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10 Cards in this Set
- Front
- Back
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1. Large 3 of independently acting buyers and producers
2. freedom to enter and exit an industry 3. produce largely homogeneous products 4. full unrestricted info about services. |
4 Assumptions of Perfect Competition
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4 Markets
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Labor
Consumer Industrial Capital |
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Labor is sold as a means of wealth
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Labor Market
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least competitive market
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Consumer Market
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Competition amoung firm and industries. Most Competitive.
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Industrail Market
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Main commodity is money. Buying and selling.
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Capital Market
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A Measurement
A Store of Value A Means of Exchange A Commodity |
4 uses or Money and Prices
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The breaking down of capitalist functions and markets into narrower areas of expertise.
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specialization
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transforms initial products and material by combining several lines of production, consumption, and trade
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business enterprise
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A market which produces the best allocation of scarce resources
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minimalist Goverment
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