Economics: Private and Public Choice
16th Edition
ISBN: 9781337642224
Author: James D. Gwartney; Richard L. Stroup; Russell S. Sobel
Publisher: Cengage Learning US
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Chapter 17, Problem 9CQ
To determine
Explain the importance of the majority rule to protect civil liberties and economic rights.
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Why is it necessary to have a freely elected government for democratic capitalism to create a prosperous and fair economy?
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Answer the questions at the top of the table for each of the Economic Systems. For your
answers you will need to write in complete sentences. Make sure to use the words: private
ownership, consumer sovereignty, profit motive, competition, and government regulation.
Who controls the
resources?
How do we decide who
gets the
resource/product?
Who decides what is
How do we
produced?
decide how to
produce?
Command
Market
Mixed
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