| 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
Alabama Alternate Achievement Standards
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