Assignment Details

Chapter 2-Economics Systems

Spring 2021

Economics

Date Due

March 9, 2021

Additional Info
Use the uploaded PowerPoint to answer the following questions. 
Section I
  1. What is an economic system?
  2. Why aren't all workers paid the same amount in factor payments for the resources they provide?
  3. How does an entrepreneur make a profit?
  4. Why does a government provide a safety net for its people?
  5. What is likely to be the role of agriculture in a traditional economy?
  6. Explain (a) what type of investments on the part of manufacturers result in growth? (b) How does this help improve a nation's standard of living?
Section II 
1. How does specialization make us more efficient?
2. What is the difference between a household and a firm?
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