Chapter 2 Econ - Chapter 2 Book Notes Chapter 2 Econ...

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Chapter 2 Book Notes Chapter 2 Econ Economic System o Particular set of institutional arrangements and a coordinating mechanism to respond to economizing problem Determines: what goods are produced and who gets them Command System o Soicalism1 o Govt owns most property Market System o Capitalism o Private ownership of resources Laissez faire o Govt’s roll in is limited to protracting private property o “Let it be” Private property o Private ownership of resources and capital Freedom of enterprise o Ensures entrepreneurs and private businesses are free to obtain and use econ resources to produce their choice of Goods to sell to whom ever Freedom of Choice o Allows owners to employ or dispose of property and money as they see fit Self Interest o Motivating force of various economic units Competition o Market system o Freedom of choice exercised in pursuit of a monetary return
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Chapter 2 Book Notes Market o Brings buyers and sellers into contact
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Chapter 2 Econ - Chapter 2 Book Notes Chapter 2 Econ...

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