Final Review 9) 5;: . What are the three basic questions of economics? Write one or more sentences to answer each question. List some of your needs and some of your wants. What are the three basic economic activities? Describe the four kinds of economic systems. What four things make the market system work? Describe how the circular ow model of the econOmy works. What are the main features of socialism and communism? . What are your economic rights under the American free enterprise system? How are a monopoly and an oligopoly different? 10.Why did workers begin to form labor unions in the United States? 44 Copyright 3 1992 Slack-Vaughn Company. Economics: Concepts and Applications