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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