Chapter 2 Quiz (word) - Chapter2Quiz 1)PrivateProperty...

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Chapter 2 Quiz 1.) Private Property       Freedom of Enterprise and Choice      Self-Interest      Competition      Markets and Prices      Technology and Capital Goods      Specializtion      Use of Money       Active, but Limited Government  2.) The firms must all be selling an identical product.  There must be very lovw barriers to entry.  There must be no barriers to exit.  There has to be perfect knowledge.  There must be a large  number of small companies present in the market.   3.) Money as a medium of exchange solves the barter’s problem of lack of double coincidence  of wants as money has separted the acts of sale and purchase.  4.) What goods and services will be produced
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  • Summer '16
  • Ashley Barton
  • double coincidence, capital goods, identical product., accommodate change

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