economics 4

Economics, four

Economists (specialists in economics) define economics as the study of how goods and services get produced and how they are distributed.

By goods and services, economists mean everything that can be bought and sold. By produced, they mean the processing and making of goods and services. By distributed, they mean the way in which goods and services are divided among people.

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Economic Systems

1. What do you think is the “best” economic system: capitalism (free enterprise, market economy), communism, socialism, mixed economies, Keynesian, Monetarist policies? Say why and give examples.

2. Describe the current economic system of your country. Do you think reforms are necessary? If yes, what are they?

3. Has the economic system of your country changed over history?

4. Are monopolies, trusts, and cartels good or bad? Why or why not? How can they be “broken”?


5. Public utilities such as electric power, water, gas, sewage and telephone services should be privatized or open to competition. Yes or no?

6. Should public services such as law enforcement, fire protection, national defense, health care, road and bridges and education be privatized or outsourced?

7. There is too much bureaucracy, red tape, and taxes. What do you think?

8. The less involved the government is in the economy, the better. Do you agree?

9. What role, if any, should the government have in the nation’s economy?


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