Provide one example of a macro economic question, and one example of a micro economic question, and explain the difference. Do not use any of the examples we have used in class
Q: In the circular flow model, firms own the economic resources and households buy the manufactured…
A: Firms and household are the two players in the circular flow model.
Q: 1. Identify the four basic inputs to an economic system, and give examples for each of them.
A: Economic System is a structural organization which allocates resources, and plays the basic…
Q: why it may be more difficult to bring more change in a traditional economy than in a market economy.…
A: Traditional economy: It is an economic system where the economic decision are taken based in the…
Q: Explain how , in the basic Circular Flow diagram, households and firms can be thought of as both…
A: In financial aspects, the circular flow diagram outline addresses the association of an economy in…
Q: Which of the following are the three major categories of resources? a) natural resources, physical…
A: Resources are the factors of production of goods and services.
Q: Normative economic statements MUST a. be precise b. quantify data c. have no bias d. be objective e.…
A: The economics is the study of individual behavior and how they allocate the goods and services…
Q: Come up with a long answer to answer this question. What is the role of the industrial sector in…
A: The industrial sector is viewed as a leading sector of economic development. We can have economies…
Q: How is it that the problem of who to produce for is resolved in the capitalist system?
A: A capitalist system is an economic system that is run by the free enterprises of the market. In this…
Q: Discuss the concept of production on various point of economists.
A: Production is the process of combining various material inputs and immaterial inputs in order to…
Q: Discuss economics as a social science
A: Economics is the study of behavior of consumers, producers, households and business.
Q: 27 Macroeconomics studies individual economic unit Select one: a. True b. False
A: Economics is the study of the efficient allocation of the scarce resources of the nation. Scarcity…
Q: of computers
A: The knowledge economy is a system of production and consumption which is based upon intellectual…
Q: Large majorities in the 11 emerging and developing countries surveyed either own or share a mobile…
A: The income effect refers change real income or purchasing power of consumers due to the change in…
Q: Q.1. Explain with examples various economic systems exist in the world. Oman following which…
A: sorry for inconvenience however i can only answer 1 question (upto 3 subparts) in one session.
Q: Explain how do the following events affect the emergence of globalization and interconnections among…
A: Globalization refers to the concept wherein the countries open their domestic economies to all the…
Q: Leroy is considering setting up a large IT business to produce website for companies in Jamaica. He…
A: Economies of scales is referred as the benefit the producers achieve in terms of cost of production…
Q: Compare and contrast the various types of economic systems
A: An Economic System is any process which includes mechanisms for the manufacture, delivery, and trade…
Q: A study on the perception of the urban poor on the housing program of the government. What is the…
A: Value of the research would be that urban poor would appreciate for the houses that they get.…
Q: Consider a simple economy whose only industry is fishing. In this industry, productivity-the amount…
A: Here is the solution,
Q: Ceteris paribus is not realistic in explaining real world economic problems.
A: Ceteris Paribus is the most commonly used concept in economics. It is used while describing major…
Q: Discuss A Self-Sufficient Economy
A: Economics is a social science which studies the efficient allocation of the scarce resources in the…
Q: Which of the following best describes an entrepreneur? a. A person who works as an office clerk at a…
A: Entrepreneur: An individual who himself wishes to start a new business, also ready to bear the…
Q: sentences,explain the importance of studying applied economics.
A: Applied economic aspects is the use of monetary hypothesis to decide the logical results related…
Q: What are the Possible Sources of Capital: Micro Economics Business Concept.
A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…
Q: Which of the following is not an issue that economists are interested in microeconomics? Lütfen…
A: Microeconomics is a social science that investigates the consequences of incentives and actions,…
Q: Describe the types of economic systems. Traditional economic system Command economic system Market…
A: Several eminent scholars and policymakers have classified various types of economic systems on the…
Q: Explain in your words that how equilibrium is achieved in three sector economy? Please solve within…
A: The three-area economy includes three areas in particular, Household Firms Government The…
Q: Which of the following would be strategies to increse productivity A.) Invest in accumulating…
A: Productivity refers to the ability of a firm to use input resources efficiently and to minimize the…
Q: ACTIVITY TO DO: ESSAY: Explain the question in five (5) sentences 1. Identify which of the following…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
Q: definition of standard economic theory
A: Economics: It relates to the production, distribution, consumption of goods and services.
Q: Describe why Bonifacio Global City (BGC) is a global city?
