Question: DEVELOPING CRITICAL-THINKING SKILLS

Under capitalism, competition is a driving force that allows the market economy to work, affecting the supply of goods and services in the marketplace and the prices consumers pay for those goods and services. Let's see how competition works by pretending that you want to buy a new car.

Assignment

1. Brainstorm the following questions:

a. Where would you go to get information about new cars?

b. How will you decide on the make and model of car you want to buy, where to buy the car, and how to finance it?

c. How is competition at work in this scenario?

d. What are the pros and cons of competition as it affects the buyer?

2. Record your ideas.

3. Write a summary of the key points you learned about how competition works in the marketplace.