SSEF3 Explain how specialization and voluntary exchange influence buyers and sellers. a. Explain how and why individuals and businesses specialize, including division of labor. b. Explain that both parties gain as a result of voluntary, non-fraudulent exchange. SSEF4 Compare and contrast different economic systems and explain how they answer the three basic economic questions of what to produce, how to produce, and for whom to produce. a. Compare traditional, command, market, and mixed economic systems with regard to private ownership, profit motive, consumer sovereignty, competition, and government regulation. b. Analyze how each type of system answers the three economic questions and meets the broad social and economic goals of freedom, security, equity, growth, efficiency, price stability, full employment, and sustainability. c. Compare and contrast strategies for allocating scarce resources, such as by price, majority rule, contests, force, sharing, lottery, authority, first-come-first-served, and personal characteristics. Opening:
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- Gmas #3(Practice) is closed, Complete GMAS #4(Practice) over Spring Break.
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- Testing begins on Monday, April 23rd and continues daily through Thursday, May 3rd