Does an individual consumer really have a voice in answering the basic four economic questions described in Types of Economic Systems?

Q: What are economic systems, and how do they differ?

A: Answer: Economic system: it refers to the system by which resources, goods, and services are…

Q: What are the four basic economic questions? How are they answered in a capitalist economy?

A: The four basic questions concerning an economy are: (a) What and how much quantity of goods and…

Q: Provide an explanation an economist might give showing why each statement is true: - “People must…

A: The social science that examines the way in which people tend to choose among the available…

Q: How are economic systems linked to types of societies?

A: Economic system: A monetary framework is a method by which social orders or governments arrange and…

Q: What does the Powerbar model tell us about how creativity fits into a market economy?

A: Ans-    Market power model means a broader market which existing rebranding bar.  It is constant…

Q: How does self-interest help achieve society’s economic goals? Why is there such a wide variety of…

A: The self-interest varies according to various groups of individuals. The group of producers, who are…

Q: What are the characteristics of a good economic model?

A: Characteristics of a good economic model: 1) The acquisition cost is low compared to the cash flow…

Q: What are the two major economic problems in economics

A: Economics is the study of allocation of limited resources. The fundamental economic problem is about…

Q: What good is economic theory if it can't predict the behavior of a specific individual?

A: The economic theory are the simplification of the economic realities which are used to make the…

Q: In what ways is economic science similar to the natural sciences? In what ways is it different? What…

A: Economics is unique compared to other academic disciplines in that it is more theoretical than other…

Q: What does the law of increasing opportunity cost state?

A: Law of Increasing opportunity cost staes that when the production of a particular product is…

Q: What is the main difference between free-market systems and planned systems?

A: A market is a gathering area where people can come together to exchange products and services.…

Q: Apply core economic principle in business decision making

A: Core economic principles in economics are the one that sets the fundamental truth about the subject…

Q: What is the importance of learning Economics to our present Political and Economical Conditions…

A: The importance of learning Economics to our present Political and Economical Conditions right now…

Q: It is said that we cannot solve economic problems by making economic solution alone. If is this so.…

A: Economics is the studying of economics as a science. It's a style of thinking about how economies…

Q: describe 3 ways in which human decisions making differs from the rational individual conventional…

A: In conventional economic theory, an individual is generally considered a rational human being.…

Q: True or false? Scarcity in economics could be eliminated but poverty could not.

A: Scarcity is gradually considered as one of the basic or primary problem of the economy, the wants…

Q: In which type of economy does only the government make economic decisions?

A: The economy in which the only government make or take the economics decisions are the  CENTRALLY…

Q: Positive or Normative?

A: Unemployment benefits are the benefits that the government provides to eligible unemployed people.

Q: Which three key questions do economists try to answer?

A: Economists try to solve various problems existing in the economy.

Q: Economics is the social science that studies the choices that individuals, businesses, governments,…

A: Scarcity: - it is very basic problem of economics which is related to the limited availability of…

Q: Explain the difference between positive and normative analysis, backing your explanation with…

A: Positive analysis: - positive analyses are those statements which described the things as it is and…

Q: What are the three diverse exercises of subject of economics?

A: Amartya Sen has given three diverse exercises of subject of economics.

Q: What are three basic economic questions?

A: Economics is the subject that studies how to allocate the limited resource between the unlimited…

Q: What is meant by economizing of resources?

A: In our economy, we are not having unlimited resources. The resources are limited in nature and thus…

Q: Who did Milton Friedman advise with his economic theory?

A: Milton Friedman was an American economist and statistician who believed strongly in free market…

Q: Which major characteristic of economists enable them to make sound decisions in solving economic…

A: Decision-making is a multi-step process (from issue recognizable proof through the answer) for…

Q: Which of the following assertions is NOT a basic economic assumption? a. People act rationally. b.…

A: Economics is all about assumptions, it is related to production, distribution, scarcity, consumption…

Q: utilitarianism have good or bad effects on business?

A: The concept of utilitarianism refers to the belief of doing such things that will bring happiness to…

Q: Polanyi criticised formal definition of economics, a)because it only takes into account capitalist…

A: Polanyi believes in historical economics.

Q: Which of the following questions is not answered by the decisions that every society must make? a.…

A: Three questions to be answered What goods and services are to be produced? How should these be made…

Q: why a person would rather live in a market economy or command economy.

A: When talking about economic system, market economy and command economy are two completely different…

Q: WHY IS ECONOMICS RELEVANT VERSUS IMPORTANT?

A: Allocation of resources is the distribution of available resources and assets among various works…

Q: What are examples of society's widely accepted economic goals?

A: Economic goals: - Economic goals are the desired conditions of the people of a country which improve…

Q: How relevant is economics in our everyday lives?

A: Economics is very important and useful to study to make it applicable in our daily lives. There are…

Q: What are examples of individual economic agents?

A: Economic agent is a person or an organization who acts as a decision maker that can influence…

Q: What are the types of economic systems? How will you differentiate Command from a Market economy?

A: There is scarcity of resources across the world. These scarce resources undergoes through a…

Q: Tim Geithner, a former U. S. Treasury Secretary, has said, "The recession that began in late 2007…

A: The following are the main economic interaction principles:-1) One consumer's expenditures are…

Q: Economic Systems and Decision Making Economic System Three economic questions are determined by:…

A: Economic System refers to which societies or government organize & distribute available…