7.SS.12.B
Explain the impact of economic concepts within the free enterprise system such as supply and demand, profit, and world competition on the economy of Texas.
Grade 7 · Texas Essential Knowledge and Skills (TEKS) · TEKS 2010
Standard Unwrapping
AI-generated as a starting point — sign in to edit.Vocabulary
economic conceptsfree enterprise systemsupply and demandprofitworld competitioneconomy of Texas
Skills
- explain (economic concepts within the free enterprise system) #dok2
- explain (effects of supply and demand on Texas economy) #dok2
- explain (effects of profit on Texas economy) #dok2
- explain (effects of world competition on Texas economy) #dok2
- analyze (how economic concepts impact the Texas economy) #dok3
Learning Targets
- I can define basic economic concepts such as supply, demand, profit, and world competition. #dok1
- I can describe the free enterprise system as it operates in Texas. #dok1
- I can explain how supply and demand affect the Texas economy. #dok2
- I can explain the role of profit in motivating industries in Texas. #dok2
- I can explain how world competition impacts businesses and industries in Texas. #dok2
- I can analyze how the interaction of supply, demand, profit, and competition shapes the Texas economy. #dok3
- I can evaluate the positive and negative effects of global competition on the Texas economy. #dok3
Big Ideas
- Economic concepts such as supply and demand, profit, and competition are fundamental forces shaping the Texas economy.
- The Texas economy is influenced by both national and global economic factors operating within the free enterprise system.
Essential Questions
- How do supply and demand affect the growth and change of industries in Texas?
- What role does profit play in the success of businesses in Texas?
- How does world competition influence Texas’s economy and industries?
- What is the free enterprise system, and how does it operate in Texas?
- How are Texans impacted by the economic concepts driving their state’s economy?