Understand that scarcity necessitates choices by producers.
Understand economic systems, with an emphasis on the United States.
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Explain how competition is maintained in the United States economy and how the level of competition varies in differing market structures (e.g., monopoly, oligopoly, monopolistic and perfect competition).
Explain how changes in non-price determinants of supply (e.g., number of producers) affect producer decisions.
Explain how government intervention with market prices can cause shortages or surpluses of a good or service (e.g., minimum wage policies, rent freezes, farm subsidies).