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HW1 - Economics 2301 Homework 1 Dual Credit 2nd Period...

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Economics 2301— Homework 1 Dual Credit 2 nd Period Spring 2009 Directions: Read through this sheet carefully. Work the five problems below. Each problem is worth 20 points . Be sure to show your work on any math-type problems (Problem #4). Failure to do so will result in your receiving no credit on that problem. Also, be sure to construct any graphs, discuss fully, etc. where directed to do so. Assignment is due on the prescribed day on the syllabus unless I tell you otherwise. All answers must be turned in handwritten, not typed or drawn using paint or other software. 1. Name, define and give examples of each of the four economic resources. 2. Name and describe in detail each of the three different types of economic systems that exist in the world today. For each system, give examples of nations whose economic systems most closely follow that particular system. 3. Construct and label the circular flow diagram. Itemize each element and flow in the diagram and give detailed descriptions of each of them.
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