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ECN 204 (295)
Amy Peng (21)
Chapter 2

Chapter 2

3 Pages
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Department
Economics
Course Code
ECN 204
Professor
Amy Peng

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Chapter 2
Economic systems a particular set of instituational arrangements and a
coordinating mechanism
Command system : An economic system in which most property resources are
owned by the government and economic decisions are made by a central
government body.
The market system: An economic system in which property resources are
privately owned and markets and prices are used to direct and coordinate
economic activities.
oPrivate property: the right of private persons and firms to obtain, own
control, employ, dispose of and bequeath land, capital, and other
property.
oFreedom of enterprise: ensures that entrepreneurs and private
businesses are free to obtain and use economic resources to produce
their choice of goods and services and to sell them in their chosen
markets
oFreedom of choice: The freedom of owners of property resources to
employ or dispose of them as they see fit, and of consumers to spend
their incomes in a manner that they think is appropriate.
oSelf interest: motivating force that which each firm, property owner,
worker, and consumer believes is best for itself.
oCompetition : presence in a market of large number of independent
buyers and sellers competing with one another and the freedom of
buyers and sellers to enter and leave the market.
oMarket: institution or mechanism that brings together buyers and
sellers of particular goods, services, or resources for the purpose of
exchange
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Description
Chapter 2 Economic systems a particular set of instituational arrangements and a coordinating mechanism Command system : An economic system in which most property resources are owned by the government and economic decisions are made by a central government body. The market system: An economic system in which property resources are privately owned and markets and prices are used to direct and coordinate economic activities. o Private property: the right of private persons and firms to obtain, own control, employ, dispose of and bequeath land, capital, and other property. o Freedom of enterprise: ensures that entrepreneurs and private businesses are free to obtain and use economic resources to produce their choice of goods and services and to sell them
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