Discuss the three types of business ownership in a market economy. Define and give at least 3 advantages and 3 disadvantages of each type of business.

Which of the following statements do you think reflect soundeconomic thinking? Explain your answer.a. “I paid $400 for this economics course. Therefore, I’m goingto attend the lectures even if they are useless and boring.”b. “Because we own rather than rent, and the house is paidfor, housing doesn’t cost us anything.”c. “I own 100 shares of stock that I can’t afford to sell untilthe price goes up enough for me to get back at least myoriginal investment.”d. “Private education is costly to produce, whereas publicschooling is free.”

ple Choice ý the letter of the choice that best completes the statement or answers the question. 1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail а. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. a. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. с. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the…

1.1 Compare and contrast the terms Production Economics and Agricultural Production Economics and further describe economic theories that apply to Production Economics.