Explain in at least one well-written paragraph how the law of supply and demand controls prices
Explain in at least one well-written paragraph how the law of supply and demand controls prices. Your response will include a description of demand, supply, and the relationship between the two. Your response/explanation should use a product or commodity as an example. (10 points)
The American economic system is sometimes referred to as a mixed economy. In at least one well-written paragraph, and using specific examples, describe the characteristics of the American system, which make it a mixed economy. (10 points)
In order to fund all of the government s responsibilities and programs, the government must bring in money. In a minimum of three well-written paragraphs, describe three ways the federal government obtains funds.
Government expenditures are diverse. In a minimum of three well-written paragraphs, describe the various areas, items, programs that require government expenditures. (5 points) Include in your response a description of those categories, which are considered uncontrollable expenditures. (5 points) Based upon your reading and studies in this unit, describe one area where you think expenditures may be reduced, and another area where you believe expenditures should be increased. (5 points)
Developing a plan for government income and spending is an annual process involving input from various government departments and agencies, as well as outside influences. List at least five government offices and/or agencies, or other influences which impact the creation of this plan. Describe the particular role each one has in the process of developing or approving the plan. (5 points)
Answer preview to explain in at least one well-written paragraph how the law of supply and demand controls prices.
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