Economic Science

Lesson 7: Cooperation and Exchange

Your name:

Please read Part III, Chapters 7 - 10

1. What are the two ways in which cooperation may take place? Give an example of each. (III,7)



2. Give examples of activities which benefit from directed cooperation. (III,8)



3. Why cannot directed cooperation be applied to the total activities of a community? (III,8)



4. What act of cooperation is seen only among human beings? (III,9)



5. Why is it so often assumed that competition is an evil? (III,9)



6. How is the market for unskilled labor an example of perfect competition? (Competition)



7. a) List some ways in which competition is commonly reduced in the goods market. (competition)



b) List some ways in which competition is commonly reduced in the labor market. (Competition)



8. a) What is the difference between "desire" and "demand"? 



b) The law of supply and demand follows from what fundamental principle of economic activity?



9. How do we know that production could take place without the aid of capital? (III,10)



10. What is the fallacy in the common assertion that "capital employs labor?" (III,10)


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