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1). Explain how the market economic system works to answer the fundamental economic questions. Explain how this may differ from a command economic system. Historically, which has worked best and why?
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2). Explain a production possibility curve. Differentiate between points on the curve, points outside the curve, and points inside the curve.

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1). Explain how the market economic system works to answer the fundamental economic questions. Explain how this may differ from a command economic system. Historically, which has worked best and why?

The market economic system is one in which the prices of good and service are determined in a free price system set by demand and supply. It is the free interaction of demand and supply that answers the fundamental questions of economics. The first question is what will be produced? in a market economy the demand and supply will determine what will be produced, however in a command economic system the government will decide what ...

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