ECO365 Week 3 Objectives

ECO365 Week 3 Objectives - Chapter 3 Define a market...

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Chapter 3 Define a market economy. Compare and contrast socialism with capitalism. Describe how businesses, households, and government interact in a market economy. Summarize briefly the advantages and disadvantages of various types of business. Explain why, even though households have the ultimate power, much of the economic decision making is done by business and government. Distinguish the government’s role as an actor from its role as a referee. Explain how globalization has changed competition. Chapter 11 List the six conditions for a perfectly competitive market. Explain why producing an output at which marginal cost equals price maximizes total profit for a perfect competitor. Demonstrate why the marginal-cost curve is the supply curve for a perfectly competitive firm. Determine the output and profit of a perfect competitor graphically and numerically.
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