SS7E5 The student will analyze different economic systems.
a. Compare how traditional, command, and market economies answer the economic questions of
(1) what to produce, (2) how to produce, and (3) for whom to produce.
b. Explain how most countries have a mixed economy located on a continuum between pure market and pure command.
SS7E6 The student will explain how voluntary trade benefits buyers and sellers.
a. Explain how specialization encourages trade between countries.
b. Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargos.
a. Compare how traditional, command, and market economies answer the economic questions of
(1) what to produce, (2) how to produce, and (3) for whom to produce.
b. Explain how most countries have a mixed economy located on a continuum between pure market and pure command.
SS7E6 The student will explain how voluntary trade benefits buyers and sellers.
a. Explain how specialization encourages trade between countries.
b. Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargos.