Assignment Details

Chapter 2-Economics Systems

Spring 2021

Economics

Date Due

March 11, 2021

Additional Info
Use the uploaded PowerPoint to answer the following questions.
Section III
  1. Define terms in Economic Dictionary
  2. Checkpoint questions
  3. What does a centrally planned economy oppose that a market economy encourages?
  4. How do socialism and communism differ?
  5. Explain (a) What was the benefit of the Soviet Union's decision to concentrate on heavy industry? (b) What was the opportunity cost of this decision? Who paid it?
  6. Who benefits and who suffers most from a centrally planned economy? How?
Section IV
  1. Define terms in Economic Dictionary
  2. Checkpoint questions
  3. How does the US government protect private property?
  4. Analyze: What benefits might citizens of a centrally planned economy derive from a move toward market based system? What risks might be involved?
  5. Describe: (a) describe the type of market system in Hong Kong. (b) How does the system benefit entrepreneurs and investors?
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