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.
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.
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.