Explain  the  economic  activities  between  consumers  and  producers  using  a  circular  flow  image

Q: -. In microeconomics the two fundamental assumptions that resources are finite, but conomic wants…

A: PPC:Graphical representation of the combination of two goods that can be produced in the economy in…

Q: According to a simple circular-flow diagram, how many markets do households and firms interact in?…

A: A simple circular flow diagram represents the interaction between economic decision-makers and…

Q: 7. In the market for running shoes, Demand is given by QD = 100-10P, and Supply is given by QS =…

A: Demand for running shoes: QD=100−10PThe supply for running shoes: QS=10PHere Q denotes the quantity…

Q: 2. Study Questions and Problems #2 Lorenzo can paint either 5 walls or 2 window frames in one hour.…

A: Lorenzo's opportunity cost of painting one wall is 2/5 window frames (since he can paint 5 walls or…

Q: Main Content B 문 Firms D arrow A arrow B Markets for Goods and Services arrow C arrow D Markets for…

A: The firms provide a source of income to common people by providing employment opportunities. As…

Q: Do not use Ai

A: Once you provide a question I assure you that I will provide a good answer to help you with your…

Q: is a schedule that shows various amounts of a good or service a seller is willing and able to sell…

A: The demand curve of a good is a negatively sloped curve which shows that when the price of the good…

Q: Draw a circular flow diagram. Identify the parts of the model that correspond to the flow of goods…

A: DISCLAIMER  “Since you have asked multiple question, we will solve the first 3 subparts for you as…

Q: 1. You own a private parking lot with a capacity of 600 cars. The demand for parking at this lot is…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: 4. Refer to Figure 13.1. The upper curve (SS) in the figure represents the Price and Costs ($) 10 8…

A: When there is a loss or benefit to society (third party) without being directly involved in it.

Q: The U.S. economic system is: O A command system A command and market mechanisms Based upon religious…

A: Economic systems refer to the structures and mechanisms through which societies organize and…

Q: Currently you purchase six packages of hot dogs a month. You will lose your job and will have no…

A: Below is the given information: *Number of hot dogs purchased in a month is 6. *There is no income…

Q: In a market-oriented economy, the amount of a good that is produced is primarily decided by the…

A: There are unlimited wants of people in the world, and resources to fulfill these wants are limited.…

Q: 1. What goods and services should be produced to meet consumers' needs? In what quan- tity? When…

A: 1. What goods and services should be produced?Step 1: Statistical surveyingRecognize shopper needs…

Q: 8. Use the graph below to answer the following questions: 20 Figure 3 38 53 The market price = $5,…

A: In a competitive market, where a firm is a price taker, the profit-maximizing level occurs where…

Q: Producing goods at minimum possible cost is known as a)productive efficiency b)macroeconomic…

A: The process of a combination of inputs being material and immaterial in nature for making something…

Q: In the simple circular-flow diagram, who sells the factors of production? Select one: a.households…

A: In simple circular flow diagram, there are only two entities viz. Household and business houses.