Present your understanding of the ‘Circular Flow’ , by describing the role each of the five main economic institutions and markets play in the success of a ‘Mixed Market Economies’ ability to deliver quality high school education to its citizens.”
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Part 5 Question A: “Economic Systems”
Prompt: “Present your understanding of the ‘Circular Flow’ , by describing the role each of the five main economic institutions and markets play in the success of a ‘Mixed Market Economies’ ability to deliver quality high school education to its citizens.”
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- Which of the following economic systems are concerned with addressing the fundamental economic systems? I. the traditional system II. the command system III. the market system IV. a mixed economy A. II,III, and IV B. Only IV C. III and IV D. I, II, and IVII. In the wake of the pandemic, calls for a new economic approach have been heard in a number of quarters. In the US, President Biden has urged the country to change the economic system around so that we can “build back better.” Another world leader calls upon us “not to follow the easy path of returning to a ‘normality’ … [but] to rethink our way of life and our economic and social systems.” Lurking in the background in both are the notions that it is possible to direct and organize economic activities according to some new blueprint and that government officials can and will do so effectively. Describe the answers briefly and are allowed to use diagrams and graphs 1. What would Friedrich Hayek say regarding these calls to rethink and redo the economic system? Use his article ‘The Use of Knowledge in Society” and his book The Road to Serfdom in framing your answer. 2. Suppose you had to do an economic forecast of a country that was planning to adopt such an approach. Would whether…An important insight by early economists was that an economy based on free-market transactions is ▼ group self objective-organizing. Adam Smith developed the idea that ▼ self-interest equality goodwill, not benevolence, is the foundation of economic order.
- The challenge of how to achieve the highest possible satisfaction of needs using scarce resources is also called the Economic Problem. True False Which of the following is NOT a key question that needs to be answered by an economic system? Which products and services should be produced? Who should produce these products? For whom should the products be produced Which resources must be used? How long will manufacturing it take? America is known as a first world country largely due to the creativity and innovation of business owners. Customers have freedom of choice, when selecting products and services to satisfy their neds. America is therefore an example of a: Free market Economy Command Economy Socialism None of the above. PLEASE ASSISTIn The Wealth of Nations (1776), what does Adam Smith identify as the primary driver of the success of decentralized market economies? Question 29 options: the basic benevolence of society basic human survival instincts individuals' self-interest society's justice (legal) systemmacroeconomics multiple choice question 28. Country A has a GDP-per-capita of $500, and Country B has a GDP-per-capita of $75,000. Which of the following is NOT a plausible reason for Country B’s higher GDP-per-capita?(A) Country B has more open and inclusive economic and political institutions. (B) Country B has more natural resource wealth.(C) Country B has lower productivity.(D) Country B has more capital. 29. After lockdowns were declared globally in 2020, the price of oil crashed from $64 per barrel in January to $18 per barrel in April. What is the most likely reason that lockdowns contributed to the oil price crash?(A) Supply increased due to oil companies reallocating resources to help with the COVID-19 pandemic.(B) Supply decreased due to oil workers being furloughed.(C) Demand increased from factories producing Personal Protective Equipment for essential workers.(D) Demand decreased since fewer people were commuting to work.
- List AND EXPLAIN three types of economic systems. Based on the information provided and your experience, Identify the economic system that is practiced in the United States.The YouTube video "Why Capitalism Works" seems to provide a compelling case for why capitalism is beloved by many Americans. Yet from a Marxian perspective, the video fails to address a flawed aspect of the capitalist enterprise. What does the video intentionally(?) hide and briefly explain why a Marxist would find the capitalist economic model problematic? What basic solution would it offer to enhance the quality of workers' lives?Describe the types of economic systems. Traditional economic system Command economic system Market economic system Mixed system (Please answer it clearly so that I can understand it well, thank you...) hope you can help me
- All of the following topics fall within the study of microeconomics EXCEPTa. the impact of cigarette taxes on the smoking behavior of teenagers.b. the role of Microsoft's market power in the pricing of software.c. the effectiveness of antipoverty programs in reducing homelessness.d. the influence of the government budget deficit on economic growth.Which of the following exemplifies a microeconomic question? Multiple Choice What is the current national rate of unemployment? Is the economy experiencing a decline in the rate of inflation? Will a new type of electronic reader or tablet increase the number of buyers? Is the aggregate output in the economy greater this year than last year?1.Explain what are economic systems? In your explanation, give indication regarding the role of an economic system 2. Discuss the nature of a Planned economic system? Your discussion should include:Ownership and Control of resources and Essential Decision making. 3. Give three (3) advantages and disadvantages of Planned Economies and Market economies. 4. Discuss the essential features of a mixed economy 5.Differentiate clearly between a Planned Economic System and a Free Market Economic System.
