econ150_document_NoteTakingAssignmentChp2.docx - CHAPTER 2 NOTE TAKING ASSIGNMENT 1 Highlight the main features of 1.1 a command economy – when the

econ150_document_NoteTakingAssignmentChp2.docx - CHAPTER 2...

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CHAPTER 2 NOTE TAKING ASSIGNMENT 1. Highlight the main features of: 1.1. a command economy – when the government owns most property resources and economic decision making is set by a central economic plan created and enforced by the government. Also known as Socialism or Communism. 1.2.a market economy - a mixture of centralized government economic regulations and decentralized actions taken by individuals and firms. Varys from country to country, but tends to feature the private ownership of resources and the use of markets and prices to coordinate and direct economic activity. 2. State the Five Fundamental Questions faced by any economic system and how each is answered in a market economy. 2.1. What goods and services will be produced? The goods and services that can be produced at a continuing profit will be produced, while those whose production generates a continuing loss will be discontinued. 2.2. How will the goods and services be produced? In combinations and ways that minimize the cost per unit of output.
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