1) Answer the following:

a) What is a good definition of a "Market"?

b) Discuss a market you have recently participated in, either professionally or personally.

c) Why is it important for you to take part in this market, and what differentiates it from other markets?

2) Discuss: If the economy runs most efficiently when left on its own (Adam Smith's invisible hand), then why do we need government involvement? Do you think government should be so heavily involved in our economy?