Week 2 Chapter 1 Class Assignment

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  1. Define business. (5) points
  2. What are the resources a business needs to be successful? Explain each resource. (20) points
  3. Who are the stakeholders in a business? (5) points
  4. Explain the term “visible hand”. (20) points
  5. Explain a market economy. (10) points
  6. Explain command economy. What are the types? (20) points
  7. What are the common measures used to evaluate a Nation’s Economic Health? (10) points
  8. Explain monopolistic competition. (10) points
  9. Explain oligopoly. (10) points
  10. Explain monopoly. (10) points
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