What is the circular flow diagram, and what does it demonstrate?

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: What are the three types of economic systems in internaional market? What criteria can we use to…

A: Economics deals with the supply and demand of resources. According to Adam Smith, the father of…

Q: Draw a production possibility frontier showing the trade-off between the production of apples and…

A: Meaning of Production Possibility Frontier: The term production possibility frontier refers to the…

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: In the 1990s thousands of “dot-com” companies emerged with great fanfare to take advantage of the…

A: Economics: Economics is all about making choices during the scarcity and allocation of these scarce…

Q: What does the Powerbar model tell us about how creativity fits into a market economy?

A: Ans-    Market power model means a broader market which existing rebranding bar.  It is constant…

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: Q.1.1 What is the cause of scarcity in the economy? (a) Limited wants and unlimited resources. (b)…

A: Note:  We’ll answer the first three questions since the exact one wasn’t specified. Please submit a…

Q: In the 1990s thousands of “dot-com” companies emerged with great fanfare to take advantage of the…

A: The economy has scarce resources and unlimited wants and has a major of three questions which each…

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: Please give two advantages of a free market economy

A: Free market is the one where government does not make market decisions as the demand and supply of…

Q: a. Draw and explain a production possibilities frontier for an economy that produces cheese and…

A: Production possibility frontier (PPF) shows that with the combination of two factors of production,…

Q: What is a positive statement? What is a normative statement? What is the difference between positive…

A: Positive statement talks about factual phenomenon while the normative statements are advisory in…

Q: What are the differences in the way a market process vs. a command process attempt to deal with the…

A: Basic problem of scarcity means availability of limited resources against unlimited wants of human…

Q: Using the Possibilities Production Frontier explain the concept of opportunity cost (moving from D…

A: Opportunity cost is calculated by taking the ratio of the sacrificed units by one to the gaining…

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: Is space the canvas on which economic geographical patterns are mapped out, or does it play a role…

A: Economic Geographic patterns are the aggregate result or resultant of the several economic laws,…

Q: Graph 3: Draw a production possibilities model and using your own numbers, explain the concept of…

A: As per the rules, we only answer one question at a time. Since there is no information on which…

Q: Why are production and competitiveness important in today's economies?

A: Production increases competitiveness and competitiveness increases overall GDP in the economy.

Q: Draw and explain a production possibilities frontier for an economy that produces cheese and milk.…

A: The Production Possibility curve also known as Production Possibility Frontier the graphical…

Q: Is there a change in the resources available to society? explain why.

A: Economics is the study of allocation of scarce resources among alternative uses to satisfy human…

Q: Based upon those notions of self-interest and public interest and the bringing of both into harmony,…

A: With market economy,certain problems can occur,if there is no government intervention…

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: John divides his time between painting landscapes and writing his novel. He paints at a constant…

A: Painting landscapes and writing his novel take up most of John's time. He paints at a steady rate,…

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: s why the market fails

A: Market failure refers to a situation when the market fails to efficiently distributes goods and…

Q: Draw and explain a production possibilities frontier for an economy that produces milk and cookies.…

A: PPF (production possibility frontier) shows the different combinations of two goods which can be…

Q: Constrast the essential features of a market economy with those of a planned or command economy ?

A: Answer- Difference between market economy & planned or command economy  Market economy :- Market…

Q: Draw and explain a production possibility frontier for an economy that produces milk and cookies.…

A:

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: How could a society manage to end up consuming a bundle of goods that is beyond its production…

A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…

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: The circular-flow diagram illustrates that, in markets for the factors of production?

A: The circular flow diagram of a country is defined as the movement of commodities including services…

Q: Identify the three main types of economic activities. Then tell one way that all three are similar…

A: Identify the three main types of economic activities:- Primary sector activities:- All activities…

Q: Why is private property, and the protection of property rights, so critical to the success of the…

A: Private property can be legally defined as any resource, asset, or capital the ownership of which is…

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: Which of the following people ultimately determines the product that a free enterprise (Market)…

A: Hello, Thank you for the question. Since there are multiple questions posted here, as per the rule…

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: what are the three institution of government that protect individuals right in a market economy,…

A: Market Economy Supply and demand, multiple economic forces, govern the creation of goods and…

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 goal of this assignment is to think about the Productions Possibilities Frontier model and use…

A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…

Q: What is a trade off? How does economics decide on what must be produced? What is an opportunity…

A: Answer: What is a trade-off? Trade-off: trade-off refers to the situation where one choice or good…

Q: what is market free economy? and discussion on free market economy advantages and disadvantages ?

A: An economic system refers to the means by which a particular government/society organizes and…