Supply and demand and free enterprise system
1) Discuss some important aspects of the free enterprise system or capitalism.
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Order Paper Now2) Why are price and competition so important for the free enterprise economic System?
3) List and describe two or three goods and/or services that you think their prices have been affected by supply and demand recently. What about examples of price fixing, where price is not allowed to adjust to a new equilibrium through the interaction of supply and demand?
4) Should there be a minimum wage? Should there be a “living wage”? What are the costs and benefits of a minimum wage or living wage? How does a minimum wage affect the demand for labor? How does it affect the supply of labor? (think about the supply and demand equilibrium model). How will a living wage affect the overall demand in the economy ? (think about the circular flow model) Can you find some sources to support your position?
You might also want to read: http://www.rollingstone.com/politics/news/hey-washington-the-pay-is-too-damn-low-the-minimum-wage-war-2
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