[SS2010] ECON (12) 3 :
3 ) Describe different economic systems used to allocate scarce goods and services.
Defining command, market, and mixed economic systems
Describing how different economic systems answer the three basic economic questions of what to produce, how to produce, and for whom to produce
Evaluating how each type of system addresses private ownership, profit motive, consumer sovereignty, competition, and government regulation
[SS2010] ECON (12) 4 :
4 ) Describe the role of government in a market economy, including promoting and securing competition, protecting private property rights, promoting equity, providing public goods and services, resolving externalities and other market failures, and stabilizing growth in the economy.
Explaining how government regulation and deregulation policies affect consumers and producers
[SS2010] ECON (12) 7 :
7 ) Describe the organization and role of business.
Comparing types of business firms, including sole proprietorships, partnerships, and corporations
Explaining the role of profit as an incentive, including short-term versus long-run decisions, for all firms
Describing basic characteristics of pure competition, monopoly, monopolistic competition, and oligopoly
Explaining ways firms finance operations, including retained earnings, stocks, and debt, and the advantages and disadvantages of each
Explaining ways firms engage in price and nonprice competition
Recognizing the role of economic institutions, including labor unions and nonprofit organizations, in market economies
[SS2010] ECON (12) 8 :
8 ) Explain the impact of the labor market on the United States' economy.
Identifying regional characteristics of the labor force of the United States, including gender, race, socioeconomic background, education, age, and regional specialization
Explaining how supply of and demand for labor affect wages
Describing characteristics that are most likely to increase wage and nonwage benefits, including skill, productivity, education, occupation, and mobility
Explaining how unemployment and inflation impose costs on individuals and nations
Determining the relationship of Alabama and the United States to the global economy regarding current technological innovations and industries (Alabama)
Examples: World Wide Web, peanut industry, telecommunications industry, aerospace industry
Tracing the history of labor unions and methods of contract negotiation by labor and management (Alabama)