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Unformatted text preview: bring competition. d. Freedom of choice: *Prices are influenced by competition, and by supply and demand. Demand: Qty. of products people are willing to buy at a specific time. Baby wipes: Soldiers at war shifted demand curve Shower French Wine: We hate the French so we didnt want their wine. Supply: Qty. of products that sellers are willing to sell at a specific time *Willingness as a seller. Highly Controlled : Communism (state ownership/ state control) vs. Moderate Control : Som (important business owned/operated by state. Some private property) *MOST ECONOMIES FALL HERE IN BETWEEN Low Control: Capitalism (free market economy) Fig. 2.4/ Page 51...
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This note was uploaded on 04/22/2008 for the course OLS 252 taught by Professor Dahlstrom during the Spring '08 term at Purdue University-West Lafayette.
- Spring '08