Various economic institutions such as families, workers, banks, labor unions, businesses, and government agencies make up economic systems. People produce, distribute, and consume goods and services. Supply and demand, prices, incentives, and profits affect production. Values determine choices made concerning wants and needs.

Individuals have wants and needs and wise choices must be made. They buy, sell, or trade to get what they want or need.

Individuals are part of other economic institutions.

Families have wants and needs and wise choices must be made. They earn money, buy, sell, or trade to care for members of the group.

Families are one kind of economic institution and are part of a larger economic system.

Members of families have specialized jobs which contribute to production of goods and services.

Family values, traditions and habits affect economic decisions.

The wants and needs of those in schools are met through the use of private or public funds and wise choices must be made.

Schools are government or private institutions and are part of a larger economic system.

People in schools have specialized jobs which contribute to production of goods and services.

Values, traditions and habits of those in schools affect economic decisions.

Members of a community have wants and needs and wise choices must be made in using tax money to care for the people.

Values, traditions and habits of those in communities affect economic decisions.

There are various economic institutions in a community and they are part of a larger economic system.

People in communities have specialized jobs which contribute to production of goods and services.

Businesses and industries in a community must provide goods or services to earn money so they can pay employees.

Communities need a diversified economy in order to maintain stability.

Individuals and groups in a state have wants and needs and wise choices must be made in using tax money to care for the people.

There are various economic institutions in a state and they are part of a larger economic system.

People in states have specialized jobs which contribute to production of goods and services.

Values, traditions and habits of those in states affect economic decisions.

Businesses and industries in a state must provide goods or services to earn money so they can pay employees.

Individuals and groups in a region have wants and needs and wise choices must be made in using tax money to care for the people.

There are various economic institutions in a region and they are part of a larger economic system.

People in regions have specialized jobs which contribute to production of goods and services.

Values, traditions and habits of those in regions affect economic decisions.

Businesses and industries in a region must provide goods or services to earn money so they can pay employees.

A diversified economy helps a region maintain stability.

Regions benefit economically from the resources they have.

Individuals and groups in a nation have wants and needs and wise choices must be made in using taxes to provide goods and services.

There are various economic institutions in a nation and they are part of a larger economic system.

People in nations have specialized jobs which contribute to production of goods and services.

Values, traditions and habits of those in nations affect economic decisions.

Businesses and industries in a nation must provide goods or services to earn money so they can pay employees.

Individuals and groups in the world have wants and needs and wise choices must be made in governing people involved.

There are various economic institutions in the world and they are part of larger economic systems.

Goods and services provided throughout the world are paid for with public and private funds.

People in the world have specialized jobs which contribute to production of goods and services.

Values, traditions and habits of those in the world affect economic decisions.

Businesses and industries in the world must provide goods or services to earn money so they can pay employees.

People of the world need to work together to provide for the needs of individuals and nations.