Economics and Economic Reasoning

timer Asked: Mar 19th, 2016

Question description

The market system allows for the private ownership of resources and coordinates economic activity through market prices.  Participants act in their own self-interest and seek to maximize satisfaction or profit through their own decisions regarding consumption or production.  Goods and services are produced and resources are supplied by whoever is willing to do so.  The result is competition and widely dispersed economic power.  Can you give an example?

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