BA-110-01 (Quiz 2)

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Key Features of the Market System

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Private Property

Freedom of Enterprise

Freedom of Choice

Self-Interest

Competition

A Market

Technology and Capital Good

Specialization

The Use of Money

Active, but Limited, Government

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where government can sometimes increase the overall effectiveness of the economic system.

is the right of persons an firms to obtain, own, control, employ, dispose of, and bequeth land, capital, and other property.

is the freedom of owners of resources to employ or dispose of them as they see fit, and the freedom of consumers to spend their incomes in a manner they think is appropriate.

is the freedom of firms to obtain economic resources, to use those resources to produce products of the firms’ own choosing, and to sell their products in markets of their choice.

is the presence in a market or independent buyers and sellers vying with one another, and the freedom of buyers and sellers to have a market.

is the most advantagous outcome as viewed by each firm, property owner, worker, or comsumer.

promote efficiency and the ability to produce more goods and services.

where money is any item that is generally acceptable to sellers in exchange for goods and services.

is the use of resources of an individual, region, or nation to produce one or a few goods and services rather than the entire range of products.

is an institution or mechanism that brings buyers and sellers together.


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