Not more than 4 pages. Due in 20 hours. No Plagiarism. Draw diagram where they are asked.
(5)Write short notes (i.e. 3-5 sentences and use relevant examples to illustrate these concepts) on the following concepts:
(a)Command economic system
(b)The Invisible Hand
(d)First Come First Serve system
(e)Law of supply
(g)Two (2) characteristics of capitalist economies
(h)Two (2) characteristics of socialist economies
(6a)What are auctions?
(6b)Is there a conceptual difference between markets and auctions? Why or Why not?
(6c)Do auctions take advantage of shortages in markets? Carefully explain your answer. How?
(6d)When and why do shortages develop in markets? Carefully explain your answer with the use of a supply-demand diagram
(6e)Do shortages develop in auctions as well?
(6f)How do auctioneers know which consumers want or need a resource â€œmostâ€?
(6g)Do markets use the same measure used in auctions to determine which consumers want or need a resource â€œmostâ€?
(6h)How do markets determine which consumers are more desperate to buy a commodity in a market? Carefully explain your answer with the use of a supply-demand diagram
(6i)How do markets determine which producers are more desperate to sell a commodity? Carefully explain your answer with the use of a supply-demand diagram