Think of a business firm you recently visited (such as
Walmart, Home Depot, Red Lobster, Barnes & Noble, McDonald’s,
etc.). What motivated the producers of all the individual products
in the store to make them and offer them for sale? How did the
producers decide on the best combinations of resources to use? Who
made those resources available, and why? How does the market
determine who will get the goods and services? Who decides whether
these particular products should continue to be produced and
offered for sale? How do these decisions differ between capitalist
and socialist systems?Can anyone think of a situation where markets
are actually efficient but do not seem fair?
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