S.B. 365 Summary

• Requires the Ohio State Board of Education to incorporate free market capitalism content into financial literacy and entrepreneurship standards and model curriculum for grades 9-12.

• Mandates instruction on ten specific concepts including private ownership of production factors, individual control over earning wages, market price functions, wealth creation through profitable transactions, entrepreneurship and innovation, and the relationship between free markets and personal freedom.

• Specifies that content must address market failures and side effects where transaction costs are borne by parties outside the exchange, as well as political features like property rights, enforceable contracts, and patent protections.

• Requires the state board to develop these standards independently rather than as part of multistate consortiums, following the same requirements as other academic standards.