This preview shows page 1. Sign up to view the full content.
Unformatted text preview: owners to employ or
dispose of their property and money as they see fit.
Freedom of choice also ensures that consumers are
free to buy the goods and services that best satisfy
Chapter 2 19 Learning Objective 2-2 Slide
20 Key Market System Characteristic #3
Self-Interest becomes the motivating force of
the various economic units as they express
their free choices.
• Self-interest, in this context, simply means that each
economic unit tries to achieve its own particular goal.
• This same concept allows consumers to make their own
self-interested choices in the market as well.
• In summary, self-interest creates order in an otherwise
chaotic economic process. Chapter 2 20 Learning Objective 2-2 Slide
21 Key Market System Characteristic #4
Competition represents the freedom of choice
exercised in pursuit of a monetary return.
Inherent within competition of this nature are
independently acting sellers and buyers
operating in product and resource markets
and the freedom for buyers and sellers to
enter and exit these markets based on their
Chapter 2 21 Another key m...
View Full Document
- Spring '09