Fundamental Economic Concepts

Basic Economic Concepts ECO.1A Explain why scarcity and choice are basic economic problems faced by every society. ECO.1B Describe how societies answer the basic economic questions: what to produce, how to produce, and for whom to produce. ECO.1C Describe the economic factors of production: land labor, capital, and entrepreneurship. ECO.1D Interpret a production-possibilities curve and explain the concepts of opportunity costs and scarcity. ECO.21B Create economic models, including production-possibilities curves, circular-flow charts, and supply-and-demand graphs, to analyze economic concepts or issues. ECO.21E Evaluate economic data using charts, tables, graphs, and maps. ECO.22A Use social studies terminology correctly. 

Circular Flow Model ECO.7A Interpret the roles of resource owners and firms in a circular-flow model of the economy and provide real-world examples to illustrate elements of the model. ECO.7B Explain how government actions affect the circular-flow model. ECO.21B Create economic models, including production-possibilities curves, circular-flow charts, and supply-and-demand graphs, to analyze economic concepts or issues. ECO.21E Evaluate economic data using charts, tables, graphs, and maps. ECO.22A Use social studies terminology correctly. 

Supply and Demand ECO.2A Understand the effect of changes in price on the quantity demanded and quantity supplied. ECO.2B Identify the non-price determinants that create changes in supply and demand, which result in a new equilibrium price. ECO.2C Interpret a supply-and-demand graph using supply-and-demand schedules. ECO.21B Create economic models, including production-possibilities curves, circular-flow charts, and supply-and-demand graphs, to analyze economic concepts or issues. ECO.21E Evaluate economic data using charts, tables, graphs, and maps. ECO.22A Use social studies terminology correctly.