The miracle of markets A. occurs when consumers and businesses make self - interested smart choices based on prices. B. is that consumers and businesses learn about each other's personal wants and production capabilities. C. is that businesses are free to set any prices they choose D. is none of the aboveabove.
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The miracle of markets A. occurs when consumers and businesses make self - interested smart choices based on prices. B. is that consumers and businesses learn about each other's personal wants and production capabilities. C. is that businesses are free to set any prices they choose D. is none of the aboveabove.
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- Analyze the role of scarcity in daily life. Explain why prices are flexible and can always change. Analyze if you were an owner of a store, how would you deal with a shortage/surplus.According to economists, competitive market provides best outcome for consumer,lowest possible price with highest possible quantity. Why would this not work withhealth care market, and concentration of hospitals might be good idea?Does an individual consumer really have a voice in answering the "basic four economic questions"? (a. What goods and services- and how much of each- will be produced? b. How will these goods and services be produced? c. For whom will these goods and services be produced? d. Who owns and who controls the major factors of production?) Why do you feel this way? Be specific and give examples in your answer. This class is intro to business
- 1. It is primarily the basis of economic activity a. economics b. scarcity c. social science d. abundance 2. What happen to the demand for tilapia if the price of bangus will go down? a. prices of tilapia remains b. price of bangus remains c. shift to the right d. shift to the left If cruz family lessens their demand expenditures for rice because they want pandesal for their breakfast, this is a. time efficient b. taste and preference c. decrease in income d. saving for cooking gasGive your opinion, which type of market is best to exist and why? In which kind of market, the consumer gets benefitted and whyBased on the concepts of production and cost. 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 would you need about the market for bananas in order to assess whether farmers as a group were hurt or helped by the floods?
- match each term with the correct definition ;economics opportunity cost marginal analysis utility a. the next best thing that must be forgone in order to produce one more unit of a given product b. the pleasure happiness or satisfction obtained from consuming a good or service. c the social science concerned with how individuals institutions and society make optimal choices under conditions of scarcity d. making choices based on comparing marginal benefits with marginal costAs you know about the market (like perfect and imperfect) write in your words about the market which you think is more realistic than other?Economics is concerned with A. All the given answers B. the effects of changes in opurtunity cost on decisions C. the competition that scarcity makes necessary D. the choices people must make because resources are scarce
- Base on your understanding illustrate what is economicsexplains that the two most important assumptions of economics are scarcity and cost. Please explain each in your own words and give one example each, one from the film and one of your own that helps clarify the meaning and relevance of these two assumptions.a. According to economic theory, society makes an important tradeoff between scarcity, choice and opportunity costs. Carefully discuss this tradeoff with relevance to health economics. b. A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization (NGO) to serve the needs of orphans. His annual expenses for the NGO amounts to $62,700 for food and daily supplies $9,400 for maintenance, and $1,800 for books. i. What is his opportunity cost of opening the NGO? (Show working) ii. What core economic principles are considered in the doctor’s decision making?