(5) Economics. The student understands free enterprise, socialist, and communist economic systems. The student is expected to:

(A) describe the basic characteristics of economic systems, including property rights, incentives, economic freedom, competition, and the role of government;

(B) compare the free enterprise system, socialism, and communism using the basic characteristics of economic systems;

(C) examine current examples of free enterprise, socialist, and communist economic systems;

(D) understand that the terms free enterprise, free market, and capitalism are synonymous terms to describe the U.S. economic system; and

(E) analyze the importance of various economic philosophers, including Friedrich Hayek, Milton Friedman, John Maynard Keynes, and Adam Smith, and their impact on the U.S. free enterprise system.