1. Contrast how a market system and a command economy tryto cope with economic scarcity.2. How does self-interest help achieve societys economicgoals? Why is there such a wide variety of desired goods andservices in a market system? In what way are entrepreneursand businesses at the helm of the economy but commandedby consumers?3. Why is private property, and the protection of propertyrights, so critical to the success of the market system?4. What are the advantages of using capital in the productionprocess? What is meant by the term division of labor?What are the advantages of specialization in the use ofhuman and material resources? Explain why exchange is thenecessary consequence of specialization.5. What problem does barter entail? Indicate the economicsignificance of money as a medium of exchange. What ismeant by the statement We want money only to partwith it?
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