In A Market System Scarce Goods Are Allocated Through The Operation Of

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In A Market System Scarce Goods Are Allocated Through The Operation Of

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Market prices that are determined by consumers and producers acting in their own self-interest. Participants act in their own self-interest and seek to maximize satisfaction or profit through their own decisions regarding consumption or production. Goods and services are produced and resources are supplied by whoever is willing to do so. The result is competition and widely dispersed economic power.
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