1. How can you differentiate between the various economic systems that exist?Compare and contrast these different systems, specifically exploring traditional, market (private enterprise), command (centrally planned), and mixed economies.Identify which of these economies the United States utilizes.
2. In your own words, how would you define supply and demand?What are the principles of supply and demand?Explain.
3. What are some of the key concepts of economics and economic activities?Why are these concepts essential to a functioning economic system or successful economic activities?How might the absence of one of these concepts impact the economy?
4. What is the difference between economic goods and services?What factors help determine their prices?Provide specific examples of both economic goods and services and use these examples to explore the factors that impact their pricing.
5. What are the specific characteristics that define the private enterprise system?How does this type of system encourage innovation?Provide an example that helps to illustrate this and explain.