Explain how price affects decisions about purchasing goods and services.
Explain how specialization and division of labor increase productivity.
Explain how competition among buyers results in higher prices, and competition among sellers results in lower prices.
Describe the role of money in the exchange of goods and services.
List goods and services governments provide in a market economy and explain how these goods and services are funded.
Explain how changes in the United States economy impact levels of employment and unemployment.
Identify advantages and disadvantages of global competition.
Identify a good or service produced in the United States and apply the three economic questions all economies must…