A: A global city is a metropolis that serves as a hub for the global economy. The notion behind the…
Q: What are some economic opportunities and challenges for an ageing population?
A: Meaning of Ageing Population and Economic Opportunity: Ageing Population refers that as large…
Q: With the aid of diagram, explain the economic concept of scarcity, efficiency and full employment…
A: The economic concept of scarcity, efficiency and the full employment and the trade off are the…
Q: Compare and contrast the four types of economic systems. Write 3-5 sentences
A: Economic system: It refers to the means by which a society or government organizes and distributes…
Q: What do you think is/are the most effective and efficient economic system? Explain your answer…
A: The most effective and efficient economic system is mixed economic system. In this, there is a blend…
Q: Which government action would be taken in a command economy to address the problem of economic…
A: The command economy is characterized by public ownership of nearly all property resources and…
Q: Gendered Economic Geography mainly focuses on the gendered nature of the workforce, emphasizing how…
A: Gender equality would mean treating males and females same, as women also had right to be part of…
Q: Enumerate some importance of the basic economic problems
A: The study of economics is considered to be a wide aspect, which is based upon the basic principles…
Q: When economists consider the output of all U.S. businesses as a single entity, they are treating…
A: The output level of Economy In an economy, the output is regarded as the number of commodities or…
Q: Which of the following best defines 'institutions' as they relate to economic develop O The formal…
A: 1. Particular organisations or institutions, both public and private, charged with gathering or…
Q: Directions: Read the article below . Then , discuss how the economic program of the government…
A: Scarcity is an important term of economics. If the demand for goods and services is greater than the…
Q: Explain what are economic systems? In your explanation, give indication regarding the role of an…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: What are the other forms of basic economic studies? Define each.
A: Economics can be divided into two branches . 1- Microeconomics: It is the narrow concept that…
Q: Explain how a mixed economy differs from both a planned and a free market enterprise economy and…
A: Planned economy is that economy which is controlled by the government or any legal authorities on…
Q: Which are the three means of factors of production? (
A: There are three main factor of production Land Labour Capital The first basic factor of…
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- Critically discuss the types of economic systems which exist and provide examples ofcountries where the systems are maintained. Indicate which type of economic system isexhibited in the CSME.Categorize the following as microeconomic or macroeconomic questions: (vii) Why are interest rates rising? (viii) Why are economic growth rates different in the Jamaica and Antigua?What are the four basic factors of production? Provide at least one example of each factor of production and discuss how that factor is used economically.
- macroeconomics 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.In a minimum of 250 words, explain what the three core economic questions are that every society has to answer and then discuss how the U.S. addresses these. Then, provide a brief description of the U.S. economy. If desired, you can compare and contrast this with how another country (or other countries) addresses these questions. Ensure that you use facts to support your points and provide citations and references for those sources. The required text is chapters 1-3 in Schiller, B. R., & Gebhardt, K. (2016). The economy today (14th ed.). Columbus, OH: McGraw-HillHigher Education (ISBN:9780078021862).In Chapter 11, Tietenberg and Lewis note that market imperfections are a major cause of unsustainable development. What are some examples of market imperfections that hamper efforts to achieve sustainable development? Do such imperfections always lead to unsustainable outcomes? What are some economic incentive policies that might facilitate a transition from unsustainable to sustainable activities?
- REFLECTIONDirections: Read the article below . Then , discuss how the economic program of the government administration puts solution to the problem of scarcity in the country.Write your answer in a reflective way.Circular flow diagram: Include the government sector in your explanation, a description of the roles that each participant plays in the economy, and how the different sectors interact in the markets. The Production Possibilities model: Provide an example and include a summary of what the model is illustrating and the economic implications for the economy. Microeconomics and macroeconomics: Explain the differences between the two and why economics is divided into these two subdivisions.Explain how , in the basic Circular Flow diagram, households and firms can be thought of as both consuming and producing?
- why it may be more difficult to bring more change in a traditional economy than in a market economy. When planning your response, include basic characteristics of each (traditional and market) economy and reasons why changing from a traditional to market economy may be difficult. Support your ideas with support from this journey or an outside source. Your response should be a paragraph of at least 7-10 sentences.Choose the best answers using the circular flow model. Households provide the resource market with________. - resources - land, labor, capital, and entrepreneurship - revenue - expenditures - goods and servicesHow does innovation disrupt the flow of an economy to any given organization? Discuss
