1 Define Economics Explain – Why are economic theories and principles imprecise? Shouldn’t they apply to everyone? 2 Do you agree with this statement? “The government should have no place in a...

1 Define Economics Explain – Why are economic theories and principles imprecise? Shouldn’t they apply to everyone?

2 Do you agree with this statement? “The government should have no place in a capitalistic market system”

3 What are the characteristics of the market system?

4 Define the law of demand and explain why the other-things-equal assumption is critical to it

5 Give reason: Why demand increase?