Oklahoma Social Studies E.C.2

E.C.2 is a cluster heading. These are the individual standards under it.

• E.C.2.1

  Compare traditional, market (free enterprise), command, and mixed economic systems, and explain how each addresses the three basic economic questions of what to...

• E.C.2.2

  Describe how comparative and absolute advantage influence specialization and trade in answering the three basic economic questions.

• E.C.2.3

  Explain how clearly defined and enforced property rights and rule of law support the functioning of market economies.

• E.C.2.4

  Explain the costs and benefits of government fiduciary policy and regulations including the impact both have on competition.

01

What Students Need to Do

Students compare how traditional, market, command, and mixed economies decide what to make, how to make it, and who gets it. They use output and opportunity cost to explain specialization and trade. They explain how property rights, enforced laws, public spending, and regulations affect businesses and competition.

02

What Mastery Looks Like

Given a food shortage, a student can explain how each economic system would make and distribute food. With an output table, they can identify who makes more, who gives up less, and what each place should specialize in. They can explain why protected ownership encourages investment and name a cost and benefit of a government rule or spending choice.

03

Common Misconceptions

Students may call any economy with taxes a command economy, rather than a mixed economy. They may assign every product to whoever makes the most, without checking opportunity cost. They may assume regulations always help or always hurt competition.

04

How to Assess It

Exit ticket: Town A can make 12 loaves or 6 shirts a day. Town B can make 8 loaves or 8 shirts. Ask which town has absolute advantage in bread, which has comparative advantage in shirts, and why.

1. 01

   Give groups four economic system cards and food, tool, and clothing tokens; have them decide what to make and who gets each item.

2. 02

   Ask students to write: Would you open a bakery if someone could take your oven and contracts were not enforced? Why?

3. 03

   Run an output-table relay where pairs calculate opportunity costs, choose specialties, and trade paper crop cards.

4. 04

   Bring a local business permit fee schedule and city budget excerpt; students identify one benefit and one cost for new competitors.

• 6.C.6.1

  Explain how people organize economic systems to address basic economic questions regarding which goods and services will be produced, how they will be distribut...

• 7.C.7

  Examine and compare economic systems as means by which governments organize and distribute available resources, services, and goods.

• K.C.4

  Identify basic economic concepts.

• 7.C.7.1

  Explain how people organize economic systems to address basic economic questions regarding which goods and services will be produced, how they will be distribut...