Could you say that the consumers are a significant aspect of an economy? If so, why?

Q: Why do you think it is important that prices are flexible in our economy? Do you think they reflect…

A: The Price flexibility maintaining the law of demand and supply in an economy. Thus, price…

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: Which of the following are myths about the U.S. economy? Check all that apply. A. The United States…

A: The tax revenue in America is around 24% of GDP and America is the largest consumer market.

Q: Why should the government try to help the economy and support it? Give at least two reasons.

A: A government plays a significant role in influencing the market outcome and to make changes in the…

Q: Need two important central problems of the economy

A: According to the given question In Simple words we can say that economics is defined as a management…

Q: how does distortions affect the market of tradable and non-tradable goods?

A: Market distortions: It refers to the intervention of the government that affects the price and…

Q: If two economies are identical, except the savings rate in one economy is higher, explain why we…

A: Savings play a huge role at the individual as well as national level. When the rate of savings is…

Q: Each of the following situations requires some trade-offs. You are supposed to analyze and discuss a…

A: Since you have posted question with multiple subparts we will solve first three parts for you if you…

Q: ate the three possible relationships between production, income and spending in macroeconomic theory

A: Macroeconomics is the study of aggregate phenomena including economic growth, business cycles,…

Q: Imagine you are an economics professor in a world without money. Explain why it would be tricky to…

A: Money has important functions which are described as below: Money acts as a medium of exchange. The…

Q: To say that “there is a scarcity of diamond” means that

A: There is a great shortage of diamond in the world because diamond is not available easily in the…

Q: Every citizen should take basic economics is an example of a positive statement true or false

A: Positive Statements are those which can be tested and proved.  Normative statements are those which…

Q: A healthy economy that is working properly is called

A: full work as an economy in which the joblessness rate approaches the nonaccelerating expansion pace…

Q: Examples of all three sectors of the economy in the setences below. What are those examples exactly?

A: Every economy comprises of  3 sectors-   Primary sector   Secondary/Manufacturing sector…

Q: Tom says the economy should focus more on producing fun things people can buy if it is going to…

A: Answer: In my point of view, Tom is right because when economic growth is in question, then…

Q: Q-2: In the world, every economy faces the same fundamental economic challenges. In regards to this…

A: The economic problem is the problem that an economy faces in allocating limited and scarce…

Q: Describe briefly: What is "value" for economists?

A: Economists are those who have knowledge about economics. They study the way an economy works and…

Q: In Zionville, GDP is $26,500. Consumption spending is $12,000, Investment spending is $5000, exports…

A: GDP is the sum of consumption(C) investment(I), government expenditure(G) and net export(NX)

Q: example of a significant aspect of an economy?

A: Economy- It is a group of activities related to production and consumption which helps in the…

Q: If households spend $80 billion on goods and $70 billion on services, how much in revenues do…

A: There are two types of market: Product market and Money market. The product market is also called…

Q: what is Law of economy

A: The construction of a general truth based on specific observations or tests that traces out a causal…

Q: State the three possible relationships between production, income and spending in macroeconomic…

A: The connection between production, income and spending is frequently called a utilization plan. It…

Q: According to classical economic theory, there is an invisible hand in the economy. What is it? And

A: The concept of the "invisible hand" was explained by Adam Smith in his 1776 classic foundational…

Q: Although it can sound complicated, nearly everything we do is related to the economy in some way.…

A: Economy  A complex system of linked trading, consumption, and production activities make up an…

Q: WHAT is an example of the government (laws) shaping the economy or vice versa

A: A government can attempt to shape the pace of economic development through supply-side and…

Q: According to the principle of , consumers determine what is produced in the economy through their…

A: Consumers are the people who demand goods and services for consumption and are willing to pay a…

Q: it is possible for any economy to be based entirely on services

A: A service economy is an economic system that is characterized by the dominance service sector…

Q: What are the fundamental problems and issues facing an economy in general?

A:

Q: What is keenness to save in economics?

A: There are two points that can be taken into consideration first is consumption and another one is…

Q: Define economy

A: Economics studies how resources are allocated in a manner that most of the human wants are met. A…

Q: how macrosystematics work

A: Macro systematics is a hedge or mutual fund strategy on the basis of their holdings in a portfolio…

Q: How much more output does the $20 trillion U.S economy produce when GDP increases by 1.0 percent?

A: Output – it the total amount of commodities or services produced in a particular time period.…

Q: How would you interpret the graph of an economy? What conditions/gaps are they experiencing?

A: Diagrams and outlines are visual portrayals of information as focuses, lines, bars, and pie graphs.…

Q: How Goods Market will be in Equilibrium according to the saving and investment approach?

A: Aggregate demand is the value of the total goods and services demanded by the whole economy in a…

Q: conomy can be represented by economic models. One of the models we use to understand economy is a…

A: Circular-flow of income The circular flow or circular-flow of income is a model of the economy in…

Q: Three major flows in an economy are; production, money and spending. Select one: True False

A: In economics, all the variables or economics concept are based on three major economic flows

Q: How might a theory of the economy differ from a description of that economy.

A: The theory of the economy and the description of that economy affect each other. The theory of the…

Q: What are the central problems of an economy

A: Human wants are unlimited whereas the resources that are required to satisfy the human wants are…

Q: In your opinion what are the other FIVE (5) external factors that can determine the recovery shape…

A: An economy can recover from a recessionary state in a number of ways such as a U-shaped recovery…

Q: "Whether it's a husband and wife at their dinner table, whether it's a small or large business, or a…

A: The consumers spend a fraction of income and save a fraction of income earned by them. If the people…

Q: In terms of Islamic Economic, what is the Muslim Consumer Behavior and why it is related to the…

A: The behaviour of a consumer is a complex phenomenon that is influenced by multiple diverse forces…

Q: What is ? 1-)Potential GDP 2-)Monetary Policy 3-)Fiscal Policy

A: Potential GDP: When an economy can produce a level of output at inflation rate that is constant then…