NCES.CE.E.1 - Understand economies, markets and the role economic factors play in making economic decisions.
- NCES.CE.E.1.1 - Compare how individuals and governments utilize scarce resources (human, natural and capital) in traditional, command, market and mixed economies.
- NCES.CE.E.1.2 - Analyze a market economy in terms of economic characteristics, the roles they play in decision-making and the importance of each role (e.g., private property, free enterprise, circular flow, competition and profit motive, and allocation of resources via the price system).
- NCES.CE.E.1.3 - Explain how supply and demand determine equilibrium price and quantity produced (e.g., any market example – apples, tires, etc.).
- NCES.CE.E.1.4 - Analyze the ways in which incentives and profits influence what is produced and distributed in a market system (e.g., supply, demand, What to Produce?, How to Produce It?, How Much to Produce?, For Whom To Produce It?, free enterprise, etc.).
- NCES.CE.E.1.5 - Compare how various market structures affect decisions made in a market economy (e.g., monopoly, oligopoly, monopolistic competition, pure competition, etc.).
- NCES.CE.E.1.6 - Compare national, state and local economic activity (e.g., resources, wages, production, employment, etc.).