Standards for Who Bears the Burden When a Tax Is Imposed on a Good?

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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.

Name: Role of Prices

Standard: 8

  • Students will understand that: Prices send signals and provide incentives to buyers and sellers. When supply or demand changes, market prices adjust, affecting incentives.
  • Students will be able to use this knowledge to: Predict how changes in factors such as consumers' tastes or producers' technology affect prices.

State Standards

Common Core State Standards

Name: HSA-CED.A

Standard: High School: Algebra

Area: High School: Algebra

  • Create equations that describe numbers or relationships.

Name: HSA-REI.A

Standard: High School: Algebra

Area: High School: Algebra

  • Understand solving equations as a process of reasoning and explain the reasoning.

Name: MP1

Standard: Standards for Mathematical Practice

Area: Standards for Mathematical Practice

  • Make sense of problems and persevere in solving them.

Name: MP4

Standard: Standards for Mathematical Practice

Area: Standards for Mathematical Practice

  • Model with mathematics.