New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Week 2&3 Chapter 3 Notes

by: Christine R Burns

Week 2&3 Chapter 3 Notes ECON 200

Marketplace > Eastern Washington University > Economcs > ECON 200 > Week 2 3 Chapter 3 Notes
Christine R Burns
Eastern Washington University
GPA 3.56
Economics 200 - Introduction to Microeconomics
Nathaniel Greene

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

These notes cover Chapter 3, types of economic systems, influences of economic systems, 3 sects of economy, types of business, etc.
Economics 200 - Introduction to Microeconomics
Nathaniel Greene
Class Notes
Economics, Partnership, Incentives, business, Consumer Sovereignty
25 ?




Popular in Economics 200 - Introduction to Microeconomics

Popular in Economcs

This 2 page Class Notes was uploaded by Christine R Burns on Monday January 25, 2016. The Class Notes belongs to ECON 200 at Eastern Washington University taught by Nathaniel Greene in Winter 2016. Since its upload, it has received 13 views. For similar materials see Economics 200 - Introduction to Microeconomics in Economcs at Eastern Washington University.

Similar to ECON 200 at Eastern Washington University


Reviews for Week 2&3 Chapter 3 Notes


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 01/25/16
Econ 200 Christine Burns January 20th 2016 Chapter 3 Types of Economies Market Economy economic system based on private property and the markets in which individuals decide how what and for whom to produce Operates on a system of rewards and payments 0 Generally the only boundary is legal restrictions Side Note People will often act unethically if it39s legal Fluctuations in prices play a central role in coordinating wants in an economy 0 Capitalism economic system based on the market in which the ownership of the means of production resides with a small group of individuals 0 Private property anything owned by individuals and not the government For more info pg 56 on the text Incentives rewards that encourage individuals or economic agents to make economic decisions this is the force that makes our economy what it is Command economy economic system based on good will and selfinterest Society or a centralized governing group decides what how and for whom to produce synonymous with socialism People contribute what they can and the system provides what you need Goodwill is key In the sense of karma what you give could come back to you if you need it Mercantilism trading Note Nothing in economies is 100 The United States is a socialist market economy The US government grants certain acts of welfare to guarantee equity for it39s citizens so that the economy will prosper Big Idea There are 3 main sectors in the economy 1 Households supply the labor factors of production and are paid for doing so private 2 Government taxes businesses and households public 3 Business Produces goods and services to sell them to government and households private Business D HouseholdsGovernment goods market Business D Household and Household E Business factor market Business Private producing units of society Centered around pro ts 0 Channels desire to make pro t l allows invisible hand to drive economy 0 Consumer sovereignty the desire of consumershouseholds to determine the whathowfor whom to produce in an economy Decides what how much and for whom to produce 0 Forms 0 Sole proprietorship business that has one owner easy to start easy to make decisions full liability on one person 0 Partnership business that has one owner easy to start easy to make decisions full liability on two people for both people39s actions 0 Corporations business that39s legally owned by stockholders limited liability double taxation dif cult to start larger form of business in the US in terms of pro t 0 Note In lectures Greene notes that sole proprietorships and partnerships have almost no distinguishable difference and sole proprietorships can have multiple owners Households a group of individuals living together making joint decisions Source of income is wages and salaries Does not have to be related or married to be a household Can determine the what how and for whom for businesses by casting votes Assign most of their power to representatives Government central system of control and guidance in an economic system Referee and Actor Referee sets the rules that affect how households and businesses converse Ex Setting a minimum wage Actor collects taxes and spends money Ex spending money on a new road after receiving the taxes for it 0 Speci c roles 0 Stable and fair set of regulationsinstitutionsrules Ex Minimum Wage o Encouraging competition to help economy Ex Shutting down monopolies o Correcting for externalities Ex Not letting people chop down the Redwoods for pro t 0 Ensuring stability and growth in economy Ex Adjusting value of the dollar for in ation 0 Providing public goods welfare Ex Affordable Health Care Act 0 Adjusting for bad market results Ex passing a stimulus bill


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Amaris Trozzo George Washington University

"I made $350 in just two days after posting my first study guide."

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.