Are households primarily buyers or seller in the goods and services in the market? In the labor market?

Q: Are households demanders or suppliers in thegoods market? Are firms demanders or suppliers in…

A: Supply and demand are the economic dynamics that determine what suppliers are willing to produce and…

Q: Explain why correcting a missing market can make everyone better off.

A: The missing market is a type of failure of the market system. The missing market is a type of…

Q: Discuss what markets are?

A: Meaning of Microeconomics: The term microeconomics refers to that situation under which the…

Q: If the economy goes into recession and income falls, what happened to inferior goods?

A: Inferior goods: The inferior goods are those goods whose demand increases when consumers’ income…

Q: What are the economics market

A: The market is a location where the transaction of services and commodities takes place.

Q: What are good market?

A: Goods market: Goods market is a marketplace where producers and consumers interact with each other…

Q: about what goods should be produced by: tal factors of production needed to make unlimited resources…

A: It can be described as the most basic concept of economics whole economics depends on the basis of…

Q: Goods and services that are produced by a household and are not exchanged in a market are known as…

A: The statement is false. Goods and services that are produced by a household and are not exchanged in…

Q: When analyzing a market, how do economists deal with the problem that many factors that affect the…

A: The market can be defined as a place where buyers and sellers interact with each other for the…

Q: What are the three main virtues of the market system?

A: A market economy is a form of economic system in which supply and demand, rather than government…

Q: How shortage and surplus affect the economy?

A: The market equilibrium is a situation in an market, where at a particular price the quantities…

Q: If executives of various firms met in a smoke-filled hotel room to fix prices and to allocate which…

A: Meeting in a hotel room to fix prices is the practise of collusion of setting prices that are above…

Q: What are the economic markets

A: There are many economic market structures which are differentiated by ts characteristics. All…

Q: shift in supply and demand when there’s an increase in consumer income.

A: The amount of good that a consumer is willing to buy at a particular price is known as demand.…

Q: What drives a free market economy?

A: In a  free-market economy, market forces will run the economy, demand and supply are the market…

Q: Who are on the supply side of the market?

A: In a market, the equilibrium price and equilibrium quantity of a good is determined by the market…

Q: What is the incentive for producers to produce in a free market? Why is it so important?

A: INCENTIVES/MOTIVATION   What are incentives/motivating forces?  A motivating force is a desire for…

Q: What are the advantages of a free market economy?

A: A free market is a type of market economy where prices for all goods and services are regulated in…

Q: How does wealth and power effect relationships between producers and consumers?

A: Factors of production such as land, labor, capital, and enterprise are important for the business as…