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In the circular flow diagram, and how it connects to alternative market systems. Begin by thinking of a business that you recently frequented (Target, Macy's,
In the circular flow diagram, and how it connects to alternative market systems. Begin by thinking of a business that you recently frequented (Target, Macy's, McDonald's, anything). Then reflect on the following questions:
- What prompted the producers of the individual products in the store to produce them and offer them for sale?
- How did they decide on how and what resources to use to produce them?
- Who made those resources available, and why?
- How does the market determine who will get the goods and services?
- Who ultimately decides whether the products being offered should continue to be produced and sold?
- How do these decisions differ between capitalist and socialist systems?
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