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Note: This course is a Core elective, which may be offered for either 0.5 or 1.0 units of social studies or applied technology education (CTE) credit. Persons who teach this course would be required to have a social studies, business, or marketing composite endorsement, with a minimum of six semester hours in economics. The credentials of the instructor do not determine the credit options for students. Students may decide to take this class for social studies or business/marketing credit (but not all). However, to generate CTE add-on dollars, a social studies teacher must also have an approved CTE endorsement.
Core Standards of the Course
Students will understand the economic condition of scarcity where individuals, businesses, governments, societies, and nations must make choices in attempting to satisfy unlimited wants and needs using limited resources.
List the basic economic questions (what will be produced, how will it be produced, and for whom it will be produced) and describe how different economic systems (traditional, command, market, mixed) address these questions.
Students will understand that resources and goods/services are allocated by voluntary exchange and that economic markets are characterized by supply, demand, competition, incentives, and property rights.