Quarter 3 Week 4

econ

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textbook- chpt 2

Chpt 2

1. How does specialization make us more efficient?
2. What is profit?
3. How does competition among firms benefit consumers?
4. Explain what Adam Smith meant by "the invisible hand of the marketplace".
5. How do socialism and communism differ?
6. WHy di Soviet collective offer little incentive to farmers?
7. In the Soviet Union, what was the opportunity cost of the emphasis on heavy industry?
8. Identify a business that is not competitive in the US economy.
9. How are individuals affected by social choice?
10. Give an example of how the US government has modified the concept of the market economy.
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taking it to the net

click on the link and read the 1st 3 paragraphs about the russia is moving from a command economy to a free market economy.
questions # 1- how was economic planning conducted during the command economy phase ?
#2- what changed during the Gorbachev era ?
# 3- what market economy changes occurred ?
# 4- what was a negative consequence of the changes ?
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health care costs

click on the link and answer the following from the graphs-
1. where does the US rank in infant mortality ?
2. where in life expectancy ?
3. which country spends the most per capita on health care ?
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click on watch presentation and answer the following
#1 what is a free market?
#2 explain the law of supply
#3 explain the law of demand
#4 what happens at equilibrium ?
#5 how does the constitution limit the federal government ?
#6 How did John Marshall rule on free markets ?