Problem 3
What are some advantages of market economies?
Problem 3
List and describe some advantages of centrally planned economies.
Problem 4
What are some disadvantages of centrally planned economies?
Problem 4
What are some disadvantages of market economies?
Problem 5
How does the profit motive help lead to efficient use of productive resources?
Problem 5
What is the relationship between the individual and the state in a communist nation?
Problem 5
How are you, as an individual, affected by the global economy?
Problem 5
Does Adam Smith's "invisible hand" also function in traditional and command economies? Explain your answer.
Problem 7
Drawing Conclusions How might strongly defined economic roles and goals be both a strength and a weakness of traditional economies?
Problem 7
Explain, with examples, how the American economy includes elements of traditional, command, and market economic systems.
