10 - A market economy is successful if it maximizes profits...

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Econ 1 17:09 Adam Smith-wealth of nations- 1776 Individuals only promote their own interest but in doing so they promote the  public interest Translation-greed is good Market competition If efficient, cant arrange to make someone better off without making someone  else worse off
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Unformatted text preview: A market economy is successful if it maximizes profits for everyone participating If not efficient, may be possible to rearrange to make everyone better off Different exchanges dont increase profit Competitive equilibrium is efficient 17:09 17:09...
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This note was uploaded on 08/26/2011 for the course EARTH 20 taught by Professor Staff during the Spring '11 term at UCSB.

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10 - A market economy is successful if it maximizes profits...

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