Now that you have read through Chapter 3, answer the questions in the attached document. Submit your answers as a separate Word document and upload it through Canvas.
Late submissions that meet the first category: 45 points.
Late submissions that meet the second category: Less than 45 points; depending on what is incorrect.
For inclusivity, the questions are pasted below:
1. What is economics?
2. What are resources and provide examples.
3. Explain in your own words Figure 1.
4. Briefly describe:
a. Planned Economic Systems
b. Free Market Economic Systems
c. Mixed Market Economic Systems
5. Which system in question 4 describes the United States?
6. Define perfect competition.
7. Define these terms:
a. Monopolistic Competition
b. Oligopoly
c. Monopoly
8. What are the 3 main goals of the world’s economies?
9. What is meant by GDP?
10. What’s considered to be the practical measurement of ‘full’ employment?
11. How is the unemployment rate measured?
12. Why is price stability important?
13. What’s the CPI?
14. What’s the difference between Monetary Policy and Fiscal Policy, and what entities set them?
15. Watch the video embedded in the link and briefly explain why it is important to start adopting a different view of capitalism? https://www.edx.org/course/sustainable-development-the-post-capitalist-order
