ESSENTIALS OF ECONOMICS
11th Edition
ISBN: 9781260225334
Author: SCHILLER
Publisher: RENT MCG
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Chapter 1, Problem 9QFD
To determine
The reason for not producing at the point X2 plotted in the graph.
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The term "creative destruction" means:
Group of answer choices
We should not have moved into our modern life style using cars and buses, and tractors to plough the land, because this has destroyed the better quality life we could have had without cars, buses and tractors.
Capitalism is inevitably destructive.
Human nature is unavoidably both creative and destructive, and most often we combine the two in our every day life.
In order to advance to newer, better, products, we have to discard our old products and move away from less efficient ways of production.
Some large hardware stores such as Home Depot boast of carrying as many as 20,000 different products in each store. What motivated the producers of those individual products to make them and offer them for sale? How did the producers decide on the best combinations of resources to use? Who made those resources available, and why? Who decides whether these particular hardware products should continue to be produced and offered for sale?
Explain what does the author refers to when he says "People Face Trade-offs" - Try to do it in your own words, with your own understanding.
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- Could you reply to this message (you can agree/disagree or add more information)? Message: "To be completely honest, my knowledge on climate change and the science behind it is truly limited. However, I genuinely do believe in climate change and also believe that if actions are not taken quickly, irreversible damage to the planet will change the course of the future for the worse. In the lecture, we have heard countless times how we, as a generation, are the most important in directing the future of planet Earth. I also agree with these statements as well. Past generations have continued to push issues down on to the next group, hoping that others will make a change so that they do not have to. This is also seen in dealing with issues like the national debt and other social issues that are yet to be addressed. Thankfully, it appears that this generation is willing to take on the challenges that others have been fearful of in the past. In order to mitigate climate change, I believe…arrow_forwardIs this a good example of opportunity cost? Why or why not. “In 2019, I started my small business by selling prints of my photographs. Now it’s temporarily closed. During this time I had the option of shipping my prints through USPS or UPS. I decided to ship my prints through USPS instead of UPS since it was a bit expensive at the time. My prints that were shipped out from USPS arrived in time and came in good condition. The opportunity cost is the cost of UPS.”arrow_forwardIdentify each of the following quotes as being associated with either the concept of the invisible hand or the concept of creative destruction. "Each day, central planners in the old Soviet Union were tasked with setting 27 million prices-correctly."arrow_forward
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