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Describe the five inputs or factors of production

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Question 1) How is the wealth of a capitalistic economy distributed? Who are what makes the decisions?

Question 2) Is the US economy an example of socialism or capitalism or both?

Question 3) What does an economist mean when they talk about the standard of living? Is there a formula that economists can use to mean the SOL for every country in the world?

Question 4) Describe the five inputs or factors of production? How are these obtained in a capitalist economy? How about in a system with more government intervention?

Question 5) Discuss the concepts of absolute and comparative advantage. Can you provide an example of each?

Question 6) Why was the study of economics know as the dismal science?

Reference no: EM132720593

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