Ohio
9th-12th Grades
State Standards
The department shall incorporate into the standards and model curriculum for financial literacy and entrepreneurship for grades nine through twelve academic content regarding free market capitalism. The academic content shall include all of the following concepts related to free market capitalism:
iRaw materials, labor, and capital, the three classical factors of economic production, are privately owned.
iiIndividuals control their own ability to work, earn wages, and obtain skills to earn and increase wages.
iiiPrivate ownership of capital may include a sole proprietorship, a family business, a publicly traded corporation, a group of private investors, or a bank.
ivMarkets aggregate the exchange of goods and services throughout the world. Market prices are the only way to convey so much constantly changing information about the supply of goods and services, and the demand for them, for consumers and producers to make informed economic decisions for themselves.
ixThe political features of the free market, including legally protected property rights, legally enforceable contracts, patent protections, and the mitigation of side effects and market failures;
vWealth is created by providing goods and services that people value at a profit, and both sellers and buyers seek to profit in some way in a free market transaction. Thus, profit earned through transactions can be consumed, saved, reinvested in the business, or dispersed to shareholders.
viWealth creation involves asset value appreciation and depreciation, voluntary exchange of equity ownership, and open and closed markets.
viiThe free market is driven by, and tends to produce, entrepreneurship and innovation.
viiiThe free market can include side effects and market failures where at least part of the cost of the transaction, including producing, transporting, selling, or buying, is born by others outside of the transaction.
xSocieties that embrace the free market often embrace political and personal freedom as well.