(6)List and describe the 4 types of economic systems. Inyour description, be sure to define what an economicsystem is.(7)Why are the ideas of supply and demand important toour economy?Hint: consider that we operate as a mixed economicsystem. Why are supply and demand important in thissystem?(8)As a defining piece of the United States economy,competition is important. What are the two possibleresults from competition?(9)List and describe the 4 pieces of the business cycle.(10)List and describe the 2 ways economists measure oureconomy. (1)Briefly explain how businesses have developedthroughout history.(2)What are some of the largest industries in the UStoday? What does this mean for the average person?Hint: think about the average person in terms of aconsumer and a worker. What do the largest industriesmean for them?(3)Define economics. Be sure to address the role ofbusinesses in the economic process.Hint: if it helps, you can draw (somehow) and describethe diagram we discussed.(4)List and describe the 3 economic roles.(5)List and describe the 3 types of economic resources. Inyour description, be sure to define what an economicresource is.

6)4 types of economic system a)Planned economic system b)Unplanned economic system c)Mixed economic…

Answered: (6) List and describe the 4 types of…

(6) List and describe the 4 types of economic systems. I your description, be sure to define what an economi system is. (7) Why are the ideas of supply and demand inmportant t our economy?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter1: Welcome To Economics!

Section: Chapter Questions

Problem 24CTQ: Macroeconomics is an aggregate of what happens at the Microeconomics level. Would it be possible for...

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Question

100%

(6)
List and describe the 4 types of economic systems. In
your description, be sure to define what an economic
system is.
(7)
Why are the ideas of supply and demand important to
our economy?
Hint: consider that we operate as a mixed economic
system. Why are supply and demand important in this
system?
(8)
As a defining piece of the United States economy,
competition is important. What are the two possible
results from competition?
(9)
List and describe the 4 pieces of the business cycle.
(10)
List and describe the 2 ways economists measure our
economy.

(1)
Briefly explain how businesses have developed
throughout history.
(2)
What are some of the largest industries in the US
today? What does this mean for the average person?
Hint: think about the average person in terms of a
consumer and a worker. What do the largest industries
mean for them?
(3)
Define economics. Be sure to address the role of
businesses in the economic process.
Hint: if it helps, you can draw (somehow) and describe
the diagram we discussed.
(4)
List and describe the 3 economic roles.
(5)
List and describe the 3 types of economic resources. In
your description, be sure to define what an economic
resource is.

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1. Discuss the principles of individual decision making with examples Q.2. Explain with your own words the determinants of price elasticity of demand. Q.3. The production possibilities frontier curves show the concepts of scarcity, choice, opportunity cost, efficiency and economic growth. Discuss with examples. Q.4. Do you think that the pure market economy in these circumstance of COVID 19 play an effective role in economy? Give four evidences from your point of view.
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