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Please answer each question in 100-200 words each.
- Contrast how a market system and a command economy try to cope with economic scarcity.
- Explain how the market system answers the five fundamental questions of what to produce, how to produce, who obtains the output, how to adjust to change, and how to promote progress.
- Distinguish between the resource market and the product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model? What are the flows in the circular flow model?
- What is meant by the term “creative destruction” and provide an example.
- Why is private property, and the protection of property rights, so critical to the success of the market system? How do property rights encourage cooperation?
- What is the usefulness of the total revenue test for price elasticity of demand?
- What are the factors that affect price elasticity of demand and price elasticity of supply? What are some applications of each?
- How do positive and negative externalities lead to under- and over-allocations of resources?
Cite Your References in APA Format:
Resources from book:
McConnell, C. R., Brue, S. L., & Flynn, S. M. (2009). Economics: Principles, problems, and policies (18th ed.). Boston: McGraw-Hill Irwin.