Why does it make more economic sense for her to spend her time at the consulting job and shop for her

vegetables?

4. A computer systems engineer could paint her house, but it makes more sense for her to hire a painter to

do it. Explain why.

5. What would be another example of a “system” in the real world that could serve as a metaphor for micro

and macroeconomics?

6. Suppose we extend the circular flow model to add imports and exports. Copy the circular flow diagram

onto a sheet of paper and then add a foreign country as a third agent. Draw a rough sketch of the flows of

imports, exports, and the payments for each on your diagram.

7. What is an example of a problem in the world today, not mentioned in the chapter, that has an economic

dimension?

8. The chapter defines private enterpriseas a characteristic of market-oriented economies. What would

public enterprisebe? Hint: It is a characteristic of command economies.
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