Discussion:
100 words covering all topixs and answering all questions. Create an informal hand-written spreadsheet of your own household economy. Identify all the factors of production that your household owns, and count all the person-hours available and any capital. Discuss how these resources are allocated and by what methods, such as market price, command, majority rule, sharing equally, and first-come- first serve. Also, discuss whether your household's resources are allocated efficiently. Are they allocated fairly? Think about the two ideas of fairness and how they apply in your household.