Changes

6.  "Time is money."  Explain.  Or, as an alternative, improve on our definition of a "free market."  Or, as a third alternative, explain how the free market is so much powerful than even the wealthiest people in the world.

6.  "Time is money."  Explain.  Or, as an alternative, improve on our definition of a "free market."  Or, as a third alternative, explain how the free market is so much powerful than even the wealthiest people in the world.

:

:The phrase “Time Is Money” was recited by Benjamin Franklin in 1748. Ever since it has been a popular concept that Americans use and hear daily. This statement refers to wasted time as wasted money. If one sits around doing nothing when he could be out in the world making money he is wasting his time which leads to a result of wasted money. As Benjamin Franklin says, “He that can earn ten shillings a day by his labor, and goes abroad, or sits idle, one half of that day, though he spends but sixpence during his diversion or idleness, ought not to reckon that the only expense; he has really spent, or rather thrown away, five shillings. Remember, Time Is Money."  (Amanda)

7.  Explain ''why'' waiting lists develop in countries (like Canada and England) where the government prohibits anyone from charging more than fixed prices for medical services, assuming that these fixed prices are lower than what the prices would be under supply and demand in the free market.  (Hint: the reason is related to the effect of price controls on the ''supply'' of a good or service.)

7.  Explain ''why'' waiting lists develop in countries (like Canada and England) where the government prohibits anyone from charging more than fixed prices for medical services, assuming that these fixed prices are lower than what the prices would be under supply and demand in the free market.  (Hint: the reason is related to the effect of price controls on the ''supply'' of a good or service.)