USA National Standards for Concept "Consumers/Consumption"
National Standard Number: 1
Productive resources are limited. Therefore, people can not have all the goods and services they want; as a result, they must choose some things and give up others.
Online lessons on US Standard 1 from the National Council on Economic Education Website.
National Standard Number: 7
Markets exist when buyers and sellers interact. This interaction determines market prices and thereby allocates scarce goods and services.
Online lessons on US Standard 7 from the National Council on Economic Education Website.
National Standard Number: 8
Prices send signals and provide incentives to buyers and sellers. When supply or demand changes, market prices adjust, affecting incentives.
Online lessons on US Standard 8 from the National Council on Economic Education Website.
