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Essay Details:
Essay text:
But exceptions (china)
4 Groups In US economy
1. Consumers- maximizes utility with goods and services
2. Producers- mazimizes profits through sales of goods and services
3. Government- promotes safety/welfare of public
4. Foreign sector- provides products and external markets for US goods and services
Socializing Costs and Privatizing Benefits
-spreads cost of running business over more people (involving others)
Ex. Dumping waste in a river- many more people affected by what company is doing
Assumptions for Consumer Sovereignty
1. Man is a rational being
2. Consumers have perfect information
Consumer Sovereignty-
Market situation where consumers have the power
Ultimitaly decide which products and services society will produce and consume
Producer Sovereignty
Producers have the power to decide which products and services society will produce and consume
Consumer Choice
Market condition that exists when consumers have the power to ultimately decide which products and services society will produce and consume...
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