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- 1. Chapter 2 Sec. 2 Notes March 22 nd , 2011 The Free Market
- 2. Why do Markets Exist? Markets exist because no one is self-sufficient. Markets allow us to exchange the things we have with things we want.
- 4. Factor Market Product Market Money Goods/Services Supply Land, Labor,& Capital Money
- 6. ON a separate sheet of paper… use the previous slide to write how the invisible hand theory works for a market sector. Be sure to use the vocabulary terms in your analysis. Consider these sectors… Clothing Automotive Restaurant School Supplies Groceries Entertainment
- 7. Turn to Page 33 to Read about Adam Smith, “The Founder of Modern Economics.”
- 9. Do Pure Market Economies Exist? No. Safety concerns of goods and services arise, protection of entrepreneurs rights, economic equity concerns.
- 10. Homework Page 27 (1-7; skip 2 and 5) and Page32 (1-8)