Q: What is economics? Economics is the study of money and financial systems. b. a. Economics is the…
A: Economics is a study of social science.
Q: Which activities are as important as the production of goods?
A: Production of goods refers to the creation of utility. This means combining raw material or input in…
Q: normative economics define and give example
A: Normative economics: - Normative economics is that branch of economics that passes value judgments…
Q: What are the four factors of production?
A: Factors of production: - factors of production are the resources used to produce goods and services.…
Q: Which one of the following statements is positive (as opposed to normative)? O Jimmy prefers rock…
A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…
Q: What are the three types of economic systems in internaional market? What criteria can we use to…
A: Economics deals with the supply and demand of resources. According to Adam Smith, the father of…
Q: Explain how markets can allocate resources in a way that they go to those who value them the most.
A: Prices are important in resource allocation. There are benefits and drawbacks to using the price…
Q: What is important of studying economics? Give two good examples how the knowledge can help you in…
A: No subject of the current day is so significant as the study of economics. economics oversees the…
Q: What is the circular flow diagram, and what does it demonstrate?
A: ((Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: efine what is meant by market economy and identify its three required features
A: Market Economy refers to the economy where market demand and market supply are the major elements…
Q: What does the Powerbar model tell us about how creativity fits into a market economy?
A: Ans- Market power model means a broader market which existing rebranding bar. It is constant…
Q: Economic systems: O address the questions what is produced, how it is produced, and for whom it is…
A: Economic System:- An economic system, which is also termed as an economic structure, is a method of…
Q: Define production and What are the factors of production and what are their reward payments?
A: In economics, we answer the three basic questions: what to produce, how to produce, and for whom to…
Q: The three fundamental economic questions are what to produce whom to produce and_________?
A: Generally considering an economic entrepreneur or agent there are three fundamental economic…
Q: In a market economy, economic activity is guided by Select one: Oa. the government Ob. prices O c.…
A: Economics: It deals with market study and effects due to which there is a change in the rates of…
Q: Does an individual consumer really have a voice in answering the "basic four economic questions"?…
A: Individual consumer cannot voice in the basic four economic questions. These questions are answered…
Q: How can we apply economics to everyday life situations? Define Economics? Identify reasons for…
A: Defining Economics: Economics is a combination of two Greek words, eco meaning household and nomos…
Q: Positive or Normative?
A: Unemployment benefits are the benefits that the government provides to eligible unemployed people.
Q: Base on your understanding illustrate what is economics
A: Similar, to other social branches of social studies, such as politics, geography, and history,…
Q: What goods and services—and how much of each—will be produced?
A: In a nutshell, an economy must distribute its resources and pick between several possible bundles of…
Q: Can you identify and explain your family’s interaction in the market for factors of production and…
A: The circular flow of money explains how money and goods are circulated between the household sector…
Q: What is meant by economizing of resources?
A: In our economy, we are not having unlimited resources. The resources are limited in nature and thus…
Q: List the four factors of production
A: Factors of production are the economic inputs utilised to generate profits. Land, labor, capital,…
Q: What’s economics?
A: Microeconomics is the study of specific economic units. An area of economics called macroeconomics…
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: 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: A B 50 40 10 20 30 40 50 Food Production Clothing Production
A: The curve in the figure is concave which means the slope is increasing when we move downward. it…
Q: What do opportunity costs represent?
A: A trade-off is a situation, where making one choice or purchasing one good means losing the chance…
Q: how does a market economy and individual right works? explain.
A: The many laws and ordinances that make up the economy are referred to as the economic system.…
Q: The circular-flow diagram illustrates that, in markets for the factors of production?
A: The circular flow diagram of a country is defined as the movement of commodities including services…
Q: Everything is made up of the four factors of production. Look at the shirt you have on right now.…
A: The four factors of production are Land Labor Capital Entrepreneur
Q: Name a way that your family interacts in the marketsfor the factors of production and a way that…
A: The factor of production are bought and sold under the factor market, and the final goods or…
Q: Choose a simple economic term and explain it.
A: Opportunity cost It is the best alternative foregone.
Q: Explain one difference between planned economy and market economy?
A: Simply we can say that economy is considered as an resources and wealth of a division of a country…
Q: The study of economics is best defined as how
A: Human wants are unlimited and means to satisfy these wants are scarce and limited. People face trade…
Q: What are the costs of attending a particular college or university? What are the costs of taking a…
A: Opportunity cost is the benefit forgone by not choosing the next best alternative. Opportunity cost…
Q: Which of the following questions is not answered by the decisions that every society must make? a.…
A: Three questions to be answered What goods and services are to be produced? How should these be made…
Q: What are the wants and constraints of those involved?
A: Wants is something that is desired and it is unlimited. Wants can be satisfied by consuming goods…
Q: why a person would rather live in a market economy or command economy.
A: When talking about economic system, market economy and command economy are two completely different…
Q: Draw by defining production possibilities. What happens when the economy is in full and…
A: The PPF shows the combinations in the amounts which can be produced of two goods if the production…
Q: What are examples of individual economic agents?
A: Economic agent is a person or an organization who acts as a decision maker that can influence…
Q: What is a trade off? How does economics decide on what must be produced? What is an opportunity…
A: Answer: What is a trade-off? Trade-off: trade-off refers to the situation where one choice or good…
Q: Does an increase in the opportunity cost mean that you have to give up more to obtain something…
A: The benefit which is forgone that would, in turn, had been derived through an option not being…
Name a way that your family interacts in the factor market and a way that it interacts in the product market.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Production possibilities are whatWhich statement best describes the role of consumers in economics? They provide wide range of services. They decide where to sell goods They determine how to use resources. They control production costs.Economics affects nearly everything we do in some way. Someone else has produced most items we consume, or use, in our daily lives, from food to clothes to music to gas for our cars. Chances are, when we purchase these daily items, we don't question the price with the producer. But in the United States, the interactions between the consumers and producers determine quite a lot in terms of business and economics. Think about the items and services that you and your family buy or consume. What causes you to pay the prices that you do for these goods and services? What determines the price that's on the price tag? What goes into determining, or setting, that price? Consider all the possible elements that could influence the prices you pay.