Economics Chapter 2
University of Pretoria (UP)
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EBOOK: Economics: A Southern African Context, 3e
J. van Rensburg, Campbell McConnell, Stanley Brue, Sean Flynn
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Summary EBOOK: Economics: A Southern African Context, 3e, ISBN: 9781526848734 Economics Chapter 2 (EKN110)
- Summary • 11 pages • 2022
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• The differences between command systems versus market systems.
• Characteristics of a market system.
• The demise of the Command systems
• How markets determine what to produce, how to produce, and who receives the output.
• The demise of the Command systems
• How the market system adjusts to change and promotes progress.
Questions and Answers for Chapter 2
Summary
Summary EBOOK: Economics: A Southern African Context, 3e, ISBN: 9781526848734 Economics Chapter 2 (EKN110)
Last document update:
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• The differences between command systems versus market systems. • Characteristics of a market system. • The demise of the Command systems • How markets determine what to produce, how to produce, and who receives the output. • The demise of the Command systems • How the market system adjusts to change and promotes progress. Questions and Answers for Chapter 2
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