Chapter 1 Assignment

1. Compare and contrast the world’s major economic systems. Why is capitalism growing, communism declining, and socialism still popular?
2. Explain 5 elements of socialism that you see in the American economy today.
3. Considering the external elements of business, explain the rise of a modern business because of changes in the external environment of business. Conversely, explain the death of a recent business because of changes in the external environment.
4. There are only very few national cereal manufacturers. The equipment to manufacture cereal is expensive and available shelf space in supermarkets limits the number of producers.  In which market structure do cereal manufacturers operate? Now let’s change the story and assume breakfast cereal is cheap to make and grocery store shelves are plentiful and grocers stocked the best products. How would the market for cereal be different? Would consumers be better off or worse off? What about sellers?

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