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As an Economic Professional how can you define the following:
1. Economic Efficiency
2. Economic System
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- What do you think is/are the most effective and efficient economic system? Explain your answer applying it to the present economic condition.Describe the types of economic systems.Most economies in the world are built in a way that both the government and the private sector make economic decisions together. What type of economy is being described here? a. Capitalist economy b. Socialist economy c. Mixed economy d. Communist economy
- The Bretton Woods conference of 1944 established a post-war economic order which, to a large degree, we are still experiencing today. List the three (3) institutions created at Bretton Woods and describe their functions. (100 words maximum)What are the types of economic systems? How will you differentiate Command from a Market economy?Answer the following questions. How has an Act of the United States Congress increased U.S. production of corn? Why would you expect an increase in the quantity of corn produced to raise the opportunity cost of corn? Why did the cost of producing corn increase in the rest of the world? Is it possible that the increased quantity of corn produced, despite the higher cost of production, moves the United States closer to allocative efficiency?
- Explain what non-economic (or non-market or non-capitalist) values are involved in your example and how they intersect with the economic activity you described.Activity 2 : Significance of Economic Systems Imagine that you are in your classroom with 30 other students and your professor places in front of you something you all want, such as milk tea and asks how each person living in these economic systems would decide who should get it. PLEASE EXPLAIN HOW IT SHOULD GO ABOUT.Why is Entrepreneurship is very important in our economy?
- Why is entrepreneurship considered a factor of production?In the 1990s thousands of “dot-com” companies emerged with great fanfare to take advantage of the Internet and new information technologies. A few, like Yahoo, eBay, and Amazon, have generally thrived and prospered, but many others struggled and eventually failed. Explain these varied outcomes in terms of how the market system answers the question “What goods and services will be produced?”Define productivity efficiency and allocative efficiency. What conditions must be met in order to achieve them?