Week 2 Economic Discussion
Answer these 8 Questions in 75 word count for each.
Ch. 2 The Market Systems and the Circular Flow
1. What is the difference between laissez-faire capitalism, the command system, and the market system?
2. How does the “invisible hand” operate and why do market economies usually do a better job than command economies at efficiently transforming economic resources into desirable output?
CH.4 Market Failures: Public Goods and Externalities
3. What is the origin of both consumer surplus and producer surplus? How do properly functioning markets maximize consumer and producer surplus while optimally allocating resources?
4. How do positive and negative externalities lead to under- and over-allocations of resources?
Ch. 5 Government’s Role and Government Failure
5. Why does “government failure” happen?
6. How can the government’s power to coerce (influence economic behavior) be economically beneficial?
Ch. 6 Elasticity
7. What is the usefulness of the total revenue test for price elasticity of demand?
8. What are the factors that affect price elasticity of demand and price elasticity of supply? What are some applications of each?
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