{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}


Handout1-MarketEconomyandIndividualChoice - to lead a...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Market Economy – The interaction of individual choices subject to community- wide values enforced by decisions of governmental units Outcomes found in a market economy that result from the interaction of individual choices: Mutual exchange (or trade) leads to gains for the parties involved Gains from trade lead to specialization Interaction of individual choice tends
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: to lead a market economy toward a condition of equilibrium (i.e. a condition where no individual will make a choice that differs from their current choice – they won’t be better off doing something different; “toward” the key phrase, as such a condition is not often achieved; or if it is, it is temporary in nature)...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online