Asked by
Roylyn Mc Natt
on Nov 25, 2024
Verified
In a competitive market economy, firms and resource suppliers seeking to further their own self-interest will end up, as though guided by an invisible hand, promoting the public interest.
Competitive Market Economy
An economic system where numerous buyers and sellers interact in the marketplace, with competition determining the price and quantity of goods and services.
Self-interest
The pursuit of personal gain or advantage, whether economic, psychological, or physical.
- Identify the elements and ramifications of market economies as contrasted with command economies.
- Identify the distinction between market system incentives and the influence of government intervention on economic performance.
Verified Answer
GM
Learning Objectives
- Identify the elements and ramifications of market economies as contrasted with command economies.
- Identify the distinction between market system incentives and the influence of government intervention on economic performance.
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