Help make economic and financial literacy a priority in our schools! All donations received by June 30th will be matched dollar-for-dollar up to $75,500. Give now!

Standards for Goods and Services: Some are Private, Some are Not

Jump to:

National Standards in Economics

Name: Role of Government and Market Failure

Standard: 16

  • Students will understand that: There is an economic role for government in a market economy whenever the benefits of a government policy outweigh its costs. Governments often provide for national defense, address environmental concerns, define and protect property rights, and attempt to make markets more competitive. Most government policies also have direct or indirect effects on people's incomes.
  • Students will be able to use this knowledge to: Identify and evaluate the benefits and costs of alternative public policies, and assess who enjoys the benefits and who bears the costs.

State Standards