Question 1:
Since the recent Great Recession of 2007-2009, there has been increasing disillusionment with the free market system. Briefly define "free market system" and identify and describe at least three of its major concepts or attributes. Then, critically analyze the view that the free market system is the best and only realistic alternative for determining the allocation of resources in an economy. Provide evidence to support your analysis.
Question 2:
Every society, regardless of its wealth and power, must make certain choices about production and distribution. Specifically, every society faces three basic economic decisions:
What goods and services to produce and in what quantities?
How to produce these goods and services, or how to use the economy's resources?
Who gets these goods and services
Briefly explain how these questions are answered in your country. How does the availability of resources in your country influence the economic decisions fo individuals, organizations, and government?
Question 3:
Evaluate the economic efficiency of different market structures and their effect on consumers. To answer this question:
1. Explain market efficiency
2. Identify and distinguish between the different types of market structures; compare and contrast the similarities and differences between their characteristics
3. For each market structure, provide an industry example and evaluate the economic efficiency of each (market structure) and the effect of each (market structure) on the industry's consumers.