The objective of this question is to help you develop a good understanding of how our capitalist system answers the 4 fundamental questions.
The discussion of the Market System we talked about the characteristics of the Market system and 4 Fundamental Questions that every economic system must answer. Please use the material covered in the topic called The Market System
•List and thoroughly and completely explain those 4 fundamental questions and how they are answered. All the necessary information is provided in the slides and the audio lectures. Be sure you provide thorough and complete explanations throughout.
i. What will be produced?(include explanation of all the concepts presented under this topic)
ii. How will the goods and services be produced?
1.Why must firms try to employ the most economically efficient production techniques?
2.For each of the following issues, please explain in detail, why they are important to a firm and how a firm might address each one(need to see the detail here):
a. Optimal plant location
b. Resource Prices
c. Resource Productivity
d. Transportation Costs
•Who will get the goods and services?
•How will the system accommodate change? Be thorough! read the slides and listen to the lecture, then start writing.
•Characteristics of the Market system.
i. Select any 5 of the characteristics of the Market system that we covered, and explain each of them. Be thorough!
ii. Explain how each characteristic you selected impacts the 1% versus the 99%.
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