Answer the following questions based on what you have learned about the game of economics.
How does competition in a free-market system effect the game of economics?
List two economic indicators and explain what they say about a countries economic health.
Name the three factors of production and two players in the circular flow model. You may draw a diagram and label the necessary components if you wish.
Bonus Question!
What does the acronym T.A.N.S.T.A.A.F.L. stand for?
Apply this concept to what we just learned in economics.