DeVry ECON 312 Week 1 Assignment
Question #1) What are economic resources? What categories do economists use to classify them?
Question #2) What is an opportunity cost? How does the idea relate to the definition of economics?
Question #3) Contrast how a market system and a command economy try to cope with economic scarcity.
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Question #4) Why is private property, and the protection of property rights, so critical to the success of the market system?
Question #5) In a sentence, describe the meaning of the phrase “invisible hand.
Question #6) What is meant by the term “creative destruction”? How does the emergence of MP3 (or iPod) technology relate to this idea?