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- Use the cause-and-effect chart to answer the question. Cause Effect Technology allows the transfer of goods and services through the use of computers. Which of the following best completes the chart? O A. E-commerce is slow and frustrating, so people still prefer to shop in stores. B. E-commerce is a large and growing sector of the global economy. C. E-commerce is dangerous to consumers and requires heavy regulation. D. E-commerce has failed to connect producers and consumers all over the world. wered pe here to search F6 F7 F8 F9 F10 F11 F2 F3 F4 F5 & %23 3 4. 7 60 立1. What are the 3 components for Economics Efficiency ? 2. Economic Systems rarely exist in a pure form. Kindly enumerate the 6 classification of systems based on the dominant characteristics of Economic system? 3. What is the Capitalist Ideology? 4. What is supply and demand in simple terms and cite an example? 5. Price Elasticity of Demand is how economists measure the responsiveness of quantities demanded to changes in prices?1
- 83) Ayn Rand's definition of capitalism includes a free market where people trade goods that have value to them She makes a distinction between items with philosophically objective value and those with socially objective value. Which of the following statements does NOT reflect her distinction between philosophical and socially objective values? a. a rational person will decide what objects are socially objectively valuable to him/her- b. items that are philosophically objectively valuable are not necessarily the most popular. c. the market walue pf a product represents its philosophically objective value. d. a famous Renaissance sculpture could be considered philosophically valuable e. a company that wants to make money should produce goods with socially objective valueChoose the correct answer:1. What are the conditions for an efficient market? Discuss if are they met in the reality.
- Which statement is true? a. Socio-cultural factors do not determine the goods that society is likely to value b. Socio-cultural factors do not affect the business c. Trends in socio-cultural factors may create new opportunities for a company d. Trends in socio-cultural factors guarantee the increase of company profit5. Economic decisions in a market economy One of the three basic coordination tasks an economy has to face is In a free-market system, the preceding question is answered by: Democratic voting The price mechanism O Central planning1) Explain these three key economic ideas: People are rational, people respond to incentives, and optimal decisions are made at the margin. 2) Discuss how a society answers these three economic questions: What goods and services will be produced? How will the goods and services be produced? Who will receive the goods and services produced?
- 1. Write a sentence or two defining the following terms in your own words. Give examples of each. p. Scarcity q. Substitute Goods r. Monopoly1.What is a market and what is the key to functioning markets? Explain.2. How do competitive markets guide the allocation of resources?3. Give an example of a good or service that should not be allocated entirely by a free, unregulated market. Explain your reasoning. 4. Identify a price control that is, has been, or could be enacted in the real world. Then, explain the potential benefits and drawbacks of that control. A goal of this prompt is to see both sides of an argument, so please come up with at least one argument for and against said price control.Moving from an autarkic situation to engagement in international trade, a. excess demand in the country with absolute advantage should equal excess supply in the country without absolute advantage. b. excess supply in the country with absolute advantage should exceed excess demand in the country without absolute advantage. c. excess demand in the country with absolute advantage should exceed excess supply in the country without absolute advantage. d. excess supply in the country with absolute advantage should equal excess demand in the country without absolute advantage.