What determines whether a good is “capital” or a “consumer good”?     How it is purchased: with business funds or with personal funds     How it is used: to produce further wealth, or to be consumed     Where it is located: in a home or in a business     Where it is purchased: from a wholesaler or from a retailer     Who uses it: the person buying it or an employee of theirs

Q: How are migration and urbanization related

A: Migration and urbanization, particularly in the current phase of globalization, are direct…

Q: why is there a trade off between amount of consumption that people can enjoy today and the amount of…

A: Scarcity, limited resources and unlimited wants are the reason for the tradeoffs between current and…

Q: State and local spending is primarily spent on the following item(s). education. libraries,…

A: State and local spending refers to expenditure undertaken by the government for the provision of…

Q: Select the choices where the decision maker is rationally ignorant. An employer is deciding between…

A: The correct answer is given in the second step.

Q: Paul, Noel, and Sandi work in a bakery where they make pies and cakes. In one day, Paul can make 5…

A: Opportunity cost basically refers to the cost of best next foregone. In other word it is the cost of…

Q: Discuss the concept of Economic Goods.

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

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: Which of the following is a store of value?   Studypug.com Question:     currency…

A: Store of value refers to any commodity or asset that would retain purchasing power in the future and…

Q: The graph says: Clothing (units per week) 16 14 12 10 4 4 N T N Food (units per week)

A: Opportunity cost is a fundamental concept in economics that refers to the value of the next best…

Q: Define “Price” for goods and services by different schools of thought up to Adam Smith. Explain the…

A: Smith arranged the foundations of classical free market theory. The Wealth of states was a precursor…

Q: In economics, the cost of producing a good: a) is maximum value of other goods that could have been…

A: In economics, the cost of producing a good encompasses the value of resources and inputs consumed…

Q: The end use of the goods categorizes the good as intermediate good and final good.  True/False

A: There is no no specific method to find org category is a good to be as intermediate or a final good.…

Q: Match each good with either "final good" or "intermediate good". Cowhide, purchased by a tanner, to…

A: Answering first three parts as per guidelinesIntermediate Goods are those goods that are used in the…

Q: Durable Goods are:     A. Goods that don't last   B. Goods that last a few days   C. Goods that…

A: Meaning of durable goods.

Q: Which consumption theory best explain the consumption behaviour of consumers in our economy

A: Consumption is using the product or service that is being produced in the society. There are several…

Q: Represent the supply of housing on a graph under two scenarios. First - an 'anything goe scenario in…

A: The equilibrium is the established where the demand and supply are equal. The change in the demand…

Q: To celebrate a big achievement of mine, I invited friends to my house for a party. Now, I am…

A: Given: Price of the bottle = $2 Price(P) and Quantity (Q) are: P1 = 1, P2 = 5 Q1 = 100, Q2 =200…

Q: Please provide steps by step answer with proper explanation with final answer

A: Determining Value Added and Contribution to GDPPart (a): Value Added at Each StageStage 1: Trees…

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: Which of the following statements is considered a market-value definition? a) We make railroads. b)…

A: Answer:-    Market value definition is all about the value that a particular product or service is…

Q: Why has there been such a surge in the number of different products available in our economy?

A: Market is defined as a place or situation when buyers and sellers come together to exchange goods…

Q: The next few questions are about Ec102nia, a fictional country populated by Ec102 students. Data on…

A: GDP: Gross domestic product or what is commonly known as GDP is the measurement of the final value…

Q: One of the three basic questions an economy has to face is (blank) goods and services will be…

A: Economics is the study of production, distribution, and allocation of resources. It deals with the…

Q: How will you explain production as a source of economic well-being?

A: Production is the key feature of economic well being of any nation.The manufacturing units are…

Q: Question 1: Explain why the following statement should hold: Əv (p, w) apk = 0 for any good k only…

A: Here v is a function of price vector and consumption bundle of good k and i.  v function can be…

Q: Are households primarily buyers or seller in the goods and services in the market? In the labor…

A: The simple circular flow model is used to see the flow of income and output between the households…

Q: Fill in the blanks with the mumber that correspoods to the correct word or phrase from the word bank…

A: Economics is defined less by the issues that economists study and more by how economists study them.…

Q: Thoreau's experiment is "utility"-oriented because his business: A. is "human scale"-it does not…

A: In economics, Utility refers to the want-satisfaction levels buyers receive from consuming or…

Q: The answer to, "What goods are to be produced?" deals with: who gets the goods. Ohow tastes and…

A: The economic problems of  "What goods are to be produced", "How to produce", and "For whom to…

Q: In about 300 words explain why prices are an important aspect of how goods and services are…

A: A market is a place or a system where buyers and sellers interact to exchange goods, services, or…

Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…

A: Costs are the expenses that a business or a firm incurs in its production activities. It is an…

Q: Goods and services that are produced by a household and are not exchanged in a market are known as…

A: The statement is false. Goods and services that are produced by a household and are not exchanged in…

Q: Which are those economic goods which do not have any type of the physical characteristics they are…

A: According to the given question In simple words we can say that the economic goods are those goods…

Q: Good which are supposed to be used together to satisfy a want or need are called___________

A: # Few goods can be used in place of each other and few foods are supposed to be used together to…

Q: An economic explanation for why people make different choices begins with accepting the proverbial…

A: Saving: It refers to the money that is not used by the people. It is the money which is used in case…

Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…

A: Economic perspective is a way of seeing the the argument by the lens of economics.  This is the way…

Q: Potatoes cost Janice $1.00 per pound, and she has $6.00 that she could possibly spend on potatoes or…

A: Total utility is defined as the satisfaction obtained from all units of the commodity consumed. It…