Q: QUESTION 3: THE EQUILIBRIUM IN FREE MARKET ? ECONOMY
A: Since you have posted multiple questions as per the guidelines we can solve only one question at a…
Q: What are the types of market failures in an economy? and gave two examples of each.
A: Market failure occurs when the price system in the economy fails to factor in all the economic…
Q: How do Adam Smith’s principles of the free market play out in our economy today?
A: Adam Smith is a well-known economists till now as he gave many economic theories and models to help…
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A: Microeconomics studies the behavior of Consumers, firms and workers as well as how the markets are…
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A: There can be different types of markets in an economy or in different economies according to which…
Q: Based on the concepts of production and cost. PART A: Several years ago, hurricane Gilbert destroyed…
A: The farmers whose crops were destroyed by hurricane they face losses and whose crops left after the…
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Q: In a market economy, economic activity is guided by Select one: O a. the government O b. central…
A: A market economy is that economy in which economic activities are not regulated by anybody. Instead,…
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: Which of the features of American Free Market Economy gives choices to consumers?
A: The U.S. economy is a free market(M) economy – a market that is controlled by market demand and…
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: PART A: Several years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica.…
A: Natural disasters like hurricanes, floods, etc hugely affect the agricultural sector. They cause…
Q: Which of the following is a positive statement? large inequality in society should be avoided…
A: There are two types of statements: Normative statement and positive statement.
Q: Three economic questions must be determined in all societies. What are they? What goods will be…
A: Three economic questions must be determined in all societies .what are they.
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: In 50 words.... Please Give one or two examples in the marketplace that describes the…
A: Free market refers to a marketplace whereby the principles of demand and supply regulate and governs…
Q: In a market economy, economic activity is guided by Select one: Oa. the government Ob. prices O c.…
A: Economics: It deals with market study and effects due to which there is a change in the rates of…
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: As you know about the market (like perfect and imperfect) write in your words about the market which…
A: Meaning of Market: The term market refers to the situation under which the producers or 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: Importance concepts of economics?
A: The important concept of economics are Market interest:- It is one of the essential financial ideas…
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: Why are production and competitiveness important in today's economies?
A: Production increases competitiveness and competitiveness increases overall GDP in the economy.
Q: List 1-3 things that you learned about basic economic concepts.
A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…
Q: QUESTION 5: Could legal interventions that affect our economic life and take the form of either…
A: One of the best roles of government is to rectify issues of market failure associated with external…
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: If executives of various firms met in a smoke-filled hotel room to fix prices and to allocate which…
A: Meeting in a hotel room to fix prices is the practise of collusion of setting prices that are above…
Q: Draw and explain the circular flow chart of decision makers’ choices and the way those choices…
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Q: How should marketers respond to the changing environment?
A: It is essential to be proactive always in this rapidly changing environment for marketers. It is…
Q: what are 2 assumptions that underline the conclusion that free market are efficient?
A: Free Market Economy:It is a system of the market in which prices of commodities are determined by…
Q: Question: In a market economy: a) the price and quantity of traded goods are determined by the…
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Q: The "invisible hand" directs economic activity through Select one: O a. prices. O b. advertising O…
A: Invisible hand refers to a situation where a market get its equilibrium without any external market…
Q: What drives a free market economy?
A: In a free-market economy, market forces will run the economy, demand and supply are the market…
Q: State the main characteristics of a Market Economy and explain how Market Economy works?
A: A market economy is an economic system in which economic decisions and the pricing of goods and…
Q: What is the incentive for producers to produce in a free market? Why is it so important?
A: INCENTIVES/MOTIVATION What are incentives/motivating forces? A motivating force is a desire for…
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: Explain the difference between a free good and an economic good.
