Predict how changes in supply and demand affect equilibrium price and quantity sold.
Markets and the Functions of Governments
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Explain the laws of supply and demand and how these affect the prices of goods and services.
Explain how the price of one currency is related to the price of another currency (e.g., Japanese yen in American dollar, Canadian dollar in Mexican nuevo peso).
Economic growth and stability
Define wages and explain how wages are determined by the supply of and demand for workers.
Analyze how competition among producers and consumers affects price, costs, product quality, service, product design, variety and advertising.