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Standards of living vary widely throughout the world.
Supply and demand determine how resources get used.
Trade (import and export) is an integral part of the economy of a
nation.
The purpose of taxes is to enable the government to provide some
goods and services.
Individuals and nations decide what/why/and for whom to produce.
Vocabulary:
supply
demand
products
consumers
market
economy
production
distribution
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Provide
examples of currencies from several countries and explain why international
trade requires a system for exchanging currency between nations.
Give
examples of products that are traded among nations, and give examples of
barriers to trade in these and other products.
Define
supply and demand and describe how changes in supply and demand affect
prices of specific products.
Supply is what producers or sellers want
to sell or exchange. Demand is
what consumers or buyers want
to get in exchange or buy.
Identify
the key elements of a market economy.
In a
market economy, the major decisions about production and distribution are
made in a decentralized manner by individualized households and business
firms following their own self-interest.
Describe
how different economic systems (traditional, command, market, mixed) try to
answer the basic economic questions of what to produce, how to produce, and
for whom to produce.
Compare the
standard of living in various countries today using gross domestic product
per capita as an indicator.
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Sample Assessments
Sample Learning Experiences
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