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  2. Texas Standards
  3. 118.4. Economics with Emphasis on the Free Enterprise System and Its Benefits, High School (One-Half Credit), Beginning with School Year 2011-2012.

TEKS: Chapter 118. Economics See All Teacher Resources

118.4.c.5

(5) Economics. The student understands free enterprise, socialist, and communist economic systems. The student is expected to:

  • (A) describe the basic characteristics of economic systems, including property rights, incentives, economic freedom, competition, and the role of government;
  • (B) compare the free enterprise system, socialism, and communism using the basic characteristics of economic systems;
  • (C) examine current examples of free enterprise, socialist, and communist economic systems;
  • (D) understand that the terms free enterprise, free market, and capitalism are synonymous terms to describe the U.S. economic system; and
  • (E) analyze the importance of various economic philosophers, including Friedrich Hayek, Milton Friedman, John Maynard Keynes, and Adam Smith, and their impact on the U.S. free enterprise system.

Substandards

TEKS.118.4.c.5.A
TEKS.118.4.c.5.B
TEKS.118.4.c.5.C
TEKS.118.4.c.5.D
TEKS.118.4.c.5.E
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