ECONOMICS

Economists analyze human behavior as people pursue their needs and wants. They study preferences, motivations, costs, incentives and the secondary effects of people's choices. All cultures have developed economic systems to meet their needs and wants. To survive, a culture must satisfy basic needs in a sustainable way to provide for its own continuity. Societies must strike a balance between individual self-interest and the common good. Elements of these systems include labor, production, distribution, and scarcity, among others. Decision makers within the system, decide how to produce and distribute goods and services and what to do in times of scarcity. Systems usually meet the needs of some groups of people better than others, and people are constantly striving to right this imbalance.

6.15 Knowledge of Economic Principles
Students use the basic principles of economics to interpret local, state, national, and international economic activity.

6.16 Impact of Economic Systems
Students evaluate the impact of economic systems on the needs and wants of people and on the environment.

6.17 Governments and Resources
Students understand how governments affect the flow of resources, goods, and services.

Sample Questions:

How are people's needs and wants being met within the economic system(s)?

What choices have people made?

Does it seem fair to all?

Has the type of system contributed in a major way to the issues of concern?

What sort of choices do people have within this system? Is economic interdependence a major factor?

Is there a clash of systems?

What roles do governments and people play in the running of this economy?

Does that affect the issue?

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