ECN 320 HW2

Directions: Please provide detailed and elaborate descriptions for each of the following terms and concepts.  Your responses should be a minimum of 1 to 2 paragraphs and should include examples from the reading assignments or personal experience, if possible.

 

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1.      Competition

 

2.      Price

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3.      Capitalism

 

4.      Circular flow model.

 

5.      Market failure

 

6.      Socialism

 

7.      Communism

 

8.      Demand

 

9.      Supply

 

10.    Equilibrium price

 

PART II: REFLECTION PAPER

 

 

Describe the importance of price mechanism, competition, and efficiency in the capitalist economy.  Please provide real-world examples (this can be from the media or your own experiences).

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