Economics

The student understands the purposes of earning, spending, saving, and donating money. The student is expected to:

Identify ways of earning, spending, saving, and donating money;

Create a simple budget that allocates money for spending, saving, and donating.

The student understands the concept of the free enterprise system. The student is expected to:

Define and identify examples of scarcity;

Explain the impact of scarcity on the production, distribution, and consumption of goods and services;

Explain the concept of a free market as it relates to the U. S. Free enterprise system.

The student understands how businesses operate in the U. S. Free enterprise system. The student is expected to:

Identify examples of how a simple business operates;

Explain how supply and demand affect the price of a good or service;

Explain how the cost of production and selling price affect profits;

Explain how government regulations and taxes impact consumer costs;

Identify individuals, past and present, including Henry Ford and other entrepreneurs in the community such as Mary Kay Ash, Wallace Amos, Milton Hershey, and Sam Walton, who have started new businesses.