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The Market System

The modern market economy is populated by three types of economic agents, whose __________constitutes economic activity: consumers, producers, and the government. The main social purpose of the economy is to produce goods and services for the satisfaction of the needs and __________of consumers.

Consumers, typically, represent households that provide labor, and other __________to produce against an income which they use to purchase consumer goods or to save.

Producers, typically, _________enterprises or firms that acquire ________o production, or inputs-labor, land and capital – from households and combine them to produce outputs, or commodities which can be __________into goods – tangible commodities- and services. The activities of firms move around the sale of their output at a ______.

The third basic element, the government, is involved with the economy, on the one hand, as a producer and consumer and, on the other _______, as a regulator, supervisor and promoter of economic activities.

The economic ________are engaged in a complex web of transactions involving factors of production and outputs. However, the volume of the commodities that can be produced and ______is limited by the ________of resources. This fact has two important consequences as regards economic decision-making:

a) The utilization of resources has to be ___________. In terms of the welfare of economic agents, the _________of resources is efficient when every opportunity has been exhausted to make some individuals better of without hurting the ________of others;

b) Individual economic agents and society as a whole cannot simply use more, they have to make _________between alternative uses.

Given these constraints, consumers, producers, and the government have to make _________decisions over available resources. Rational decisions reflect choices that draw maximum ________from given resources or obtain desired results with the ________efforts or cost.

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