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10 cards from this deck
Economic decisions made by individuals & businesses in self-interest
Capitalism, free enterprise, laissez-faire
Supply & demand forces interact to set market price & quantity
Consumers determine what is produced through market demand
Production decisions by market forces & government combined
Market for production inputs: resources, labour, capital, enterprise
Pressure on firms to lower prices or improve quality
High-income earners face higher marginal tax rates
Goods benefiting entire community (parks, roads, defence)
Goods not produced enough by private sector (arts, education)
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