The role of markets in allocating resources

2.2

What the syllabus asks of you

the market system How a market system works; including buyers, sellers, allocation of scarce resources, market equilibrium, and market disequilibrium.
key resources allocation decisions Establishing that the economic problem creates three key questions about determining resource allocation – what to produce, how, and for whom.
introduction to the price mechanism How the price mechanism provides answers to these key allocation questions.

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Chapter 2: The role of markets in allocating resources

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