|depicts society as organized around two classes fighting over limited resources.

Q: With countless people competing for the same resources, how do we determine who gets the resources?

A: Economics(e) is the study of how limited-resources with alternative-uses are allocated to different…

Q: If a producer is producing at point z and wants to move to point X, then what is the trade-off?

A: A production possibility curve is defined as that curve which shows different quantities of two…

Q: The principle explains why the loss of jobs due to automation in certain industries may create jobs…

A: Automation refers to the process in which manufacturing activities are conducted by machines without…

Q: Justify the claim that the economic basis of the Sumerian civilization laid in highly productive…

A: Sumeria civilization developed when Mesopotamia received almost no rainfall,but then Mesopotamian…

Q: Explain how the free market capitalism provides for the creation of the pencil at the best price and…

A: The system of private players where they own the means of production is known as market capitalism.…

Q: contract curve, do all the points equally represent desirable conditions to a just society? Explain

A: A contract curve shows the allocation of two resources/goods between two people. The curve shows all…

Q: Are goods developed by the military like roads, factories and new technology for communications an…

A: The economics as a study is based upon the idea that resources which each economy have are limited…

Q: Option is gains value by producing less X / gains value by producing more X / is producing the…

A: The economics as a result is based upon the idea that the resources which the economies, or the…

Q: In a market economy, the compensation of labour is determined by the interaction of demand and…

A: A labor market is the place for the people and firms to interact with each other for the exchange of…

Q: Why do we not rely on competitive markets to supply us with the “correct” quantity of money?

A: Money supply is regulated by the reserve bank or the central bank of any nation and is used for…

Q: Define MARKET FACTORS?

A: In a market, when talking about market factors, they are the variables that has the potential to…

Q: According to Adam Smith, the butcher, the baker, and the brewer do what they do because of…

A: Adam Smith economic theory: Adam Smith is a philosopher who has given a theory that market tends to…

Q: Question 9 of 10 Which element of a command economy is also used in a mixed economy? O A.…

A: The economy is an economic system in which the choice is made because of scarcity. The choices are…

Q: In autarky, the quantities produced and consumed by a nation will be  determined by: a) The point at…

A: The term "autarky" refers to a country that is self-sufficient. Self-sufficiency and restricted…

Q: Explain opportunity cost. what importance is opportunity cost to the (a) Individual; (b) Firm; (c)…

A: "In economics, cost refers to the value of money that is spent in order to produce a good." Costs…

Q: QUESTION 21 Market, command, and mixed are all forms of A Market theories B Basic economic…

A: Maeket,mixed and command are all forms of Economic systems

Q: Factor Endowments Country A Country B 45 20 Labor Force 15 10 Capital Stock Refer to the table…

A: Answer: According to Heckscher Ohlin theorem, a capital-abundant country will export…

Q: Explain how resources are allocated in a mixed economy

A: A mixed economy is an economic system that is created from an amalgamation of the free market and a…

Q: Two major virtues of the market system are that it:         allocates resources efficiently and…

A: The market system is the collection of buyers and sellers who are trading different goods and…

Q: Describe the major characteristicsof capitalism, socialism, and mixedeconomic systems.

A: Economic system refers to the framework under which the economy of the nation operates. Different…

Q: Discuss the concept of homoeconomus with adequate examples. How does it help create an equilibrium…

A: The subject that includes the discussion about the allocation of scarce resources among all the…

Q: Why do you think that command economies .3 ?constrain economic freedom

A: The economic system refers to the economic mechanism based on which an economy runs and perform all…

Q: Is space the canvas on which economic geographical patterns are mapped out, or does it play a role…

A: Economic Geographic patterns are the aggregate result or resultant of the several economic laws,…

Q: Friedrich Hayek advocated for an economic system based on: O A. sharing the profits from all…

A: Friedrich Hayek was primarily known for his contribution to the field of political psychology and…

Q: what are the drawbacks of china's market economy system?

A: China is the largest country in Asia and has the highest population in the world.  China follows a…

Q: Define the term Economic Equivalence?

A: Economic engineers have an important role in determining the profitability of alternative projects…

Q: According to Marx’s materialist conception of history, what is the relationship between property or…

A: Historical Materialism is also known as historical materialist concept. It is an approach used by…

Q: In the third division of labor during the upper barbarism appear: a) farmers and herdsmen…

A: The separation of a various work process into a number of jobs, each of them is done by a specific…

Q: In an axes, sketch the market demand curve for education and sketch the market supply curve on the…

A: Market Demand is the sum of individual Demand. So we have, Price Market Demand 36000 130…

Q: What are the advantages of a market economy as compared to a command economy

A: Market economy is a type of economy in which the private businesses control economic matters.…

Q: What is marginalism?

A: Macroeconomics: The study if the economy as a whole or in totality is termed as macroeconomics. For…

Q: Q: determine whether the following statements are true or false: a) In the economic model of the…

A: a)In the circulation model,goods and services are manufactured and circulated by firms and demanded…

Q: example of marginalism

A: Marginalism generally includes the study of marginal theories and relationships within economics.…

Q: “Because all points on a contract curve are efficient, they are all equally desirable from a social…

A: In microeconomics, the contract curve, also known as the Pareto set, is a collection of points that…

Q: How does sociology affect the economics of a region?

A: Economic sociology employs sociological methods to study economic phenomena such as businesses,…

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 MAKES THE CLASSICAL SCHOOL EVOLVED TO THE MARGINALIST?

A: The Classical and Neo-classical (Marginalists) schools are two prominent schools of economic…

Q: HOW WILL YOU DECIDE ON WHO WILL GET A COMMODITY OF MILK BASED ON THE CHARACTERISTICS AND ROLES OF 3…

A: An economic system is a way for governments or communities to distribute and organise resources,…

Q: What are “collective action problems”? What issues may unfold based on such problems? Give examples.

A: Collective action problem is the situation in which multiple individuals would better-off from…

Q: Draw by defining production possibilities. What happens when the economy is in full and…

A: The PPF  shows the combinations in the amounts which can be produced of two goods if the production…

Q: A visiting American executive finds that a foreign subsidiary in Bangladesh has hired a 12-year-old…

A: Cultural Relativist  cultural relativism stands for not judging society, situations, and things with…

Q: The major virtues of the market system include all of the following, except: a) It provides…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: Explain the difference between simple commodity production and capitalist commodity production.

A: Meaning of Production Function: The term production function refers to the situation under which a…