FC9: Competition, consumer sovereignty, laissez faire, roles of government
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Last updated almost 6 years ago
5 questions
1
Competition between business firms to win more customers results in what 2 key benefits for consumers?
Competition between business firms to win more customers results in what 2 key benefits for consumers?
1
The characteristic of consumer sovereignty as "ruler" of the market answers which of the 3 basic questions?
The characteristic of consumer sovereignty as "ruler" of the market answers which of the 3 basic questions?
1
In a market economy the governments role should be limited. What term is used to describe this limited involvement?
In a market economy the governments role should be limited. What term is used to describe this limited involvement?
1
When government provides national defense, police/fire protection, and tornado warning systems it is fulfilling which government role?
When government provides national defense, police/fire protection, and tornado warning systems it is fulfilling which government role?
1
Sometimes markets don't work properly and result in unintended side effects on some third party. When government steps in to try and correct these issues it is acting in which of its roles?
Sometimes markets don't work properly and result in unintended side effects on some third party. When government steps in to try and correct these issues it is acting in which of its roles?