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Categories:: 6.2.9. Markets and the Functions of Governments
Statements:
A. Explain the flow of goods, services and resources in a mixed economy.
B. Analyze how the number of consumers and producers affects the level of competition within a market.
C. Explain the structure and purpose of the Federal Reserve System.
D. Analyze the functions of economic institutions (e.g., corporations, not-for- profit institutions).
E. Explain the laws of supply and demand and how these affect the prices of goods and services.
F. Analyze how competition among producers and consumers affects price, costs, product quality, service, product design, variety and advertising.
G. Contrast the largest sources of tax revenue with where most tax revenue is spent in Pennsylvania.
I. Explain how government provides public goods.
J. Contrast the taxation policies of the local, state and national governments in the economy.
K. Interpret how media reports can influence perceptions of the costs and benefits of decisions.
L. Explain how the price of one currency is related to the price of another currency (e.g., Japanese yen in American dollar, Canadian dollar in Mexican nuevo peso).
H. Analyze the economic roles of governments in market economies.