Critically evaluate and respond to each of the following three questions:
- Poverty is a major problem in many parts of the world. To what extent and in what ways will the dramatic movement away from planning toward markets alter the systemic arrangements used in developing nations? Will these changes influence levels of living? (25 points)
- Probably the single most important characteristic by which different economic systems have been classified is property rights. Why are property rights considered so important in the classification of economic systems? (25 points)
- Unlike the market economic system, for which the competitive ideal serves as a theoretical underpinning, the socialist economic system has no theoretical underpinning. Agree or disagree, providing rationale and your argument.(25 points)
Each response should be approximately one page in length for a total length of 2-3 pages. Your paper should be well written and formatted according to APA style. Cite at least 3 credible course other than the required textbook. The CSU-Global Library is a good place to search for credible sources.