The Market System and Circular Flow
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | Particular set of institutional arrangements and a coordinating mechanism for solving the economizing problem
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| show | Economic system in which the government's economic role is limited to protecting private property and establishing a legal environment
Only mutually agreeable transactions
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| show | Method of organizing an economy in which property resources are publicly owned and government uses central economic planning to direct and coordinate economic activities
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| Market System | show 🗑
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| Market System Categorization | show 🗑
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| Markets | show 🗑
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| show | Right of private persons and firms to obtain, own, control, employ, dispose of, and bequeath land, capital, and other property
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| Market System Characteristics | show 🗑
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| Freedom of Enterprise | show 🗑
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| show | Freedom of owners of property resources to employ or dispose of them as they see fit
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| show | That which each firm, property owner, worker, and consumer believes is best for itself and seeks to obtain
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| show | Effort or striving between two or more independent rivals to secure the business of one or more third parties by offering them the best possible terms
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| show | Two or more buyers and two or more sellers acting independently in a particular market
Freedom of sellers and buyers to enter and exit markets on basis of economic self interest
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| show | Market system encourages extensive use and rapid development of complex capital goods
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| Specialization | show 🗑
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| Division of Labor | show 🗑
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| Specialization and Total Output | show 🗑
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| show | Any item sellers generally accept and buyers generally use to pay for a good or service
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| show | Any item that is generally acceptable to sellers in exchange for goods and services
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| Consumer Sovereignty | show 🗑
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| show | "votes" that consumers cast for the production of preferred products when they purchase those products rather than the alternatives that were also available
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| show | If you leave the economy alone, it will regulate itself and will promote self interest of all parties
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| The Coordination Problem | show 🗑
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| show | Misjudgment of how many of each good was wanted at government determined prices
Persistent shortages and surpluses
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| show | Coordination Problem
Incentive Problem
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| Circular Flow Diagram | show 🗑
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| fHouseholds | show 🗑
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| show | Economic entities (firms) that purchase resources and provide goods and services to the economy
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| show | Business owned and managed by a single person
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| show | Two or more individuals agree to own and operate a business together
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| show | An independent legal entity chartered by a state or the federal government that is distinct and separate from the individuals who own it
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| show | A market in which products are sold by firms and bought by housholds
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| Resource Market | show 🗑
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| How Market System Deals with Risk | show 🗑
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| Residual Claimants | show 🗑
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| Benefits of Restricting Business Risk to Owners | show 🗑
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Created by:
Eliana.s
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