Based on What You Have Read in This Chapter, Describe

question 68

Essay

Based on what you have read in this chapter, describe an economic system that you think would come closest to being "just." This economic system might be some combination of the types of economic systems described in theCHAPTER.Explain what you mean by "just" and how the system operates to generate "justice."

---

Definitions:

Resources

Assets or inputs available for use in the production of goods or services, including natural, human, and capital resources.

Scarce

Describes a condition where resources, goods, or capabilities are limited in availability relative to the demand for them.

Wants

Desires for goods, services, or experiences that are not essential for survival but are deemed desirable based on individual preferences.

Comparative Advantage

The ability of a country or individual to produce a particular good or service at a lower opportunity cost than another.