5. Explain the meaning of scarcity. (Carver, page 203.)

6. What are the characteristics of a modern market? (Adams, pages 139-
148.)

7. What is meant by the "higgling of the market"? (Adams, page 139.)

8. What is the "first law of the market"? (Carver, page 201.)

9. What are the four industrial agencies on which the organization and
practice of the modern market depend? (Adams, pages 148-152.)

10. What is meant by the "widening of the market"? (Carver, page 171.)

11. Explain the statement that "the division of labor is limited by
the extent of the market." (Smith, chapter iii.)


TOPICS FOR INVESTIGATION AND REPORT

I

1. In the production of what commodities do the people of your section
tend to specialize? To what extent is this specialization due to the
nature of the soil and climate? To geographical location? To the
training of the people?

2. What becomes of the surplus products of your section? Trace these
products as nearly as possible to the ultimate consumer.