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Economic Framework for the 2012 National Assessment of Educational Progress
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The content of the framework is grouped for reporting purposes into three areas—the Market Economy, the National Economy, and the International Economy. The core ideas in the Market Economy content area, which comprises 45 percent of the assessment, are the relevance of limited resources, how buyers and sellers interact to create markets, how these markets allocate resources, and the economic role of government in a market economy. This category focuses on concepts such as scarcity, choice, opportunity costs, supply and demand, profit, competition, incentives, individual incomes, the comparison of benefits and costs in making decisions, and the evaluation of short- and long-run consequences of decisions.