Economics

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The student understands the basic economic patterns of early societies in the United States. The student is expected to:
Explain the economic patterns of early European colonists;
Identify major industries of colonial America.
The student understands the development, characteristics, and benefits of the free enterprise system in the United States. The student is expected to:
Describe the development of the free enterprise system in colonial America and the United States;
Describe how the free enterprise system works in the United States;
Give examples of the benefits of the free enterprise system in the United States.
The student understands the impact of supply and demand on consumers and producers in a free enterprise system. The student is expected to:
Explain how supply and demand affects consumers in the United States;
Evaluate the effects of supply and demand on business, industry, and agriculture, including the plantation system, in the United States.
The student understands patterns of work and economic activities in the United States. The student is expected to:
Compare how people in different parts of the United States earn a living, past and present;
Identify and explain how geographic factors have influenced the location of economic activities in the United States;
Analyze the effects of immigration, migration, and limited resources on the economic development and growth of the United States;
Describe the impact of mass production, specialization, and division of labor on the economic growth of the United States;
Explain the impact of American ideas about progress and equality of opportunity on the economic development and growth of the United States.

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