Markets do not allocate resources efficiently if: (1) property rights are not clearly defined or enforced; (2) externalities (spillover effects) affecting large numbers of people are associated with the production or consumption of a product; or (3) markets are not competitive.
Standard detail
1.
Benchmark
Depth 1Parent ID: 9622E4689DBC48B9AEBAC9EBC5B59837Standard set: Grades 9, 10, 11, 12
Original statement
Quick facts
- Statement code
- 1.
- List ID
- 1.
- Standard ID
- 2D558779D5F9435099EF25A0A586ED5B
- ASN identifier
- S2604835
- Subject
- Economics
- Grades
- 09, 10, 11, 12
- Ancestor IDs
- 9622E4689DBC48B9AEBAC9EBC5B59837
- Source document
- Voluntary National Content Standards in Economics (2010)
- License
- CC BY 3.0 US