CHAPTER1
An Overview of Our Economic Society
In This Chapter
- The long-term economic growth trend
- Business: providing the goods and services for society
- Understanding the consumer—the engine of demand
- Government’s many hats: backstopping the economy, regulator, major buyer
- A brief look at the domestic and world financial system
The economies of most of the world are market economies. A market economy is an economic system in which economic decisions and the prices of goods and services are made by the interactions of consumers and businesses with minimal government intervention and little-to-no central planning. Only a few economies still use ...
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