Economics Mid-term Essay Question
Options.
Choose one of the following essay prompts to complete for 20 points (20%
of your midterm):
- Draw and
label a supply and demand chart. (7
points) Provide the rule of supply and the rule of demand. (2 points) Explain
two other factors that affect
supply and why and how they affect supply.
Explain two other factors
that affect demand and why and how they affect demand. (7 points) If you
were a businessperson or even just a consumer, how could you use this
information to your benefit? (4 points)
- Define
and describe capitalism/market economy. (2 points) Include at least four related terms and how they
relate: free enterprise, consumer sovereignty, property rights,
competition, profit motive, and/or laissez-faire economics. (6 points)
Compare a market economy to a command economy and a mixed economy, stating
pros, cons, and examples of each. (8 points). Tell which type you prefer and why. (4
points)
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