Social Science Economics

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