1. Define what is meant by institutions and explain the three pillars that support institutions. Then
explain how institutions reduce uncertainty for businesses.
2. Describe the differences between the three types of economies. Which type of economy applies to most of the countries in the world and why?
3. First, read the following article and second after you finish reading the article answer these questions (try to see piracy from the point of view of the creator of the music, movie etc.) What harm does piracy of IPR cause? What might be the long-term outcome to artists and consumers of being unable to protect IPR? What suggestion do you have to solve the piracy problem?