The Economics of Market Systems
Objective 1-3 Show how markets, demand, and supply affect resource distribution in the United States, identify the elements of private enterprise, and explain the various degrees of competition in the U.S. economic system.
Understanding the complex nature of the U.S. economic system is essential to understanding the environment in which U.S. businesses operate. In this section, we describe the workings of the U.S. market economy. Specifically, we examine the nature of demand and supply, private enterprise, and degrees of competition. We will then discuss private enterprise and forms of competition.
Demand and Supply in a Market Economy
A market economy consists of many different markets that function within ...
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