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Competition in a free-market system effect

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Reference no: EM131203988

Answer the following questions based on what you have learned about the game of economics.

How does competition in a free-market system effect the game of economics?

List two economic indicators and explain what they say about a countries economic health.  

Name the three factors of production and two players in the circular flow model. You may draw a diagram and label the necessary components if you wish.   

Bonus Question! 

What does the acronym T.A.N.S.T.A.A.F.L. stand for? 

Apply this concept to what we just learned in economics.

Reference no: EM131203988

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