Standard(s):
[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)
