SOSC 1520 9.0 Markets & Democracy Assignment 2: Reading questions

Reading: Mark Peacock (2017). “Markets and economic order”, in K. Birch et alii, Business and Society: A Critical Introduction (London: Zed Books), pp. 149-162.

Weight: 5% of course grade

Due date: 1st October

Instructions to students:

– answer each of the following questions as clearly and concisely;

– do not write anything which is not relevant to the question;

– keep within the word limit given in brackets after each question; you should be able to answer a question within that limit easily, so do not use the word limit as a target number of words;

– make sure that you write in full and grammatically correct sentences;

– each question refers to a particular part of the chapter, so give citations to the chapter for each answer. You do this by providing a citation, e.g. (Peacock 2017, p. 150), if you are referring to material on page 150 of the chapter.

1) Why is a centrally planned economy sometimes called a “command economy”? (1 mark) (Word limit: 25)

2) What is the role of freedom in a capitalist economy? (1 mark) (Word limit: 50)

3) Explain the role of trial and error in a capitalist economy. (1 mark) (Word limit: 50)

4) How does market competition resemble the playing of a game? (1 mark) (Word limit: 75)

5) Explain the term “division of labour in society” or “social division of labour”, as it is also called (1 mark) (Word limit 75).