outline_ch03-1-38

outline_ch03-1-38 - Chapter 3 Supply and Demand: An...

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Supply and Demand: An Introduction Chapter 3
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How do consumers get the goods and services they want in the right quantities and qualities? : Why do some goods and services have shortages or surpluses and while others do not? Sometimes markets do not work very well and the government may have to intervene with regulations and other measures Supply and Demand: An Introduction
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Supply and Demand: An Introduction Some goods and services are regulated or supplied by the government: for those goods and services demand may not equal supply Other goods and services are bought and sold in markets in the private sector where supplies usually adjust to demands
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Universal Questions All economic systems must answer some basic questions: : : : Two Basic Economic Systems: : :
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What, How, and For Whom? Central Planning Central Planning : : : : : :
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What, How, and For Whom? Central Planning A small number of individuals address: What : How : For Whom :
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What, How, and For Whom? Market Economies Free-Market or Capitalist Economic System: A Private Sector and a Government sector The Government Sector is In the Private Sector What How Who
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What, How, and For Whom? Market Economies In a Market Economy, What, How and For Whom are ultimately decided by individual household preferences and purchasing power
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What, How, and For Whom? Market Economies How can the decentralized, self-interested decisions of millions of individuals and firms produce a system which
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The Market System In the Private Sector, Individuals & firms interact in markets for goods and services, within Individuals as Consumers Individuals as Producers : What, How and How What
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The Market System Free Markets provide opportunities for individuals to decide what is best for themselves. The Three Basic Economic Questions are
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outline_ch03-1-38 - Chapter 3 Supply and Demand: An...

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