USA National Standards for Concept "Circular Flow"
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: 13
Income for most people is determined by the market value of the productive resources they sell. What workers earn depends, primarily, on the market value of what they produce and how productive they are.
Online lessons on US Standard 13 from the National Council on Economic Education Website.
National Standard Number: 18
A nation's overall levels of income, employment, and prices are determined by the interaction of spending and production decisions made by all households, firms, government agencies, and others in the economy.
Online lessons on US Standard 18 from the National Council on Economic Education Website.
