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Chapter 3 Macro

by: Jessica D'Aniello

Chapter 3 Macro Econ 105

Marketplace > Pace University > Economcs > Econ 105 > Chapter 3 Macro
Jessica D'Aniello
Macroeconomics 105
Prof Weinstock

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Macro chapter 3
Macroeconomics 105
Prof Weinstock
Class Notes
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This 2 page Class Notes was uploaded by Jessica D'Aniello on Monday September 21, 2015. The Class Notes belongs to Econ 105 at Pace University taught by Prof Weinstock in Fall 2015. Since its upload, it has received 14 views. For similar materials see Macroeconomics 105 in Economcs at Pace University.


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Date Created: 09/21/15
Macro Chapter 3 Comparative Advantage and International Trade a product produced in a foreign country and purchased by residents of the home county A product produced in the home country and sold in another country Markets 32 an economy in which people specialize and exchange goods and services in markets Only 3 kinds of markets Goods and services Job market Financial market Although it appears that markets arose naturally a number of social and government inventions have made them work better Contracts speci es the terms of exchange facilitation change between strangers Insurance reduces the risk entrepreneurs face Patents increases the pro tability of inventions encouraging rms to develop new products and production processes Accounting rules provides potential investors with reliable information about the nancial performance of a rm reduce the risk Virtues of Markets an economy in which a government bureaucracy decides how much of each good to produce how to produce the good and who gets the goods Under a market system decisions are made by the millions of people who already have information about consumers desires production technology and resources These decisions are guided by process of inputs and outputs Prices provide signals about the relative scarcity of a product and help in economy respond to scarcity How does the market system work The Role of Entrepreneurs Entrepreneurs play a key role in a market economy


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