[SS2010] ECON (12) 6 :
6 ) Describe how specialization and voluntary exchange between buyers and sellers lead to mutually beneficial outcomes.
Illustrating on a circular-flow diagram the product market; the factor market; the real flow of goods and services between and among businesses, households, and government; and the flow of money
Constructing examples of specialization and exchange
Illustrating on a table and graph the law of supply and demand
Describing the role of buyers and sellers in determining market clearing price
Illustrating on a table and graph how supply and demand determine equilibrium price and quantity
Illustrating on a graph of supply and demand how price movements eliminate shortages and surpluses
Illustrating on a graph how different factors cause changes in a market supply and demand
Explaining how prices serve as incentives in a market economy
[SS2010] HGEO (9-12) 9 :
9 ) Explain how economic interdependence and globalization impact many countries and their populations.
Tracing the flow of commodities from one region to another
Comparing advantages and disadvantages of global trade agreements