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What are factors of production-what is demand curve

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Question 1. What are the factors of production? Is one factor more important than the others? If so, which one and why do you think this is so?

Question 2. What is a demand curve? What is a supply curve? What is the term for the point where they intersect?

Question 3. Why is inflation both good and bad? How does the government attempt to control inflation?

Analysis

In recent years, many countries that previously used planned economies have moved to market economies. Why do you think this occurred? Can you envision a situation that would cause a resurgence of planned economies?

Reference no: EM133294498

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