md 33-38

the sum of the dollar value of newly produced consumer goods, investment goods, gvment services, and net exports

a measure of the final goods and services produced in the economoy

a market in which final goods and sercies are exchanged

product market

the goals of mark participants include the maximization of:

land, labor, campital, and entrepreneurship

in a market economy the people that are receiving the goods and serices produced are those people that

are willing to pay the highest price

when the market mechanism is allowed to operate freely prices will determine:

to mix of output to be produced, resources to be used in the production process, whom the output will be sidtrbuted