Social Studies Standards

Michigan Social Studies Standards as of June 2019.

Browse the glossary using this index

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Marginal Analysis – weigh marginal benefits and marginal costs in decision making.


Institutions – describe the roles of various economic institutions and purposes they serve in a market economy.


Market Structures – identify the characteristics of perfect competition, monopolistic competition, oligopoly, and monopoly market structures.


Supply And Demand – use the laws of supply and demand to explain household and business behavior.


Price, Equilibrium, Elasticity, and Incentives – analyze how prices change through the interaction of buyers and sellers in a market, including the role of supply, demand, equilibrium, and elasticity, and explain how incentives (monetary and non-monetary) affect choices of households and economic organizations.


Public Policy and the Market – analyze the impact of a change in public policy on consumers, producers, workers, savers, and investors.


Government and Consumers – analyze the role of government in protecting consumers and enforcing contracts (including property rights), and explain how this role influences the incentives (or disincentives) for people to produce and exchange goods and services.


Government Revenue and Services – analyze the ways in which local and state governments generate revenue and use that revenue to supply public services.


Market Failure – explain the role for government in addressing both negative and positive externalities.


Consequences of Governmental Policy – assess the incentives for political leaders to implement policies that disperse costs widely over large groups of people and benefit small and politically powerful groups.

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