How supply and demand functions in free market system

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1. Explain how supply and demand functions in a free market system. What is the equalibrium?

2. What are the factors of production and why are they important. Give an example of each. Please use bullet points to make it easier for me to understand your responses.

3. When trying to determine whether or not something is ethical, the book advises that we consider the following questions: 1) Is the action legal? 2) Is it unfair to some parties? 3) If I take the action, will I feel badly about it? and 4) Will I feel ashamed or embarrassed if friends, family or others know I took the action?

Reference no: EM132571049

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