This preview shows page 1. Sign up to view the full content.
Unformatted text preview: and the supply. Distinguish between the government acting using laws that affect market for final goods and acting using laws that affect market for resources. Taxes are an essential method that the government regulates and controls the demand and supply. The existence of demand and supply does not mean that the market is "free from regulation". An appropriate response would be describe how a free market promotes efficiency or how a market can become imperfect. There should be a discussion on how regulation harms free markets or how free markets can harm the community. Score : Response to free markets are efficient 15 / 15 points Response to market are not perfect 10 / 10 points Comments 10 / 10 points Composition 10 / 10 points APA format 5 / 5 points Robert Heilbroner., "Som" in Concise Encyclopedia of Economics, taken from http://www.econlib.org/library/Enc/Som.html...
View Full Document
This note was uploaded on 02/17/2012 for the course ITCO 101 taught by Professor Gugenhiem during the Spring '12 term at AIU Online.
- Spring '12