Principles of Microeconomics
7th Edition
ISBN: 9781305156050
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 2, Problem 4QR
To determine
Factor market and production market.
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Discuss a way that your family interacts in the factor market and a way that it interacts in the product market.
B. Describe a way that your family interacts in the factor market and a way that it interacts in the product market.
What examples do you have of goods or services that are both consumer goods and resources depending upon the context in which those goods are used?
Chapter 2 Solutions
Principles of Microeconomics
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- Which 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.arrow_forwardThink about your own life. Maybe you are willing to spend 50 or 60 hours a week between school and work. Maybe you take care of young children and have a lot of home life responsibilities and you only spend 20 hours between school and work. Draw your own personal Production Possibilities Frontier (PPF) for time spent doing school and work. Remember to plot out multiple possible combinations and then draw a line to connect them. Explain where you operate on your PPF and why. What are some of the opportunity costs you have to weigh to determine where you will operate along your personal PPF curve?arrow_forwardEconomics 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.arrow_forward
- Everything is made up of the four factors of production. Look at the shirt you have on right now. List the four factors of production and give a specific example of each which might have been used in the production of your shirt. You have to be specific with each factor. You cannot say "resources" or "land".arrow_forwardOpportunity cost Tony buys a pizza and with that same amount of money he could have bought a drink and a hot dog.arrow_forwardShannon has decided to spend less time on social media because she needs to improve her grades. What might be the opportunity cost of her decision?arrow_forward
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