Paper details:

This assignment supports the following lesson objectives: Explain the basics of how a market system works. Identify and describe the gains from a free market. Clarify the entrepreneurial role in the market system. Assignment Overview and Deliverables This assignment provides insight into the usage of labor, capital, natural resources, and entrepreneurial abilities within markets that participate in the circular flow of income. Type a 1-2-page paper. Title page and references not included in page count.

Step 1 – Read the following: Review section 2.3 in your textbook. Research and select a Market.

Describe the group of buyers and sellers that trade for its goods or services. Describe its market form (barbershop, meat market, virtual place, such as Amazon). Describe the goods and services, as well as factors of productions for the market chosen.

Step 2 – Include in your paper answers to the following questions? 1. What circumstances would force firms within the selected market to likely produce more, or less, of a good or service?

2. Explain what incentives the chosen market system provides to encourage self-interest?

3. What property rights exist, for the firms within the chosen market?