1. Define.
a market economy, a command economy, invisible hand, consumer sovereignty, specialization
2. What are the five fundamental questions faced by the any economic system?
3. List and explain the characteristics of the market system.
4. Distinguish between the resource market and the product market in the circular flow model.
19 hours
a market economy, a command economy, invisible hand, consumer sovereignty, specialization
2. What are the five fundamental questions faced by the any economic system?
3. List and explain the characteristics of the market system.
4. Distinguish between the resource market and the product market in the circular flow model.
19 hours