Explain the basics of how a market system works.
Identify and describe the gains from a free market.
Clarify the entrepreneurial role in the market system.
Assignment Overview and DeliverablesResearch and select a Market. Describe the group of buyers and sellers that trade for its goods or services.
Describe its market form (barbershop, meat market, virtual place, such as Amazon).
Describe the goods and services, as well as factors of productions for the market chosen.
1. What circumstances would force firms within the selected market to likely produce more, or less, of a good or service?
2. Explain what incentives the chosen market system provides to encourage self-interest?
3. What property rights exist, for the firms within the chosen market?