Virginia SOL CE.13

What students need to be able to do

• Examine the effect of competition in the marketplace.
• Explain how and why government provides public goods and services.
• Describe how local, state, and federal governments allocate budgets and collect taxes to fund goods and services.
• Explain the structure and main function of the Federal Reserve System as the nation's central bank.
• Explain the role of government currency and analyze the purpose of a money economy.
• Describe how governments regulate commerce to protect consumers, the environment, competition, and property rights.
• Evaluate how and why governments regulate industry, labor, competition, and monopolies.