Demonstrate an understanding of how scarcity and choice impact the economic activity of individuals, families, communities and nations.

Demonstrate an understanding of markets and the role of supply and demand in determining price and resource allocation.

Demonstrate an understanding of the sources of income and growth in a free-enterprise economy.

Demonstrate an understanding of personal economic decision making to maximize the net benefits of personal income.

Demonstrate an understanding of the various economic institutions of a market economy.

Demonstrate an understanding of the roles that federal, state and local governments play in the operation of markets in the United States.

Demonstrate an understanding of the national economy and economic policies in the United States.

Demonstrate an understanding of the principles of trade and economic development .