TAILIEUCHUNG - Lecture Macroeconomics - Chapter 4: An overview of the market system & the Canadian economy

Chapter 4 introduce an overview of the market system & the Canadian economy. In this chapter you will learn: The basic institutions required for a market economy, the Four Fundamental Questions any economy faces, how the “invisible hand” helps to close the gap between private & public interests, the role of government in a market economy, about the structure of the Canadian economy. | An Overview of the Market System & the Canadian Economy Chapter 4 SLIDES PREPARED BY JUDITH SKUCE, GEORGIAN COLLEGE In this chapter you will learn The basic institutions required for a market economy The Four Fundamental Questions any economy faces How the “invisible hand” helps to close the gap between private & public interests The role of government in a market economy About the structure of the Canadian economy Chapter 4 Topics Characteristics of the Market System The Market System at Work Competition and the Invisible Hand Market Failure The Circular Flow Revisited Structure of the Canadian Economy & Its Evolution Over Time The Market System Six basic facets: private property individuals & firms own resources The Market System Six basic facets: private property individuals & firms own resources also intellectual property The Market System Six basic facets: private property individuals & firms own resources also intellectual property facilitates exchange The Market System Six .

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