Chapter 4 - CHAPTEROVERVIEW ,demand,andthepricesystem.Brief...

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Demand and Supply Applications CHAPTER OVERVIEW This chapter continues studying supply, demand, and the price system. Brief  explanations are given for these characteristics of the market system: freedom of  enterprise and choice, the role of self-interest, competition, markets and prices, the  reliance on technology and capital goods, specialization, use of money, and the active,  but limited role of government. COMMENTS 1. A surprising number of students do not really understand the basic characteristics of  the American market system. Many students have no idea how prices are set and even  after the chapter on supply and demand may still believe that most prices are  determined by an external government agency or by producers arbitrarily. So don’t feel  like you are the only one learning this for the first time.
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