Read ch. 2 in its entirety.
1. Be conversant all 3 economic systems as we studied in class. Use the text to review and refine your understanding.
2. Explain the significance of Adam Smith's publication of the Wealth of Nations. Specifically explain his statements on:
a. Specialization.
b. The "invisible hand"
3. Understand the Circular Flow Model as a representation of the market economy. Define:
a. Factor Market
b. Product Market
c. Businesses/Firms
d. Individuals/Households
Be able to refine and provide examples of each. Attempt to understand the relationships (arrows) that connect each sector the market economy.
4. Review all other ch. 2 material including:
a. Fundamental questions
b. Factors of production
c. Enjoying a long weekend and celebrating a holiday with family if you observe!
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