Which allocation system do you think is the most productive or the fairest? Explain. 2. Compare and contrast the Market System and the Planned System.

Q: 2. Explain how do economists make rationale choices to allocate the scarce resources?

A: Scarcity refers to the situation where the unavailability of resource to meet the unlimited human…

Q: Are households demanders or suppliers in thegoods market? Are firms demanders or suppliers in…

A: Supply and demand are the economic dynamics that determine what suppliers are willing to produce and…

Q: What are the implications of the fundamental theorems of welfare economics for the organization of…

A: The study of how the distribution of wealth and goods influences social welfare is known as welfare…

Q: 6. Goods and services have a price because a. Resources are scarce in relation to people’s demands…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Explain the disequilibrium in the market due to surplus situation? Also explain the surplus…

A: The equilibrium in a market occurs when the demand is equal to the supply of the good. When the…

Q: Describe the two main classifications of “Markets” and what roles do prices play in exchange of the…

A: Market is a place where goods and services are exchanged for money or other goods by buyer and…

Q: 8. A positive statement is one which: • Is based on opinion • Is based on a value judgement 9. Which…

A: Since you only need answers , I have provided no explanation. Also since you have posted multiple…

Q: . In terms of Adam Smith’s concept of the invisible hand, an efficient overall allocation of…

A: Concept The invisible hand is the idea that free markets will find a balance in market forces for…

Q: QUESTION 1. Over dinner, your friend mentions an article about a population explosion in Malaysia…

A: The Heckscher-Ohlin model is a theory of economics that states that nations should export what they…

Q: (1). Which of the following is the best definition of economics? A) the study of how individuals…

A: The study or concepts of how money, commerce, and industry are organised are known as economics.

Q: Explain the topic Adam Smith’s Laissez-Faire Theory

A: Adam Smith was a Scottish economist, who is known primarily for a single work -  An Inquiry into the…

Q: Discuss whether merit goods and demerit goods are best provided by the market economy

A: Merit goods are those commodities and services whose true personal benefit is not realised by a…

Q: The basic economic problems of the society includes the ___.   a. all of the above b. problem of…

A: According to Lionel Robbins, "Economics is the science that studies human behavior as a relationship…

Q: An efficient allocation of resources occurs when?

A: An efficient allocation of resources happens when resource allocation can be governed with the…

Q: The principles of economics cannot explain which of the following: Multiple Choice O Why people…

A: To understand the principles of economics. We must examine the following five concepts that may play…

Q: 1. A basis for the systematic study of economics exists because A Resources are scarce in relation…

A: 1. Economics is a social science which deals with the science of decision making, i.e. understanding…

Q: What are the features of the human wants in economics?

A: Economics: Economics is the study of mankind in the ordinary business of life, It investigates how…

Q: Which central problem of an economy is concerned with the selection of goods and services to be…

A: The Central problem we consider while studying economics are what to produce, How to produce and the…

Q: Fill in the following table. (Enter your responses using integers.) Individual Initial Trade Final…

A: Note: Since most of the answers in the question are already solved, we are solving the remaining…

Q: 5. Economics assumes that people, businesses and governments make good decisions a. True b. False

A: [As more than 1 question is posted, only 1st question is answered, as per policy]   (Question 5)…

Q: Explain the following. 1.people care about the fairness of economic outcomes. 2. People can be…

A: 1.People care about the fairness in economic outcomes because people offer their labor power in the…

Q: lucus is having a cook out. He purchased 80 hamburgers and 56 assorment of chips. If each person…

A: There is a 80 hamburger and 56 assortment chips has to give equally to assortment chips has to give…

Q: Can you help me with below homework question. Which of the following economic criteria is concerned…

A: The answer is d) Allocation efficiency.

Q: Explain the difference between productive and allocation efficiency. How do you think a centrally…

A: Productive efficiency is the optimal way to produce goods and services at the lowest possible cost,…

Q: The human wants for goods, services and resources exceed what is available, is known as

A: Economics study how the limited resources should be allocated to satisfy unlimited human wants in an…

Q: Explain the focus of economics on the "allocation, distribution, and use of resources".

A: The economics is the study of the social science which would deal with the distribution, allocation…

Q: What assumption BEST explains people's decisions to buy dollar-store goods? a. gains from trade b.…

A: The decision to buy depends on the total income and the prices of the goods and services. When the…

Q: Immediately after an ice storm brought down power lines throughout the region, hardware stores were…

A: In a free-market economy, the resources are allocated based on the interaction of market forces such…

Q: 1. Which of the following two statements involves positive economic analysis and which normative?…

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: What is the main idea behind the concept of allocation of resources?

A: One of the most important functions of an economic system is the optimal allocation of scare…

Q: Suppose the government started a program that gave every citizen an equal access to healthcare and…

A: Governments play a significant role in health-care finance through mobilizing money through public…

Q: Taxes adversely affect the allocation of resources in society because... A) The taxes collected are…

A: Taxes are imposed by the government. It is a compulsory charge which has to be paid by all the…

Q: Answer the following questions. 1) What then is the definition of economics? 2) How much of it do…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Describe the similarities and differencesbetween the markets for land and capital and themarket for…

A: Market for land, labor and capital is known as factor market. This is because land, labor and…

Q: WHAT is an allocation of resources such that no person can be made better off without making another…

A: Allocation of resources refers to the distribution of productive assets among various purposes.…

Q: Goods and services can be classified as four folders, what are the four folders? Please explain…

A: The goods and services can be classified as four folders which are convenience goods, shopping…

Q: The basic economic problems of the society includes the ___. a. all of the above b. problem of…

A: The economics refer to the study of human behavior in response to the limited or resources that have…

Q: Which method is used to find out the optimal allocation of natural resources? Explain with the help…

A: OPTIMUM UTILIZATION OF NATURAL RESOURCES : As we already know that there are two types of natural…