Nebraska Standards for 'How can entrepreneurs control costs?**'
Social Studies 12.3.11
Students will analyze characteristics of the United States free market economy.
Example Indicators:
- Define labor, capital resources, and natural resources.
- Describe the role of private ownership, private enterprise, profits, and entrepreneurship.
- Compare the relationship between households, firms, and government.
- Explain the labor and management relationships.
- Discuss opportunity costs, scarcity, and balancing unlimited wants versus limited resources.
- Explain supply and demand, and the formation of basic economic questions, including what to produce, how to produce, and for whom to produce.
