"For whom is a given mix of goods and services to be produced? How, in other words, are the society's outputs to be distributed among its members?" In a market economy, this question is resolved primarily in the : public sector through the mechanism of central planning. private sector through the earning and spending of income. business sector through the mechanism of advertising. money market through borrowing and saving by households and businesses.

Q: Explain the idea of the “invisible hand” by adam sith by using the product of shoes to explain how…

A: Adam Smith gave the idea of free markets which means that forces in the economy adjust automatically…

Q: Macroeconomics is the branch of economics that deals with: (A) the prices of individual goods (B)…

A: Macroeconomics is a critical part of economics that varies from microeconomics in its degree and the…

Q: Who answers the three key economic questions in a command economic system? O custom & tradition…

A: In command economy all the production and allocation decisions are centralised.

Q: In a market economy, what determines what is produced?          producers seeking…

A: The question is asking about the factors that determine what goods and services are produced in a…

Q: "Mexico did well to break with Cuba. Enough, it was time. Cuba must allow the entrance of the UN…

A: The branches of economics are positive and normative economics. Positive Economics aims to…

Q: A good can be an intermediary good in one case and a final good in another case

A: Depending upon the use of the goods and services, the goods are categorised as intermediate goods…

Q: Adam Smith did not considered ________ as one of the component of production

A: According to the given question The components of the production in economics can be classified into…

Q: Economics is primarily concerned with the study of:   Production and distribution of goods in a…

A: Economics refers to the investigation of how societies produce and disperse goods and services in a…

Q: None

A: Microeconomics focuses on the behaviour of individual units within the economy—such as households,…

Q: Would the analysis of the spending of all U.S. consumers and firms on goods and services be a topic…

A: Macroeconomics is the branch of economics that studies the behavior of the economy as a whole,…

Q: "Social Security should be privatized to get the government out of the retirement-financing…

A: A descriptive statement that focuses on facts, data, and objective analysis is a positive statement.…

Q: Determine whether each of the following statements is positive or normative. (Remember that…

A: The positive and normative economics are two different types of economic analysis where positive…

Q: Comment on the statement:  “Increasing government spending is preferred to a cut in taxes when the…

A: A normative statement refers to a statement that is based on opinion rather than facts or figures.…

Q: Should we embrace the economic model of nature? The non-economic model? A combination of both?

A: Introduction Economic models refer to the general rules or principles used to explain economic…

Q: State the main characteristics of a Market Economy and explain how Market Economy works?

A: A market economy is an economic system in which economic decisions and the pricing of goods and…

Q: How can an economy increase the production of one good without reducing the production of another?…

A: To determine the factors resulting in increased production of one good without affecting the…

Q: Which of these statements is not true? a. Macroeconomics addresses national economic issues b.…

A: In economics, economic agents have an important role in efficiently utilizing scarce resources so…

Q: How do countries deal with the problem of wanting neither a pure market nor a pure command economy

A: Introduction pure market economy with the scarcity, the problem of what to produce, how to produce…

Q: Economic models a) are precise replication of the real world  b) answer virtually unlimited…

A: An economy is a collection of organizations and structures that aid in the production and…

Q: Based off of these choices, which of the following are facts about the U.S. economy? Select all that…

A: Economy- it is a geographical area in which production, trade, consumption & exchange of goods…