January-23 - Cooperation (it never dies it is an actually...

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January 23, 12 ECON 203 Notes The Market System Known as capitalism Private ownership of resources Decisions based on markets Characteristics of the Market System Private Property Freedom of enterprise and choice Self-Interest (we have individuals making decisions not the government) Competition Markets and prices Legal forms of business Sole for ridership Partnership (everyone has a fair share)
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Unformatted text preview: Cooperation (it never dies it is an actually legal entity) (you dont any liability) when the cooperation makes a profit. .. they have to pay taxes. Capital gains YOU STILL PAY TAX! Technology and Capital Good Advanced technology and capital goods are encouraged Specialization Division of labor Geographic specialization...
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This note was uploaded on 03/22/2012 for the course ECON 203 taught by Professor Al-sabea during the Spring '05 term at USC.

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