   Cost/Benefit Analysis, Decision Making, Maintaining
Competition, Regulation, Role of Government     • Identify the
cost/benefits of government regulation and information in a
market economy.   • Identify and interpret the information
provided on food labels.   • Use this information when making
purchasing decisions.   In a perfectly competitive market
system, all goods and services are allocated to their optimal
use. In order for perfect competition to occur, certain
conditions must exist:  1. There must be many buyers and sellers
in the marketplace, with no particular buyer or seller having
control. As a result of this condition, no one has an unfair
advantage.  2. Participants have complete information on
choices. Sellers know the quantity that will be demanded at
various prices. Buyers have price and relevant performance
information about what is offered for sale.  One role of
government in a market economy is to facilitate an environment
in which these conditions exist. To achieve this goal,
government