<p>Social Studies Updated August 1, 2010 Economics Economics Throughout the World Third Grade</p><p>NM Standard and Benchmark Complex Simple</p><p>4-B-2 The student will understand: The student will know: </p><p>Understand how businesses operate in the  how businesses operate and are  businesses are able to operate in the United States’ free enterprise system. regulated in the US (e.g. some US businesses are privately or corporately owned, with some instance of government regulation) 4-B-3 Identify examples of economic  there are different economic systems systems. in the world </p><p> there are different economic systems in the world-how different economic The student will recognize and recall the systems work (e.g. compare a free following Six Step vocabulary words: enterprise economy to a command economy, i.e. US business owners  business make their own decisions while the government in a command economy  regulate would make these decisions)  economic system</p>