#1. Contrast how a market system and a command economy try to cope with economic scarcity. LO2.1
#3. Why is private property, and the protection of property rights, so critical to the success of the market system? How do property rights encourage cooperation? LO2.2
#6. Evaluate and explain the following statements: LO2.2
a. The market system is a profit-and-loss system.
b. Competition is the disciplinarian of the market economy.
