Supply and demand and free enterprise system

1) Discuss some important aspects of the free enterprise system or capitalism.

2) Why are price and competition so important for the free enterprise economic System?

3) List and describe two or three goods and/or services that you think their prices have been affected by supply and demand recently.  What about examples of price fixing, where price is not allowed to adjust to a new equilibrium through the interaction of supply and demand?

4) Should there be a minimum wage? Should there be a “living wage”? What are the costs and benefits of a minimum wage or living wage? How does a minimum wage affect the demand for labor? How does it affect the supply of labor? (think about the supply and demand equilibrium model). How will a living wage affect the overall demand in the economy ? (think about the circular flow model) Can you find some sources to support your position?

You might also want to read: http://www.rollingstone.com/politics/news/hey-washington-the-pay-is-too-damn-low-the-minimum-wage-war-2

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