1. What to produce, how to produce it, and for whom to produce it.
2. The system of production, distribution, and consumption. Market, command, traditional and mixed economies. Market = USA, Command = China, Traditional = Africa, and Mixed = USA
3.
4. The U.S reflects a combination in that people from everywhere live here so they live like how they were taught.
5. Traditional is used by the Inuit because these are there customs that they perform.
6.
7. I support Adam Smiths theory because the government should be a part of companies and buyers and sellers business. I oppose because the government needs to be their to make things fair.
Trevun,
ReplyDeleteI know you like to get right to the point, but I need you to elaborate more on your answers.
Please re-post answer to Question 4 regarding how the US is a combination of economic systems. You should refer to the handout I presented on Friday regarding the government's involvement in the economy.
I gave you a chart which compared profit motive, competition, consumer sovereignty, etc. Use it to answer the question you skipped.
Please repost to question about Adam Smith's theory because Smith's laissez fair theory means 'let it alone' (without government intervention)
Finally, grammar errors: correct 'their' systems; and 'government needs to be 'there' ....In using the two terms, remember that 'their' refers to a group of people and 'there' refers to a place.
After you submit your re-postings, you will receive your grade. Thanks Trevun.