Social Science: Economics

Content Knowledge
Comprehend
• The basic economic concepts of scarcity, opportunity cost, trade offs, markets and supply and demand
• The difference between market economy (capitalism) and a central planned or command economy
• The role government plays in the U.S. economy
• The concepts of exchange and trade and the impact of a global economy, including implications for individuals, the U.S. and
other nations
• The conflict among the social goals of an economic system
• How to use economic analysis tools, including functions and basic statistics
Standards for Success (S4S)
Social Science: Economics
Successful students:
A. Understand basic concepts of economics