Nebraska Standards for Concept "Equilibrium Price"
Social Studies 4.8
Students will describe characteristics of a market economic system and the interactions of consumers and producers.
Example Indicators:
- Describe the concepts of scarcity, choice, and the use of limited natural, capital, and human resources in an economic system.
- Explain the specialization and interdependence of producers and consumers involved in producing goods and services.
- Demonstrate how markets and prices help consumers buy and producers supply products and services in an economic system.
- Identify how changing modes of transportation and communication by entrepreneurs have changed the economic system of the United States and Nebraska.
- Explain the purpose of taxes and their use and collection in an economic system.
