Economics ch6 12 - Study guides, Class notes & Summaries
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Economics Ch.6 & 12
- Exam (elaborations) • 4 pages • 2024
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Economics Ch.6 & 12 Prices act as a signal to change behavior as conditions change. What happens w/ rising prices? - Buyers buy less, producers produce more In a competitive (free market) economy, prices - Are neutral Prices adjust to unforeseen events, such as natural disasters and wars, because - Prices are flexible in a free market Which is not one of the advantages of a pricing system? - When used w/ rationing, it provides everyone's basic needs Which of these is not found in a...
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