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Aug 26 2008, 4:53 AM EDT
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Change: Every country in the world uses a mix of command and market economies. In the United States, capitalism is the main aspect of the economy,
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Aug 31 2007, 10:24 PM EDT
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Change: Thus, economic power is diffused because others can undercut that price. There are no restrictions to the flexibility of the market or industry. The unlimited freedom of entry and exit allow the market to adjust accordingly to consumers and technology. With competition, no one producer
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Aug 30 2007, 1:06 PM EDT
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Change: In order to serve as money, an item should go through a test: the item must be generally acceptable to sellers in exchange for their goods and services. Barter: exchange of goods for goods The problem with barter is that it requires
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Aug 30 2007, 9:18 AM EDT
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Change: conumsersconsumers produce almost no goods or services that they use themselves being self-sufficient causes inefficiency Division of labor: in a market system, efficiency is greatly emphasized. Therefore, it would serve the economy much more
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Aug 30 2007, 9:14 AM EDT
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Change: most of the conumsers produce almost no goods or services that they use themselves being self-sufficient causes inefficiency Division of labor: in a market system, efficiency is greatly emphasized. Therefore, it would serve the economy much
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Aug 29 2007, 1:29 PM EDT
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Change: enables individuals and buisnesses to obtain, use, and dispose of property resources as they see fit. It can be extended to intellectual property such as copyrights, trademarks; encourages new innovative inventions under such long-term protection. Exchange also takes place to to private
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Aug 29 2007, 10:01 AM EDT
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Change: demande,demand, the person that specializes in a particular area may lose his/hers job. And when one branch of specialist depentdepends on another group of specialist, when one group fails to do it correctly, it can break down the whole system.Advantages:by specializing in a
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Aug 29 2007, 7:06 AM EDT
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Change: by specializing in a certain good or service, a country will be able to trade internationally thus would gain more goods or services than their domestic capabilities would usually produce.Use of Money: Money: medium of exchange. It also reflects the value
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Aug 28 2007, 11:52 AM EDT
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Change: workers can get very bored with what they do and not be motivated to do a good job. Also when there is a change of
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Aug 28 2007, 11:48 AM EDT
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Change: exchange. It also reflects the value of something. The more money a product cost, the more valuable it is. Barter: exchange of goods for goods The problem with barter is that it requires a "coincidence of wants",
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Aug 28 2007, 10:33 AM EDT
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Change: Because there is competition, technological advances are made so that their product is either better or made faster and cheaper. Competitiveness is what makes the market efficient. Markets and Prices: Market (definition): an instution which brings buyers and sellers in contact. An economy based off
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Aug 28 2007, 10:01 AM EDT
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Change: Supply and Demand are determined through the interaction between the suppliers and demanders in the marketplaceSupply and demand in turn determines the price of a good or serviceThe price is then further negotiated in the marketplaceWhat goods are produced and for
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Aug 28 2007, 9:29 AM EDT
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Change: natonal defense. Not only that, the active, but limited government takes active role in counteracting inadequate information given out in the society and rigorously regulates factors that will bring about benefits to the society as a whole such as that of reducing air pollution.The government will
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Aug 28 2007, 6:59 AM EDT
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Change: Example: China specializes in manufactured goods because there is an abundant source of labor. Division of labor: in a market system, efficiency is greatly emphasized. Therefore, it would serve the economy much more to
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Aug 27 2007, 8:56 AM EDT
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Change: Specialization -Specialization: Use of resources of an individual, firm, region, or nation to produce one or a few goods or services rather than the entire range of goods and services. Division of labor -labor: in a market system, efficiency is greatly
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Aug 27 2007, 8:29 AM EDT
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Change: Entrepreneurs try to maximize profit and minimize loss, and workers try to fulfill their satisfaction by taking jobs of higher wages, shorter working hours, and
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Aug 27 2007, 4:27 AM EDT
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Change: The government will produce anything, that is not illegal such as drugs, to increase the competition of businesses. If they increase the competition, the economy
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Aug 26 2007, 12:00 PM EDT
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Change: Specialization - Use of resources of an individual, firm, region, or nation to produce one or a few goods or services rather than the entire range of goods and services. Division of labor - in a market system, efficiency is
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Aug 26 2007, 10:30 AM EDT
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Change: The government does allow some households and firms toIn sellcountries theirsuch extraas productionNorth inKorea, the markets at theirgovernment ownowns pricesproperty (insteadrather ofthan theindividuals, govenrment-establishedand price).it Also,is the government cannot control business deals between households, such
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Aug 26 2007, 8:57 AM EDT
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Change: Enable people to use their available resources to produce more goods and services, instead of using them to protect the land and capital they already have.Freedom of Enterprise and Choice: Freedom of Enterprise guarantees entrepreneurs the right to gain
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