Standard 1: Understand the fundamental concepts relevant to the development of a market economy.

General Information
Number: SS.912.E.1
Title: Understand the fundamental concepts relevant to the development of a market economy.
Type: Standard
Subject: Social Studies
Grade: 912
Strand: Economics

Related Benchmarks

This cluster includes the following benchmarks.

Related Access Points

This cluster includes the following access points.

Access Points

Identify examples of factors of production of goods and services.
Utilize a production possibilities graph to identify the impact of scarcity, choice and opportunity costs.
Identify differences in the major characteristics of the market, command, and mixed economic systems and how they answer: (1) What to produce? (2) How to produce? And (3) For whom to produce?
Identify supply, demand, quantity supplied, and quantity demanded.
Using a supply and demand graph, identify how the equilibrium price is determined by the interaction between supply and demand.
Identify forms of business organizations.
Identify differences between the four market structures (monopoly, oligopoly, monopolistic competition, pure competition).
Identify factors that determine the price of a good or service to maximize profit.
Identify characteristics of price and non-price competition, such as discounts and rebates, and quality and extra service.
Identify factors that determine the earnings of workers.
Identify how the government uses taxation and spending to provide jobs which leads to economic growth.
Identify that the Federal Reserve controls interest rates to affect economic growth.
Identify the four phases of the business cycle, such as peak, contraction-unemployment, trough, and expansion-inflation.
Describe the basic functions and characteristics of money in the United States.
Compare major differences between credit, savings, and investment services.
Identify the risk and return of a variety of investments and diversification.
Create a budget plan that includes wages and expenses, and a plan for purchasing a major item.

Related Resources

Vetted resources educators can use to teach the concepts and skills in this topic.

Lesson Plans

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Students will examine Article I Section 8 of the U.S. Constitution to identify the expressed powers of Congress.  They will identify examples of implied powers that helps carry out an expressed power.

Type: Lesson Plan

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In this lesson, students will identify how income and changes in spending and taxes affect budgets and spending in the government and in individual households and identify and describe the enumerated powers delegates to Congress to create a federal budget. Students will also identify an amendment related to the federal budget and create a personal one-year budget plan for a specific career path.


Type: Lesson Plan

Capitalism vs. Communism in the Industrial Revolution :

In this lesson plan, students will analyze why communism was proposed as an alternative to capitalism during the Industrial Revolution. They will analyze political cartoons and major primary source texts by Adam Smith and Karl Marx.  The final task is a Venn Diagram comparing the theories. 

Type: Lesson Plan

Types of Government Systems:

In this lesson, students will describe and differentiate between the various systems of government that exist throughout the world and how they are tied to liberty, economic opportunity, and prosperity.

Type: Lesson Plan

Comparing and Contrasting Economic Systems:

In this lesson plan, students will examine the four main economic systems: laissez-faire capitalism, socialism, communism, and mixed-market economy. Students will analyze primary sources to support their learning. Students will create a graphic organizer using both primary sources and direct instruction.

Type: Lesson Plan

Sources of Income: Scenarios:

Students will demonstrate their knowledge of different sources of income by analyzing then sorting career and job scenarios into income categories, in this lesson plan.

Type: Lesson Plan

The Specifics of Supply and Demand:

This lesson is designed to teach the specifics of supply and demand. Determinants, as well as effects on supply and demand, will be covered. Students will then be asked to research headlines and analyze the supply and demand represented in the news articles.

Type: Lesson Plan


Portraits in Patriotism - Tatiana Menaker: Secondary School:

Born in 1949, under the dictatorship of Joseph Stalin, Tatiana Menaker grew up in communist Soviet Union (now the Russian Federation), witnessing first-hand the inequalities that occurred under Stalin’s rule. “Refuseniks,” Tatiana and her family applied for permission to emigrate and became “Refuseniks” when they were denied permission to emigrate. Eventually, Tatiana engineered a plan that would allow her and her family to escape the Soviet Union.

Type: Video/Audio/Animation

Student Resources

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