define social contract
Q: With countless people competing for the same resources, how do we determine who gets the resources?
A: Economics(e) is the study of how limited-resources with alternative-uses are allocated to different…
Q: Analyze the relation between the five forces and different market structures.
A: The collective strength of these forces determines the ultimate profit potential of an industry. The…
Q: Does the economic model or socioeconomic model of social responsibility make more profits? And why?
A: ANS The economic model assumes that society will receive the most benefit when producers are left…
Q: explain what role the production possibility frontier has in the decision making process
A: Production possibility frontier (PPF) is a graphical representation of the distinct combinations of…
Q: Frederick Bastiat and Jean Jacques Rousseau would most likely agree on which of the following:…
A: The objective of the question is to identify the statement that both Frederick Bastiat and Jean…
Q: Friedrich Hayek advocated for an economic system based on
A: In 1899, in Vienna, Austria, a famous economist was born. Friedrich Hayek is well-known in the…
Q: Using the following combinations as Production Possibilities data for iPads and HDTVS, answer the…
A: The production possibility frontier (PPF) is a curve on a graph that illustrates the possible…
Q: What are the human behaviors economists should observe when creating economic models?
A: The human behaviours that must be taken into account while developing an economic model depend on…
Q: Costly (harmful) unintended consequences of economic exchange are called __________ ____________.
A: Externalities are the cost or benefit that are incurred by a third party without getting involved in…
Q: What are the differences in the way a market process vs. a command process attempt to deal with the…
A: Basic problem of scarcity means availability of limited resources against unlimited wants of human…
Q: why the lack of well-defined and enforceable property rights is detrimental to the smooth…
A: Property rights is legal ownership and theory of resources telling how the resources can be used.…
Q: What is the major function of the middleman? Would peoplebe better off if there were no middlemen?…
A: A middle layer of business is required in certain industries due to regulation, infrastructure, or…
Q: In Mcdonald v. Chicago Justice John Paul Stevens made an argument against applying all Bill of…
A: Bill of rights provisions : It was the first amendment in United States also known as bill of rights…
Q: Are there any circumstances under which society could exist without law?
A: ANSWER A Society rarely survives without some formed code of conduct. Thus it cannot exist without…
Q: “Market forces should be allowed to allocate resources”. Is this a positive or normative statement?
A: When talking about economic statements, it can be said that these statements are classified as…
Q: Social fluidity is all about transformation that results from social actions and reactions in…
A: Concept Members from various classes have varied possibilities of landing in one destination class…
Q: Because all points on a contract curve are efficient, they are all equally desirable from a social…
A: The contract curve, also known as the Pareto set, is a set of points in microeconomics that…
Q: Why is the right of private property an essential characteristic of a market system?
A: A market system consists of buyers and sellers who interacts in order to make economic decisions and…
Q: What does efficiency mean according to the PPF model?
A: PPF Curve: It is a curve that shows all possible combinations of two goods that an economy produces…
Q: What's does a production possibility frontier illustrates?
A: The production possibilities frontier(PPF) displays the productive capacity of a nation. A…
Q: Why is private property, and the protection of property rights, so critical to the success of the…
A: Private property can be legally defined as any resource, asset, or capital the ownership of which is…
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