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Chapter Objectives
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The three questions of economics.

The concepts of the profit motive, the price mechanism, competition, and capital.

The circular flow model.

Market failure and externalities.

Government failure.

The economic role of capital.

The "isms": capitalism, fascism, communism, and socialism.

The decline and fall of the communist system.

Transformation in China.







Economics, 8/eOnline Learning Center

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