Economics (McConnell), 18th Edition

Chapter 2: The Market System and the Circular Flow

IN THIS CHAPTER YOU WILL LEARN:

  1. The difference between a command system and a market system.


  2. The main characteristics of the market system.


  3. How the market system decides what to produce, how to produce it, and who obtains it.


  4. How the market system adjusts to change and promotes progress.


  5. The mechanics of the circular flow model.


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