Economics final

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Traditional system

people rely on tradition or customs to make the what, how and who choices.


Market system

an economy that relies on voluntary trade as primary means of organizing and coordinating production (free enterprise)


Command System

government holds most property rights. The government commands the what, how and who choices.


Mixed system

may emphasize private ownership and voluntary exchange, but it also allows government to play an important role

(ex/ theUS, there is no true market economies, the US does involve the government in the economy.)

(What is going to be produced. How is it going to be produced. & Who will produce.)


Perfect competition

Great many amount of firms

homogeneous products

very easy to enter and exit the market

complete amount of information open to buyers and sellers

no price control

price takers

EX: farm industry


Monopolistic competition

Many amount of firms

differentiated products (similar but not identical)

easy to enter and exit the market

reasonably complete information open to buyers and sellers

some price control, price searcher

EX: fast food industry.



3-5 large firms,

differentiated or homogeneous products,

hard to enter or exit market,

incomplete information to buyers and sellers,

varying price control but must keep up with market, price searcher, EX: cell phone industry



1 large firm

unique product

very hard to enter or exit the market

complete information open to buyers and sellers

a lot of price control

patent and copyright/trademarks


FED Goal

to supervise and regulate banking institutions, and to maintain the stability of the financial system by limiting the systemic risk.


FED Main Functions

provides financial services to depository institutions, the U.S. Government, and foreign official institutions, including playing a major role in operating the nation’s payment system.


Law of Demand

consumers will buy more of something at lower prices than higher prices.


Law of supply

At higher prices, producers are willing and able to offer more at lower prices.



the price where the supply and demand meet.


Law of demand relates to pricing

because when the price goes down demand goes up vice versa.


Law of supply relates to pricing

because when the price goes up the supply goes up too.


Equilibrium relates to pricing

because prices become stable and balanced.

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