USA National Standards for Concept "Competition"
National Standard Number: 9
Competition among sellers lowers costs and prices, and encourages producers to produce more of what consumers are willing and able to buy. Competition among buyers increases prices and allocates goods to those people willing and able to pay the most.
Online lessons on US Standard 9 from the National Council on Economic Education Website.
National Standard Number: 16
There is an economic role, such as provide for national defense, address environment concerns, protect property rights, and make market more competitive, for government in a market economy whenever the benefits of a government policy outweigh its costs.
Online lessons on US Standard 16 from the National Council on Economic Education Website.
