How does a market economy solve the what, how, and for whom to produce problems?

Q: In some countries the government makes most of the decisions about what will be produced, how it…

A: We have limited resources, but unlimited wants. Everyone wants more house, more water, more…

Q: Individuals make trade-offs to a. determine economic values b. cooperate with others c. minimize…

A: Trade off is exchanging something of value. It is kind of relationship between two parties who…

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: What are some of the Requirements for Economic Models?

A: An economic model is a simplified version of reality that allows us to observe, understand and make…

Q: Which of the following are three key components of the economic problem? a. scarcity; choice; giving…

A: The economics as a study is based upon the basic idea of scarcity, where the resources which are…

Q: The fact that human wants cannot be fully satisfied with available resources is called the problem…

A: According to the given question The fact that the human wants cannot be fully satisfied with the…

Q: Identify from the situation positive and normative economics and give your reasons.

A: Positive and normative economics are the two disciplines of modern economics.Positive economics…

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 two major economic problems in economics

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

Q: Production Alternative Types of Production A B C D E Sandals 10 12 14 16 Boots 50 40 30 20 What is…

A: Opportunity cost refers to the Cost of having the next best possibility/alternative. It is the loss…

Q: What does Joseph Schumpeter mean by “Creative Destruction”? Please give examples from the period of…

A: "Creative destruction," a term originated in the 1940s by economist Joseph Schumpeter, who…

Q: Issues/problems of economy as a social institution? Explain and add a solution to that problem.

A: Issues and the problems identified in the economy as the social institution are the…

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: Does an individual consumer really have a voice in answering the basic four economic questions…

A: The basic questions of economics are; what to produce?, how to produce? and for whom to produce?. An…

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: What is a social economy? Why is it considered to be happening already?

A: Economies are classified into different types based on the economic activities performed by the…

Q: Give your opinion, which type of market is best to exist and why?

A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…

Q: Positive or Normative?

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

Q: In a culture where we are bombarded with other people trying to define us, how do we make decisions…

A: Culture defines an indiividual upbringing and also in the world of billions, people stand out in a…

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: Why do many think of normative economics as subjective?

A: Normative economics is a branch of economics which deals with the question about economy and what…

Q: What determines the answers to the economic questions under a traditional economy?

A: Traditional economy explain 3 questions which are as:- 1 .what to produce? 2. How to produce? 3. For…

Q: How market mechanism solves the basic economic problems?

A: The market economy will help to solve the economic problems.

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: What are the pros and cons of traditional economy?

A: ‘Traditional economy’ relies on custom & history. It assumes that all people are ‘rational’.…

Q: What can affect the prioritization of economic goals.

A: The objective of economic effectiveness has been characterized as the most elevated conceivable…

Q: What are the Indicators of market potential according to Economic factors?

A: The economic indicators measure the performance of various variables and thus make predictions about…

Q: graphically explain the economy-environment interaction?

A: Economy: The economy deals with the careful use of money, allocation of resources, and means of…

Q: What is an example of a problem in the world today, not mentioned in the chapter, that has an…

A: The economic dimension deals with all of the event firm and individual event's economic…

Q: how does a market economy and individual right works? explain.

A: The many laws and ordinances that make up the economy are referred to as the economic system.…

Q: How should we deal with the problem of scarcity?

A: Scarcity:- Scarcity refers to condition of not having enough resources to fulfill our wants. Problem…

Q: Why is “how to produce” a problem in every economy?

A: The central problems all the economies around the world face are "What to produce, how to produce,…

Q: Why is private property, and the protection of property rights, so critical to the success of the…

A: Private property can be legally defined as any resource, asset, or capital the ownership of which is…

Q: What should we produce? How should we produce it? For whom should we produce it?

A: Answer: Introduction: "What should we produce", "How should we produce it", and "For whom should we…

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: 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: 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: Why do property rights and the level at which choices about using resources occur matter to an…

A: The property rights and the level at which the choices about using the resources affect the society…

Q: How does personal gain affect choices by individuals and government?  Resources are finite.  What…

A: Scarcity refers to the difference between limited resources and theoretically limitless needs, which…