A: In economics, goods are products that meet human desires and give utility, such as a gratifying…
Q: Question 4 of 10 A market economy is best described as an economy that: A. gives the government…
A: "An economic system include different systems used by businesses/governments to interact and to…
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: Question 17: For economists, human behaviors influence the choices people make to fulfill their…
A: There are unlimited human wants,but resources are scarcE Thes wants arise due to human desires
Q: Explain why the goal of a society, production or consumption, has important implications for…
A: A policy is a set of rules intended to direct actions and provide objective results, particularly in…
Q: What is a market?a. Name five types of markets in which you participate.b. What markets trade…
A: Meaning of Market: The term market refers to the situation under which the producers or the…
Q: How does a market economy solve the what, how, and for whom to produce problems?
A: What to produce, how to produce and for whom to produce are three basic economic questions or…
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: What are the advantages of a free market economy?
A: A free market is a type of market economy where prices for all goods and services are regulated in…
Q: The main criticism of a market economy is a. Concentration of wealth in a small percentage of the…
A: The market economy is an economic system where resources are own and controlled by the private…
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- PART A: Several years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica. Farmers whose crops were destroyed by the hurricane were much worse off, but farmers whose crops were not destroyed benefited from the hurricane. Why did this occur? What information wor helped by the floods?ould you need about the market for bananas in order to assess whether farmers as a group were hurtQuestion: Which of the following best illustrates the economic way of thinking? a)The ability to use cartographic techniques to describe the natural and human world in maps. b)The science of predicting fish populations based on environmental conditions, population, dynamics and commercial harvest rates c)The capacity to critically evaluate art and theatre. d)The ability to look at an event, such as a cold freeze that damages the orange crop, and predict how it will affect prices and markets.Answer the following question: 1. What is the role of Media in the contemporary world?
- Think about getting into the business of selling computer parts and accessories. Which of the following do you feel has the biggest potential for sales among recent college graduates: high-volume storage devices, supercomputers, or mainframe computers? Why? Which of the following is not a benefit of working in the field of selling computer hardware?Choose the Letter of the Correct Answer 1. It refers to a basic economic question that asks what needs and wants to be produced?. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 2. It refers to the skills and talents to produce a product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 3. It refers to the target market of a certain product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 4. A basic economic question that relates about quality and quantity of the product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 5. It is a kind of economic system that is paternal, kinship in nature. A. Traditional economic system B. Market economic system C. Command economic system D. Mixed economic systemExplain why new entrepreneurial business owners select or target their customers. What are the disadvantages associated with not choosing the customers?
- In rural or urban areas, why some economist suggested that we need to focus on the following sectors: agriculture, manufacturing, commerce and services?APPLIED ECONOMICS Making Decisions. If we cannot have everything we want, then we must choose what we want the most. Why must a society face the choices about what, how, and for whom to produce? (Please focus the explanation to "WHAT").1. It regulates the engagement between the producer and the consumer. A. Chamber of commerce B. Local community C. Government 2. Economic development is measured by looking at A.Wealth of the community B.Quality of life C.Type of businesses present 3.It is regarded as the engine of the economy. * A.Entrepreneurship B.MSME's C.Education 4.The future belongs to those who can think like a; A. Positive person B.Scientist C.Entrepreneur 5.Which of the following is an entrepreneurial mindset? * A.Vulnerable Mind B.Resilient Mind C.Rigid Mind 6. is more interested in being unique. A.Independent Mind B.Risk Managing Mind C.Designing Mind 7.It is determined to achieve stretch goals. * A.Resilient Mind B.Independent Mind C.Goal oriented and effectuating mind 8. It has the propensity to take calculated risks. * A. A positive mind B.Risk managing mind C. Calculated risk mind 9.It…
- Economics Using the three different market segments: Baby Boomers, Generation X, and Generation Y / Millennials, how does segmentation play a big part in marketing products and services?How does self-interest help achieve society’s economic goals? Why is there such a wide variety of desired goods and services in a market system? In what way are entrepreneurs and businesses at the helm of the economy but commanded by consumers?implication of media and information to an individual and society Not so sure if what subject this huhu //
