Economic Systems

Types of Economic Systems ECO.4A Explain the basic characteristics of economic systems, including property rights, incentives, economic freedom, competition, and the role of government. ECO.4B Contrast current and historic examples of the free enterprise system, socialism, and communism using the basic characteristics of economic systems. ECO.4C Analyze the importance of various economic philosophers, including Friedrich Hayek, Milton Friedman, John Maynard Keynes, and Adam Smith, and their impact on the U.S. free enterprise system. ECO.21A Analyze economic information by sequencing, categorizing, identifying cause-and-effect relationships, comparing, contrasting, finding the main idea, summarizing, making generalizations and predictions, and drawing inferences and conclusions. ECO.21C Explain a point of view on an economic issue. ECO.21D Analyze and evaluate the validity of economic information from primary and secondary sources for bias, propaganda, point of view, and frame of reference. ECO.22A Use social studies terminology correctly. 

U.S. Free-Enterprise System and the Role of Government ECO.5A Explain the benefits of the U.S. free enterprise system, including individual freedom of consumers and producers, variety of goods, responsive prices, investment opportunities, and the creation of wealth. ECO.5B Analyze recent changes in the basic characteristics, including private property, incentives, economic freedom, competition, and the limited role of government, of the U.S. economy. ECO.6A Analyze the costs and benefits of the purchase, use, or disposal of personal and business property. ECO.6B Identify and evaluate examples of restrictions that the government places on the use of business and individual property. ECO.21A Analyze economic information by sequencing, categorizing, identifying cause-and-effect relationships, comparing, contrasting, finding the main idea, summarizing, making generalizations and predictions, and drawing inferences and conclusions. ECO.21C Explain a point of view on an economic issue. ECO.21D Analyze and evaluate the validity of economic information from primary and secondary sources for bias, propaganda, point of view, and frame of reference. ECO.22A Use social studies terminology correctly. ECO.22B Create written, oral, and visual presentations of economic information using effective communication skills, including proper citations and avoiding plagiarism.