Chap002 Econ

Chapter Objectives ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2-

Economic Systems ,[object Object],[object Object],[object Object],[object Object],[object Object],2-

Economic Systems ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2-

Index of Economic Freedom Free Mostly Free Mostly Unfree Repressed 1- Hong Kong 3- Ireland 5- United States 20- Belgium 31- Spain 48- France 101- Brazil 126- China 134- Russia 148- Venezuela 156- Cuba 157- North Korea Source: Heritage Foundation ( www.heritagefoundation.com ) and The Wall Street Journal Ranking of 157 countries for 2008 2-

Market System Characteristics ,[object Object],[object Object],[object Object],[object Object],[object Object],2-

Market System Characteristics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2-

Market System Questions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2-

Market System Questions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2-

The Invisible Hand ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2-

The Command System ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2-

Circular Flow Resource Market Product Market Businesses Households 2-

Circular Flow Costs Money Income Revenue Consumption Resource Market Product Market Goods & Services Goods & Services Businesses Input Factors Resources Households 2-

Circular Flow Resource Market Product Market Businesses Households Costs Money Income Input Factors Resources Goods & Services Revenue Goods & Services Consumption Figure 2.2; page 40 2-

Key Terms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2-

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Chap002 Econ