The market economy does have the advantage of increased efficiency, productivity, and innovation. However, what are some of the disadvantages of a market economy?

Q: What would be another example of a “system” in the real world that could serve as a metaphor for…

A: Economics is a social science subject. Understanding the subject gives a  brief idea regarding how…

Q: Which of the following is an example of a topic studied in microeconomics? The balance of trade of…

A: Microeconomics is a branch of economic behavior where micro-units or individual economic behavior is…

Q: Most economists believe the scarcity of resources will persist. Why?

A: Scarcity refers to the situation when the economic resources are limited and the needs of the…

Q: Explain why economics is so cool

A: Economics is a study of human behavior that helps to understand how individuals satisfy their…

Q: Which of the following topics would be studied in a microeconomics course? a. how rent prices impact…

A: Microeconomics: Microeconomics is a part of financial aspects that reviews the conduct of people and…

Q: what is modern economics

A: In an economy, the study of interaction among people for the purpose of buying and selling…

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: Which of the following statements about self-interest in a market system is false? Multiple Choice…

A: Market refers to a place at which the buyer and seller of goods or service comes in contact with…

Q: What is microeconomics and demand.

A: Microeconomics is a branch of economics that studies the economic actions of individuals in a…

Q: “Scarcity is the fundamental problem that every nation in this world faces.”  What do you mean by…

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: Given that most people like to get ‘free stuff,’ it follows that goods that are available free of…

A: The following problem has been solved as follows:

Q: Explain the Market System. Give an in-depth example of a Market System.

A: Hi Student, thanks for posting the question. As per the guideline, we are providing answer for the…

Q: Name the three main economic markets, and describe how an individual might participate in each one…

A: An economy market is define by the interplay of supply and demand which operates without main…

Q: Describe three different kinds of economic systems.

A: Different kinds of economic systems include;    1. A command economy    2. A market economy   3. A…

Q: In a market-based economy, how may governmental policies or regulation impact the inputs market?

A: Governmental policies or regulations can impact the inputs market in several ways, including:1. They…