ECON 219 Study Guide - Midterm Guide: Tertiary Sector Of The Economy, Secondary Sector Of The Economy, Economic Globalization
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ECON 219 Full Course Notes
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The expansion of markets has both a horizontal and vertical dimension. Expanding the reach of the market to include new geographic areas. Expanding the reach of the market to include new activities, goods, and services. This development can be summarized as a movement from traditional society economy to an industrial society/economy to a post industrial society/economy. Now the expansion of markets had been supprted by a number of factors. However, the expansion of markets was also met with considerable resistance from a number of sources. Some nation states and some political entities within most nation states. Most cultural streams that are not at ease with individualism. You can summarize this debate as a normative discussion on whether individual preferences should be overridden by some sort of higher authority. On the other hand, markets are allowing individuals to pursue their own interests and satisfy their own preferences given some objective constraints.
