Econ 1-17 Income & Wealth Inequality

STANDARD:
E.1.6 Describe and compare the various economic systems (i.e., traditional, market, command, mixed, feudal, mercantile) and explain their strengths and weaknesses. (E)
E.4.1 Explain how markets underproduce public goods, and analyze the role of government to resolve those market failures.
E.2.4 Identify factors that cause changes in market supply and demand and how these changes affect price and quantity in a competitive market. (E)
E.3.2 Compare and contrast the basic characteristics of the four market structures: monopoly, oligopoly, monopolistic competition, and pure competition.
E.3.3 Explain how competition in markets affects price and quantity. (E)