a. Describe the development of the free enterprise system in Tennessee and the United States.
5.2.02.c. Explain the impact of American ideas about progress and equality of opportunity on the economic development and growth of the United States.
5.2.03. Understand fundamental economic concepts.
5.2.03.a. Explain how supply and demand affects production and consumption in the United States.
5.2.03.b. Give examples of the benefits of the free enterprise system in the United States.
5.2.04. Understand the patterns and results of international trade.
5.2.04.c. Describe the impact of mass production, specialization, and division of labor on the economic growth of the United States and other regions of the world.
5.2.spi. Performance Indicators State:
5.2.spi.1. Differentiate between needs and wants on a personal and national level.