Look up any country of the world. Select Economy from the outline. Students will see that geography and climate determine a nation's industry and agriculture. Individuals and households exchange their resources for the income they need to buy goods and services. Markets allocate goods and services.
Competition affects markets.
Local, state, and national governments play important roles in a market economy. World Book , print, CD-ROM, and Online. The United States economy and Government and the U.S. economy. Look up Taxation and select from the outline Taxation in the United States. Look up Income Tax and select from the outline Federal Income taxes in the United States and State and local income taxes.