Describe the market economy in terms of the relevance of limited resources, how individuals and institutions make and evaluate decisions, the role of incentives, how buyers and sellers interact to create markets, how markets allocate resources, and the economic role of government in a market economy.
Individual, Business and Government Choices
Describe how individuals, businesses and government make economic decisions when confronting scarcity in the market economy .
6-E1.1.1 Explain how incentives vary in different economic systems (e.g. acquiring money, profit, goods, wanting to avoid loss in position in society, job placement)