USA National Standards for Concept "Markets"
National Standard Number: 3
Different methods can be used to allocate goods and services. People acting individually or collectively through government, must choose which methods to use to allocate different kinds of goods and services.
Online lessons on US Standard 3 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.
