econ chapter 2.2 (the role of markets in allocating resources) Flashcards
1
Q
what does the size of an economy depend on
A
the number of people and firms involved
2
Q
How does a market system work
A
works to allocate scarce resources efficiently through the forces of demand and supply.
3
Q
What does a market system consist of
A
buyers and sellers who are willing and able to sell at a given price
