Class notes
market system & circular flow
- Course
- Institution
provide an depth note to you.. goodluck on your studies!
[Show more]
Seller
Follow
batrisyianasihah
Content preview
CHAPTER 2The Market System and the Circular Flow
Because learning changes everything.® Shutterstock/vchal.
©2021 McGraw Hill Education. All rights reserved. No reproduction or further distribution without the prior written consent of McGraw Hill Education.
, Chapter Contents
Economic Systems
The Characteristics of the Market System
Five Fundamental Questions
The “Invisible Hand”
The Circular Flow Model
How the Market System Deals with Risk
2-2
©2021 McGraw Hill Education. All rights reserved. No reproduction or further distribution without the prior written consent of McGraw Hill Education.
, Economic Systems
Economic systems
• Set of institutionalized arrangements
• Coordinating mechanism
Differences in systems exist by
• Degree of decentralized use of markets and prices in
decision-making
• Degree of centralized government control
LO2.1 2-3
©2021 McGraw Hill Education. All rights reserved. No reproduction or further distribution without the prior written consent of McGraw Hill Education.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller batrisyianasihah. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now