Read the section "Prices in a Free Market." How does a

free market economy differ from a centrally planned economy in the way each determines

prices?

For free market economy, we can explain it in 3 expects. First, because households are the 'owners' of productive resources, firms have to pay them for their resources in the resource market, they can produce everything they want, the type and amount of products are determined by every individual firms, but they should produce the goods and service that other companies or household want, and can make the maximum profits, more profits, more motive for the producers. Prices are determined by householders.

While For the centrally planned economy, (it is also called command economy), all the resources (land, labour and capital) in the market are allocated by government, and it makes all the productive decisions, including price determination, so, the centrally planned economy is a government-controlled economic situation. First, a centrally planned economy may choose to produce whatever the government decides is most crucial to meeting society's needs, the government should provide services and goods that can cater to the people's need. Like in the 19th and 20th centuries period, in China, Mao Zedong realized that China is under a low level of heavy industry, so he decided to develop it first, then the light industry, this decision is sensible and realistic.

1. the group that formally abolished the monarchy was the roundheads. after the monarchy was abolished, the english commonwealth was created. it was led by oliver cromwell, who later took the title lord protector. this leader was a puritan, meaning that he supported removing catholic rituals from the church of england.

2. identify a central idea in the bill of rights.

a.   the monarch could only exercise power as stated in the law.

3. ascended the english throne as   a joint monarch after accepting   the bill of rights   mary ii

appointed catholics as government   officials and recruited them in the   army

james ii

conquered ireland and established   the commonwealth

oliver cromwell

lost a long, bloody civil war against   forces loyal to parliament

charles i

was crowned king after a period   of commonwealth rule in england

charles ii

4. identify two effects of the glorious revolution on the english monarchy.

the idea of monarchs ruling by divine right was rejected.

a limited, constitutional monarchy was established.

5. what are two ways the bill of rights opposes the idea of the divine right of kings?

it stated that the monarch's power was subject to limits set by parliament.

it abolished the role of the monarch as the head of the church of england.