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Explain five characteristics of a free market system

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Reference no: EM132876581

1. Summarize four roles of economy agents in a mixed economy

2. Briefly explain five characteristics of a free market system

3. Outline six disadvantages of free market economy systems

4. Identify four factors that could lead to market failure in an economy

5. Briefly explain the challenges encountered by planned economic system in their transition to market oriented economies

6. Discuss the key features in a mixed economic system

7. Write short notes on the following fundamental concepts:

a). scarcity and choice

b) opportunity cost

c). production possibility frontier

d). positive and normative economics

8. Using specific examples, explain 'ceteris paribus' as used in economics

9. Why is the consumer said to be sovereign?

10. What factors limit this sovereignty

11. Explain the difference between "inelastic demand" and "unitary elasticity of demand"

12. State three reasons why the demand curve slopes downwards

Reference no: EM132876581

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