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Aug 26 2008, 4:54 AM EDT
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welkerjason
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602 words deleted
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Change: Efficiency: It's more efficient for a country if it has a market system, instead of a command economy. In a command economy (aka socialism; communism),
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Aug 30 2007, 9:02 PM EDT
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agoldman
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Change: By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good." Explain the virtues of the market system: Efficiency:
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Aug 30 2007, 6:58 PM EDT
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123kc
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Change: their demands with the 'dollar vote.' Producers, therefore, can judgethen get 'feed backs' uponabout the quantities and varieties of their production based on the consumer's demands. Products that satisfy the needs of society will thus be produced instead of unwanted goods.
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Aug 30 2007, 12:41 PM EDT
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sunnykim
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25 words added
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Change: The invisible hand ensures that when firms maximize their profits and resource suppliers maximize their incomes, these groups also help maximize society's output and imcome. Explain the virtues of the market system: Efficiency: It's more efficient for a country if it
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Aug 30 2007, 10:01 AM EDT
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HansenGu
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Change: producer. Efficiency also drives the research and development of more efficient methods of production and other important technological advancements.Productive Efficiency: the production of any particular mix of goods and services in the least costly way. Allocative Efficiency: the production of that particular mix
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Aug 30 2007, 9:40 AM EDT
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Robert.Wang
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Change: in his 1776 novel, The Wealth of Nations, created to convey the idea that the greatest benefit to society as a whole is achieved by people looking out for
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Aug 29 2007, 10:04 AM EDT
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optional.xu
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Change: be produced, which will then rot in warehouses. Whereas in a market economy, each company/firm has freedom to choose how much and what they produce. In
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Aug 28 2007, 2:53 AM EDT
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HowardJing
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Change: Additionally, the central government may requireproducts with no demand to beproduced, which will then rot in warehouses. Whereas in a market economy, each company/firm has freedom to choose how much and what they produce.
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(Word count: 428)
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Aug 27 2007, 12:34 PM EDT
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kathie2989
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Change: the production of any particular mix of goods and services in the least costly way. Allocative Efficiency: the production of that particular mix of goods and services most wanted by society. Incentives: As greater work skills and effort result in
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Aug 27 2007, 10:03 AM EDT
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tsaojames1991
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Change: self-interest. Supply+Demand Coordination: A free market system allows consumers to express their demands with the 'dollar vote.' Producers, therefore, can judge upon the quantities and varieties of their production based on the consumer's demands. Products that satisfy the needs of society will thus be produced instead of unwanted goods.
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(Word count: 376)
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Aug 26 2007, 4:50 AM EDT
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Charlie.Gao
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Change: This leads to efficient allocation of resources in making quality products with high demands which increases profitable gains for both the consumer and the producer Incentives: As greater work skills and effort result in greater production and
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Aug 24 2007, 7:25 AM EDT
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serenatu
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Change: skills in order to achieve greater benefits and higher incomes. Freedom: Is the major noneconomic argument for the market system. Unlike the command economy, where everything's central planned, the market system allows entrepreneurs and workers to furthur their own self-interest.
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Aug 23 2007, 9:53 PM EDT
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KristieChung
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Change: As greater work skills and effort result in greater production and higher incomes, people would have a greater incentive to work harder, acquire more skills,
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Aug 22 2007, 9:36 AM EDT
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kxc.024
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Change: It's more efficient for a country if it has a market system, instead of a command economy. In a command economy (aka socialism; communism), the
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Aug 19 2007, 10:02 AM EDT
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Christinah
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Change: A term Adam Smith created to convey the idea that the greatest benefit to society as a whole is achieved by people looking out for
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Aug 13 2007, 11:01 PM EDT
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welkerjason
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Change: Define and explain Invisible Hand:Explain the virtues of the market system:Efficiency:Incentives:Freedom:
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Aug 13 2007, 11:00 PM EDT
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welkerjason
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Change: Created by Aug 13 2007, 11:00 PM EDT for: no reason given
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