1. What is an economic system?
2. According to the course content, what characterizes a perfect competition market structure?
3. What is the primary role of production factors in an economy?
Economic System — definition?
A society's method of organizing production and distribution.
Market Structures — role?
Determine how firms compete and set prices.
Production Factors — location?
Inputs like land, labor, capital, entrepreneurship.
Economic System — definition?
Method society organizes production, distribution, and consumption.
Market Economy — role?
Decisions driven by supply, demand, minimal government.
Command Economy — role?
Government controls production, prices, distribution.
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