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In a Free Market economic system, providers of land, labor and capital (LLC) are compensated for bringing their inputs to market

Based on information drawn both from the TEXT and my Supplementary Notes, write short essays in response to the following questions (worth 7 points each). I will not be specific as to the length of each essay, but they should be thorough enough to demonstrate that you know your way around the material we have covered to date.

Draft your essays and then you can cut and paste them into the text box and submit, or you can save the document and browse/attach and then submit.

  1. In a Free Market economic system, providers of land, labor and capital (LLC) are compensated for bringing their inputs to market.
  2. a) In each case, what are these compensations called?
  3. b) Who decides how LLC will be combined, and
  4. c) what is their (potential) reward for making these decisions?
  5. d) Finally, what determines the prices paid for LLC?
  6. How are the economic theories of Adam Smith (The Wealth of Nations , 1776) connected to the “globalized” business environments of the late 20th Century and the present?
  7. The People’s Republic of China and Hong Kong have been trading influences ever since the establishment of Hong Kong as a British colony a little over 100 years ago. While Hong Kong certainly reflects the broad cultural influences of its giant neighbor, what effect has this tiny territory had on the economic development of the PRC?

provide an example of a falsifiable statement or theory in economics and discuss why this specific statement is scientific according to Popper by identifying its potential falsifiers and explaining the importance of these.

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