economics one

Economics, I

Economics is the social science concerned with the analysis of commercial activities and with how goods and services are produced.

The field of economics studies how the things people need and want are made and brought to them. It also studies how people and nations choose the things they buy from among the many things they want.

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Economic Systems

1. What do you think is the “best” economic system: capitalism (free enterprise, market economy), communism (controlled economy), socialism, mixed economies, crony capitalism, 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 defence, health care, road and bridges and education be privatized or outsourced?

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

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

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

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