Category Archives: 113.42.18

(18) Economics. The student understands the historical origins of contemporary economic systems and the benefits of free enterprise in world history. The student is expected to:

(A) identify the historical origins and characteristics of the free enterprise system, including the contributions of Adam Smith, especially the influence of his ideas found in The Wealth of Nations;

(B) identify the historical origins and characteristics of communism, including the influences of Karl Marx;

(C) identify the historical origins and characteristics of socialism;

(D) identify the historical origins and characteristics of fascism;

(E) explain why communist command economies collapsed in competition with free market economies at the end of the 20th century; and

(F) formulate generalizations on how economic freedom improved the human condition, based on students’ knowledge of the benefits of free enterprise in Europe’s Commercial Revolution, the Industrial Revolution, and 20th-century free market economies, compared to communist command communities.