Assignment:
Economics Systems
Question 1. Discuss how your college education could be considered an investment in human capital. What is the opportunity cost of your degree?
Role of Government
Question 2. Economics is the study of how society chooses to allocate its scarce productive resources (labor, capital, land, entrepreneurial talent).
In a mixed economy, elements of both central planning and market allocation of resources are used in allocating productive resources. The United States economy is a mixed economy, with a bias towards market allocation of resources. This means most resources are allocated in the private sector by way of markets.