Lesson 31 pg. 88 - 90

Question 1

What is the main reason why countries with market economies are generally prosperous?

Answer 1

Healthy competition in the selling and buying of goods is the main reason why countries with market economies are generally prosperous.

Question 2

How does competition help those who “lose” the economic race as well as those who “win?”

Answer 2

The result of competition is better goods at lower prices for everybody. Competition makes possible a better standard of living for everyone in a prosperous society.

Question 3

Describe Hesoid’s thoughts on competition

Answer 3

> wrote long poem “Works and Days” in which he declared that there are 2 different kinds of competition
evil sort of competition produces deception, quarrels, and wars
good kind of competition has been put into human nature by God and is meant for improvement of mankind
healthy competition leads people to work hard and produce good things