Assignment:
Critical Thinking Questions:
1. What are some examples of natural resources not included in the textbook? Can a nation with very few natural resources still achieve economic growth? If so, how is this possible? If not, why not?
2. What are some things free market capitalist economies do well? What are some problems with relying entirely on free market capitalism?
3. What are some things command economies do well? What are some problems with relying entirely on a command based economic system?
4. What are some things traditional economies do well? What are some problems with relying entirely on a tradition based economic system?
5. Below is the Sources of Economic Growth chart. Think about the U.S. economy and rank the Sources of Economic Growth based on which one you believe is the most important, 2nd most important, 3rd most important, etc. For the one you listed as the most important source of economic growth for the U.S, what caused you to select it as the most important?
Think of some nation other than the U.S. What nation are you thinking of? Using this nation rank the Sources of Economic Growth based on which one you believe is the most important, 2nd most important, 3rd most important, etc. For the one you listed as the most important source of economic growth, what caused you to select it as the most important?
7. How does education and training enhance economic growth?
8. What do you think are the top 3 most important inventions in human history and why?
9. Do you see any problems with an economy focusing only on economic growth to the exclusion of everything else? If yes, what potential problems do you see?