Market System in Economics | Definition & Examples
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Study.comAshley Johns
Market System in Economics | Definition & Examples
Learn what a market economic system is and what the main market economy characteristics are. See examples for market economic systems and understand what a market is.
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The monthly market basket for consumers consists of pizza, t-shirts, and rent. The table below shows the market basket quantities and prices for the base year (Year 1) and in the following two years.Product Base Year (Year 1) Price Quantity Price in Base Year Price in Year 2 Price in Year 3Pizza 2.00 520.00 2.5025.00T-Shirts 2.70 513.50 2.0010.00Rent 18.00 590.00 21.00105.00The inflation rate between Year 1 and Year 2 is 25.0%. The inflation rate between Year 2 and Year 3 is 5.0%.
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