The market system provides such a variety of desired goods
Explain the statements: The market system provides such a variety of desired goods and services precisely.
Expert
The market system provides such a variety of desired goods and services precisely because no single individual or small groups is deciding what the economy will produce. Each individual consumer will choose a variety of goods and services that in combination will maximize his/her satisfaction (utility). To maximize profits, producers must respond to the desires of the individual consumer.
What are the main sources of growth?
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What are the major legal forms of business organization?
I have a problem in economics on Capitalism-Tightly regulate business. Please help me in the following question. The govt. in a purely capitalist state would not: (1) Find out the property rights. (2) Enforce contracts among private parties. (3) Offer
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