Finer grained standards that are part of this one
Define and identify goods, services, consumers and producers.
Identify ways local businesses compete to get consumers.
Identify and compare means of payment.
Identify groups of competing producers in the local area.
Identify who supplies a product and who demands a product.
Define price and identify the prices of different items.
Define what a tax is and identify a tax paid by most families.
Identify government involvement in local economic activities.
Identify goods and services produced by the government (e.g., postal service, food inspection).
Explain the relationship between taxation and government services.