Market systems are truly amazing entities what is

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Unformatted text preview: y amazing entities. What is your most scarce or precious resource? Many of you will consider money as your most scarce resource. Although this may run a seemingly close second to your most precious expendable commodity, it won’t ever be your most critical resource. Time is your most critical resource constraint in that you can only spend it and you have a fixed supply over your lifetime. Therefore, it is important to use your time most wisely of all. Studying this natural market process and economics are quite worthy choices when considering how to spend your most scarce resource. Slide 4 Economic systems differ depending upon the ownership of the factors of production on the one hand, and the methods used to coordinate, motivate, and direct economic activity on the other. What determines how economic systems will differ from one another? Economic systems differ as to: Ponder this question for a moment. Who owns the factors of production in our system and how is economic activity orchestrated therein? Once we can clarify thes...
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This note was uploaded on 09/10/2009 for the course ECO 2251 taught by Professor Kirkland during the Spring '09 term at Troy.

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