The most important interactions are of three kinds. First, what kind of product is being produced by your industry(choose any)—should it be a private good or not? Second, do any levels of government impact your industry's success and prosperity—should they? Finally, given the resources that go into your industry and how these resources are found/created, do movements in the international community impact your industry? This impact could be political (wars, coups, etc.) or practical (resources only found there) or something else. To complete this assignment, you will need to think hard about the kind of good that is being produced in your industry. Is it an inferior good, a normal good, or a luxury good? Are any externalities created by your industry's production?

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To address the assignment prompts lets consider a hypothetical industry the automobile manufacturing industry 1 Nature of the Product Automobiles can ... View the full answer