Chap 2 Class Notes - Chap 2 Class Notes 1. Economic Systems...

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Chap 2 Class Notes 1. Economic Systems 2. Market System characteristics 3. Market System questions a. What, b. How c. Who 4. Change and progress in the market system 5. Set of institutional arrangements 6. Coordinating mechanism 7. Differ based on: a. Who owns the factors of production b. What method directs economic activity 8. Economic Systems a. Command system i. Government ownership 1. Central planning board ii. Socialism b. Market system i. Private ownership ii. Market iii. Capitalism 1. No pure capitalism in the word iv. Private property 1. Allows individuals to buy, sell or keep property v. Freedom of enterprise and choice vi. Self-interest
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Chap 2 Class Notes vii. Competition viii.Market and price 1. Decisions to buy/sell 2. Resources go down, price of good goes up a. Land is scarce in NYC 3. Market a. Where buyers and sellers decide how much they want to pay/sell ix. Reliance on Technology and Capital goods x. Specialization 1. Dividend of labor 2. Geographic specialization xi. Medium exchange
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Chap 2 Class Notes - Chap 2 Class Notes 1. Economic Systems...

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