Q: What role does the profit motive play in a market economy?
A: Profits are the factor payment to an organization. Profits are important for a business to run. If…
Q: What is this collusion? The subject is principal of microeconomics.
A: Collusion is a strategy generally formed when there are few firms in the market to take extra…
Q: Are all efficient outcomes also equitable? explain.
A: Economic Efficiency is defined as when all the resources that are scarce are evenly used and…
Q: Is Conscious Capitalism an illusion? Can someone please explain with an citation at the end.
A: Capitalism is a monetary framework dependent on the private responsibility for method for creation…
Q: Why should policymakers think about incentives?
A: The incentives refer to the extra income given to the people who had worked for additional hours. In…
Q: Which Characteristics of economy system are the most important to a capitalist economy
A: Capitalism is the most noticeable in our present worldwide financial framework. Its principal…
Q: Which of the following statements about positive incentives is the most accurate? They create…
A: Positive incentives get provided to promote certain choices by impacting individuals positively.
Q: What does it mean when you compare allocative efficiency to worker efficiency? What are the…
A: Worker efficiency is defined as producing goods and services for all-time low cost. Productive…
Q: What is economic paradigm
A: A paradigm (/prdam/) is a distinct collection of ideas or thinking processes in science and…
Q: In a Capitalistic economy, due to the "mixed market" and economic freedoms that are a part of this…
A: Kinds of economic systems regulate economic choices in various nations. They utilize different…
Q: What is efficiency in economics?
A: Meaning of Economics: The term economics refers to the situation under which there remain…
Q: Which of the following is NOT true of a market economy? Decisions are regulated by a central agency.…
A: Option D is wrong It relies millions of individual economic dicision to determine economic output…
Q: What are two components of laissez-faire economics? controlled economy O capitalism communism free…
A: OPTION B - Capitalism OPTION D - Free Market Economy In a Laissez-faire economy, there is zero…
Q: Define MARKET FACTORS?
A: In a market, when talking about market factors, they are the variables that has the potential to…
Q: Explain in pictures only, without words on the principles of economics (Theory of demand and supply)
A: Demand and supply are the basic principles of economic. Almost all the major concepts of economics…
Q: Michelle owns an independent bookstore and has observed that college graduates read more than people…
A: Here Michelle is just trying to take some advantage of the situation by attracting them through…
Q: Where does allocative efficiency occur? where the price of a good is equal to the marginal cost of…
A: Allocative efficiency is a condition of the economy where creation is lined up with purchaser…
Q: Explain the role of marginal analysis in economics.
A: In economics, the term marginal is used to describe an additional outcome that is added to the…
Q: What role, if any, will marginalism, incentives, and disinterestedness play in the questions you ask…
A: Marginalism refers to the study of marginal relationships and theories within the economics. The…
Q: Why do economic agents always respond to incentives
A: Why do economic agents always respond to incentives? Answer: Positive incentives are those rewards…
Q: Explain the process of market mechanism.
A: The Market mechanism is a system how market works that helps to determine the price and quantity of…
Q: The term 'marginal' in economics means
A: To find : What did the term marginal means.
Q: According to economists, economic self-interest: is a reality that underlies economic…
A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…
Q: How does a pure command economy answer the basic question of which goods and services should be…
A: When talking about the types of economies, it can be seen that there are different economic systems…
Q: What is marginalism?
A: Macroeconomics: The study if the economy as a whole or in totality is termed as macroeconomics. For…
Q: According to economists, competitive market provides best outcome for consumer, lowest possible…
A: Policymakers and examiners have been voicing worries about the rising grouping/concentration of…
Q: What are Opportunity Costs? How is it different from Cost Benefits? (2 PAGES)
A: A producer's expenditure on factor and non-factor inputs for a specific amount of production of a…
Q: 1. Microeconomics is often called A) price theory. B) decision science. C) scarcity. D) resource…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Explain different types of competition and also state why is competition good for the consumer from…
A: Competition in economics imply a scenario in which various economic agents like buyers or sellers,…
Q: example of marginalism
A: Marginalism generally includes the study of marginal theories and relationships within economics.…
Q: What is meant by flexibility in economic terms?
A: Meaning of Economics: The term economics refers to the situation under which there remains…
Q: Make at least one example that shows the following in investment: Ten principles of economics…
A: Answer 1. In his book Principles of Economics, Gregory Mankiw lays out ten economic principles,…
Q: Incentives matter. Which of the below situations that find DOES NOT indicate a strong positive…
A: Incentives can be defined as anything that motivates a person to do something.
Q: What is a good way to calculate opportunity cost?
A: Opportunity costs is the next best alternative. It is what you give up when you choose one from the…
Q: Adam Smith, what three principles are required for a Lassiez-Faire economic policy to be effective?
A: Adam Smith, what three principles are required for a Lassiez-Faire economic policy to be effective?…
Q: When a ticket is given to a pedestrian for jaywalking, what type of incentive exists? Select one: a.…
A: In economics, there are different types of incentives associated with a specific situation such as…
Q: Market mechanism in economics
A: When it comes to some private commodities, government intervention in the market process might…
Q: Economic way of thinking: The economic way of thinking has several critical and closely…
A: Economics is a social science in which the use, production, and distribution of products and…
Q: The author of the text defines economics as the science of efficiency. the study of how humans make…
A:
Q: The government places health-risk warnings on cigarette and liquor packages. These warnings serve as…
A: The government places health risk warnings on goods that have harmful effects on health. These…
Q: Explain Economic and Social Disorder
A: In general, the term disorder is used to explain the situation of confusion when there is not a…
Q: What are the central features of capitalism as an economic system?
A: GIVEN the central features of capitalism as an economic system
Q: Define the term microeconomics. Please explain in detail.
A: Microeconomics is the study of what is likely to happen when people make decisions as a result of…
Q: there are nine characteristics of a market economy. choose two that are, in your opinion, most…
A: A market economy is an economic system in which the economic choices and prices of products and…
Explain the economic concept of incentives.
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- what first sink in your mind when we call applied economicsIn the capitalist economic system, the individuals through the forces of demand and supply interact to determine the allocation of resources as well as prices without external interference. Why then is the government sometimes justified to intervene in the economy to allocate resources?Why is economics often described as the science of constrained choice?
- Avon pays its sales personnel a commission for every sale they make. Which economic principle is Avon trying to apply? Group of answer choices A)People face trade-offs B)Trade can make everyone better off C)Markets can make everyone better off D)People respond to incentivesExplain the statement "People resond to incentives and disincentives" in relation to the demand curve and supply curve for good X.Base on your understanding illustrate what is economics