Using diagrams where appropriate, analyze why gambling can be seen as an example of market failure and evaluate the different economic policies that could be used to reduce these.

Q: According to Adam Smith, the "invisible hand" refers to the government's effort to always keep a…

A: Adam Smith was an economist who is well known for his book wealth of nation, invisible hand.

Q: Why is immigration central to what a free market means?

A: Free market is a place where firms and households are allowed to make buying and supplying decision…

Q: The following table contains statements that provide some analysis of policies that address breast…

A: The statement which is subjective and based on value judgements and assumptions. Providing any view,…

Q: In Denmark, the resources of the country are utilized efficiently to produce socially useful goods…

A: The economic system shows and define how the capital, resources, factor of production are divided in…

Q: Does the economic model or socioeconomic model of social responsibility make more profits? And why?

A: ANS The economic model assumes that society will receive the most benefit when producers are left…

Q: Comment on the degree to which a market economy establishes liberty for individuals.  Using ideas…

A: The economies around the globe work upon the basic idea of the study of economics, where the…

Q: Kyoko has opened a new startup company in web design. Within the first month of business, the…

A: Firms generally do trade with other firms when they have a lack of resources, to fulfill and satisfy…

Q: Consider a world with two “types” of people, and where everyone lives for two periods. In period 1,…

A: Employers: It refers to the people who provide employment to many people. The employer is the owner…

Q: What did mercantilism see as the economic goal for society? Why was poverty seen as essential?…

A: Mercantilism was an economic theory and practise popular in Europe from the 16th to the 18th…

Q: Think of, for example, the police force that protects property rights, market regulators that ensure…

A: Economic freedom, often known as economic liberty, refers to a society's citizens' capacity to…

Q: Would it be more profitable for a business to follow the economic model or the socioeconomic model…

A: An economic model is a condensed representation of the truth that helps one to analyze economic…

Q: In your own words, explain the concept of the “invisible hand” as it relates to economic theory. Why…

A: In this ,the entrepreneurs are the self interested individuals who are interested in making certain…

Q: Adam Smith, how would a market economy accomplish that harmony about which he describes?  What is…

A: The market economy is one in which the forces of supply and demand determine market price and…

Q: What would best explain why economics is important for understanding policies that deal with…

A: Poverty is a condition Where in an individual doesn't get the basic amenities that are required for…

Q: why the lack of well-defined and enforceable property rights is detrimental to the smooth…

A: Property rights is legal ownership and theory of resources telling how the resources can be used.…

Q: Social Darwinists had a different take on the utilitarian justification for free markets. They…

A: Economic competition refers to the situation where the firms are seeking for obtaining shares of…

Q: markets are quintessential examples of perfectly competitive markets. determine how financial…

A: Financial markets are ones where there is trade of foreign assets, government securities/bonds,…

Q: Which of the following statements are false?   Group of answer choices   People respond to…

A: Perfect Competition refers to the type of market competition where there is free entry and exit of…

Q: According to the invisible hand concept, the best way for a society to encourage the creation of…

A: As wants and desires of the individuals in the economy are unlimited but resources available to…

Q: Do you think a free market or a command economy is more likely to encourage productive and…

A: Command economy and free market are two opposite firms of an economy because command economy is the…

Q: Economics is the social science that studies the choices that individuals, businesses, governments,…

A: Scarcity: - it is very basic problem of economics which is related to the limited availability of…

Q: Are there any circumstances under which society could exist without law?

A: ANSWER   A Society rarely survives without some formed code of conduct. Thus it cannot exist without…

Q: On the basis of your observations, which factors of production are scarce in your community? Give…

A: 1. Capital is scarce in my community. I have observed that major goods that are produced in my…

Q: According to Smith, when private individuals are left free to seek their own interests in free…

A: Adam Smith was said to be the Father of economics.

Q: Imagine that the leaders of a poor nation with a centrally planned economy become willing to try a…

A: As we know that Economy is that system in society where people earn their livelihood. And engage in…

Q: To what extent are free markets morally justified? In your answer, you may want to be clear about…

A: Argument in support of free market  A free market is an economic system in which the prices of goods…

Q: In a market system, provide an example for when government can enhance or harm any of the processes…

A: In a nutshell, an economy must distribute its resources and pick between several possible bundles of…

Q: Why is private property and competition are the most important to a capitalist economy? Support your…

A: Capitalist economy is the economy in which majority of resources are owned by the private party.  In…

Q: two economists went to the same university disagree on policies such as minimum wages or higher…

A: Minimum wages:- Favorable opinion:- The minimum wage rate policy gives incentive to labour thus…

Q: What is meant by varieties of capitalism?

A: In general, capitalism refers to the ideology that beleives in free-market system with providing…

Q: 0. Normative and positive statements The following table contains statements that provide some…

A: The statement which is subjective and based on value judgements and assumptions. Providing any view,…

Q: Briefly identify and state the significance of each of the following to the History of economic…

A: History of economic thoughts: The history of the economic idea was the way of thinking that managed…

Q: Mr. Yusuf enjoys economic freedom; He owns a factory which produces steel products. There are no…

A: There are 3 major types of economic system. These are, command economy, capitalist economy and mixed…

Q: Which of the following is NOT one of the key fundamental economic questions of an Economic System?…

A: 26) An economic system is any system which is made up by assigning its scarce resources.

Q: Within a laissez faire system, the government should only perform those activities that the private…

A: An economic that works on the concept of the free market mechanism is essentially a capitalist…

Q: What is the definition of totalitarianism

A: Totalitarianism is an economic system where the government has total, centralized state control over…

Q: This question is based on the following definitions below. Pure Capitalism Government does not…

A: Economic systems in the world are grouped into traditional, command, market, and mixed systems.

Q: Choose the one that is correct about capitalist economic system. a. Private ownership of factors of…

A: . The main features of capitalism are economic freedom, voluntary exchange, private property rights,…

Q: A well educated society can be considered which of the following, as it pertains to economics?…

A: If a person's knowledge and abilities are developed in such a way that they finally result in a…

Q: To what extent are free markets morally justified? In your answer, you may want to be clear about…

A: The markets are a distributive mechanism which would result in the allocation of the goods and…

Market Equilibrium and Failure

The economy of a country or any place depends on the market demand and market supply of goods and services.