Economic Understandings

The student will explain the process by which amendments to the U.S. Constitution are made. Explain the amendment process outlined in the Constitution. Describe the purpose for the amendment process.

The student will describe the functions of four major sectors in the U. S. economy. Describe the household function in providing resources and consuming goods and services Describe the private business function in producing goods and services. Describe the bank function in providing checking accounts, savings accounts, and loans. Describe the government function in taxation and providing certain goods and services.

The student will describe the functions of four major sectors in the U.S. economy. Describe the household function in providing resources and consuming goods and services. Describe the private business function in producing goods and services. Describe the bank function in providing checking accounts, savings accounts, and loans. Describe the government function in taxation and providing certain goods and services.

The student will identify the elements of a personal budget and explain why personal spending and saving decisions are important.