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Highlight four steps followed in the scientific method

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1. Highlight four steps followed in the scientific method used in economics

2. Outline six advantages of a controlled market system

3. summarize five ways through which the government could influence the allocation of resources in a free market economy

4. Differentiate between microeconomy theory and a macroeconomy theory

5. Explain the three basic economic problems

6. Outline six limitations of a free market economy

7. "a government might intervene in a free market economic system" discuss five reasons that might drive a government to intervene

8. Explain four disadvantages of a planned economy

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

10. Briefly explain five characteristics of a free market system

11. Outline six disadvantages of free market economy systems

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

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

14. Discuss the key features in a mixed economic system

Reference no: EM132873473

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