Problem 1
Demonstrate your understanding of the following terms by using each one in a sentence. a. traditional economy b. command economy c. market economy
Problem 1
For each of the following key terms, write a sentence that illustrates its meaning. a. mixed economy b. nationalize c. privatize d. global economy
Problem 1
Explain the relationship between the terms in each of these pairs. a. private property rights market b. laissez-faire capitalism c. specialization profit d. factor market product market
Problem 1
Write a brief paragraph explaining the links between the following three terms. a. centrally planned economy b. socialism c. communism
Problem 2
What is a market-driven mixed economy? Illustrate your answer with examples.
Problem 2
Which is more important in a traditional economy, accumulating individual wealth or honoring tradition? Explain your answer.
Problem 2
Why do communist countries use authoritarian methods to maintain their economic and political system?
Problem 2
What are the essential elements of market economies?
Problem 3
List and describe some advantages of centrally planned economies.
Problem 3
In the transition from command to market economies, most economic resources are privatized. What is the expected impact of this action?
