118, TEKS for Economics with Emphasis on the Free Enterprise System and Its Benefits. Subchapter A. High School Chapter 118. Implementation of Texas Essential Knowledge and Skills for Economics with Emphasis on the Free Enterprise System and Its Benefits, High School. This course may be taught in either the social studies or business education department. The focus is on the basic principles concerning production, consumption, and distribution of goods and services in the United States and a comparison with those in other countries around the world.
Students examine the rights and responsibilities of consumers and businesses.
Students analyze the interaction of supply, demand, and price and study the role of financial institutions in a free enterprise system. Types of business ownership and market structures are discussed, as are basic concepts of consumer economics. The impact of a variety of factors including geography, the federal government, economic ideas from important philosophers and historic documents, societal values, and scientific discoveries and technological innovations on the national economy and economic policy is an integral part of the course. The student understands the rights and responsibilities of consumers in the U.S. free enterprise system. The student understands the rights and responsibilities of businesses in the U.S. free enterprise system.