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02
The Market System and the Circular Flow
McGrawHill/Irwin Copyright © 2012 by The McGrawHill Companies, Inc. All rights reserved.
The Market System
• Known as capitalism
• Characteristics of market systems: Private property
Freedom of enterprise and choice Self-Interest
Competition Markets and prices
• Australia, Switzerland, and the U.K.
LO1 2-2
Global Perspective
Index of Economic Freedom, Selected Nations
LO2 2-3
Technology and Capital Goods
• Advanced goods are
technology and capital encouraged
• Specialization •Division of labor
•Geographic specialization
LO2 2-4
Active, but Limited Government
• Government may be needed to alleviate market failures
• Government can increase effectiveness of a market system
LO2 2-5
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