This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: ) B. Interest vs benevolence C. Wealth = the yearly production and consumption of a country (per capita income) III. How an economy operates: A. Exchange 1. Simple exchange (barter) 2. Money a. Negates need for coincidence of wants 3. Specialization a. Allows expansion of market B. Competition 1. Interest of buyer and seller conflict; competition curbs interest 2. Supply and Demand 3. Equilibrium price 4. Profit and loss as economic signals...
View Full Document
This note was uploaded on 07/14/2011 for the course AM ST 101 taught by Professor Smith during the Fall '04 term at BYU.
- Fall '04