Apply the concept of scarcity when making economic decisions.

Use cost-benefit analysis to argue for or against an economic decision.

Analyze what goes into determining, and who determines, what is produced and distributed in a market system.

Explain how changes in supply and demand cause changes in goods and services, labor, credit, and foreign currencies.

Explain why advancements in technology and investments in capital goods and human capital increase economic growth and standards of living.

Explain how globalization has impacted various aspects of economic growth, labor markets, and rights of citizens, the environment, and resource and income distribution in different nations.