Assignment:
1. What are the weaknesses and strengths of the various forms of business? Why do corporations tend to be so much larger than sole proprietorships or partnerships? Why is it so difficult to determine the objectives of the government?
2. In the mid-1970s no one had a personal computer at home. Today many people do. Using demand and supply curves show the market for personal computers in the mid-1970s and today. Explain the difference between then and now.
3. How are opportunity cost and scarcity related?
4. Explain how scarcity and choice are related. Economic theory says that a rise in the price of a good will cause people to buy less of it. If the price of meat increases and John Doe buys more meat, has the theory been refuted? Explain.