The Market System and Circular Flow
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | Particular set of institutional arrangements and a coordinating mechanism for solving the economizing problem
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| Laissez-Faire Capitalism | show 🗑
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| Command System | show 🗑
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| show | Economic system in which individuals own most economic resources and in which markets and prices serve as the dominant coordinating mechanisms used to allocate those resources
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| show | Mixture of centralized government economic initiatives and decentralized actions taken by individuals and firms
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| Markets | show 🗑
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| show | Right of private persons and firms to obtain, own, control, employ, dispose of, and bequeath land, capital, and other property
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| Market System Characteristics | show 🗑
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| Freedom of Enterprise | show 🗑
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| show | Freedom of owners of property resources to employ or dispose of them as they see fit
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| show | That which each firm, property owner, worker, and consumer believes is best for itself and seeks to obtain
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| show | Effort or striving between two or more independent rivals to secure the business of one or more third parties by offering them the best possible terms
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| show | Two or more buyers and two or more sellers acting independently in a particular market
Freedom of sellers and buyers to enter and exit markets on basis of economic self interest
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| Technology and Capital Goods | show 🗑
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| show | Use of resources of an individual, a firm, a region, or a nation to concentrate production on one or a small number of goods and services
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| show | Separation of the work required to produce a product into a number of different tasks that are performed by different workers
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| show | Specialization increases total output society derives from limited resources
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| Medium of Exchange | show 🗑
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| Money | show 🗑
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| show | Determination by consumers of the types and quantities of goods and services that will be produced with the scarce resources of the economy
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| show | "votes" that consumers cast for the production of preferred products when they purchase those products rather than the alternatives that were also available
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| Invisible Hand | show 🗑
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| show | Problem coordinating all of the millions of individual decisions taking place in the economy
Lead to shortages
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| show | Misjudgment of how many of each good was wanted at government determined prices
Persistent shortages and surpluses
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| Demise of Command System | show 🗑
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| Circular Flow Diagram | show 🗑
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| show | Economic entities that provide resources to the economy and use the income received to purchase goods and services that satisfy economic wants
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| show | Economic entities (firms) that purchase resources and provide goods and services to the economy
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| Sole Proprietorship | show 🗑
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| show | Two or more individuals agree to own and operate a business together
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| Corporation | show 🗑
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| Product Market | show 🗑
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| Resource Market | show 🗑
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| How Market System Deals with Risk | show 🗑
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| Residual Claimants | show 🗑
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| Benefits of Restricting Business Risk to Owners | show 🗑
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Created by:
Eliana.s
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