Textbook Notes (363,671)
Canada (158,525)
Economics (923)
ECN 204 (281)
Amy Peng (21)
Chapter 2

Chapter 2

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ECN 204
Amy Peng

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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