ECO 100 Week 2 Discussion
This paperwork of ECO 100 Week 2 Discussion shows the solutions to the following problems:
DQ 1: Supply, Demand & Equilibrium
Professional Sport players generally are paid much more than farmers, factory workers, engineers, and teachers. The markets for the professional sports players, farmers, factory workers, engineers and teachers are generally competitive markets. Even among professional sport players, the salaries for players in some sports are generally significantly higher than the salary in some other sports. How does this make sense using supply and demand in a market in equilibrium? Fully explain your reasoning in at least 200 words. Respond to at least two of your fellow students' postings.
DQ 2: Private Property
Why is private property, and the protection of property rights, so crucial to the success of the market system? Fully explain your reasoning in at least 200 words. Respond to at least two of your fellow students' postings.