How supply and demand analysis can be extended to illuminated many issues such as low incomes in agriculture and the pattern of taxation by government;
How selfish behaviour in a market system acts like the "invisible hand" of a social planner to allocate society's resources efficiently; and
How the invisible hand fights back when government try to overrule market forces with price controls.
What role should government play in affecting the supply and demand, why is the market system best and what fosters innovation in the work place?
1. List and explain five ways that will foster innovation in the work place.
2. Explain in detail why the market system is the best kind of economic system for businesses to operate in.
3. From a purely economic point of view, what role, if any, should the government play in affecting the supply and demand of a key commodity such as gasoline or electricity? ExplainView Full Posting Details