Explain what are economic systems? In your explanation, give indication regarding the role of an economic system 2. Discuss the nature of a Planned economic system? Your discussion should include:Ownership and Control of resources and Essential Decision making. 3. Give three (3) advantages and disadvantages of Planned Economies and Market economies. 4. Discuss the essential features of a mixed economy 5.Differentiate clearly between a Planned Economic System and a Free Market Economic System.

Q: _____19. Which of the techniques is not employed in microeconomics? a. Models  c. mathematics b.…

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Q: 19.  Which of the techniques is not employed in microeconomics? a. Models c. mathematics…

A: Microeconomics is the branch of economics that deals with households, firms, owners etc.

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A: Answer 6) Option c is the correct answer Economic of Scale  Economies of scale are cost advantages…

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.