Name a way that your family interacts in the factor market and a way that it interacts in the product market.

Q: What is economics? Economics is the study of money and financial systems. b. a. Economics is the…

A: Economics is a study of social science.

Q: Which activities are as important as the production of goods?

A: Production of goods refers to the creation of utility. This means combining raw material or input in…

Q: normative economics define and give example

A: Normative economics: - Normative economics is that branch of economics that passes value judgments…

Q: What are the four factors of production?

A: Factors of production: - factors of production are the resources used to produce goods and services.…

Q: Which one of the following statements is positive (as opposed to normative)? O Jimmy prefers rock…

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

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: Explain how markets can allocate resources in a way that they go to those who value them the most.

A: Prices are important in resource allocation. There are benefits and drawbacks to using the price…

Q: What is important of studying economics? Give two good examples how the knowledge can help you in…

A: No subject of the current day is so significant as the study of economics. economics oversees the…

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

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

Q: efine what is meant by market economy and identify its three required features

A: Market Economy refers to the economy where market demand and market supply are the major elements…

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: Economic systems: O address the questions what is produced, how it is produced, and for whom it is…

A: Economic System:- An economic system, which is also termed as an economic structure, is a method of…

Q: Define production and What are the factors of production and what are their reward payments?

A: In economics, we answer the three basic questions: what to produce, how to produce, and for whom to…

Q: The three fundamental economic questions are what to produce whom to produce and_________?

A: Generally considering an economic entrepreneur or agent there are three fundamental economic…

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: Does an individual consumer really have a voice in answering the "basic four economic questions"?…

A: Individual consumer cannot voice in the basic four economic questions. These questions are answered…

Q: How can we apply economics to everyday life situations? Define Economics? Identify reasons for…

A: Defining Economics: Economics is a combination of two Greek words, eco meaning household and nomos…

Q: Positive or Normative?

A: Unemployment benefits are the benefits that the government provides to eligible unemployed people.

Q: Base on your understanding illustrate what is economics

A: Similar, to other social branches of social studies, such as politics, geography, and history,…

Q: What goods and services—and how much of each—will be produced?

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

Q: Can you identify and explain your family’s interaction in the market for factors of production and…

A: The circular flow of money explains how money and goods are circulated between the household sector…

Q: What is meant by economizing of resources?

A: In our economy, we are not having unlimited resources. The resources are limited in nature and thus…

Q: List the four factors of production

A: Factors of production are the economic inputs utilised to generate profits. Land, labor, capital,…

Q: What’s economics?

A: Microeconomics is the study of specific economic units. An area of economics called macroeconomics…

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: 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: A B 50 40 10 20 30 40 50 Food Production Clothing Production

A: The curve in the figure is concave which means the slope is increasing when we move downward. it…

Q: What do opportunity costs represent?

A: A trade-off is a situation, where making one choice or purchasing one good means losing the chance…

Q: how does a market economy and individual right works? explain.

A: The many laws and ordinances that make up the economy are referred to as the economic system.…

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: Everything is made up of the four factors of production.  Look at the shirt you have on right now.…

A: The four factors of production are Land Labor Capital Entrepreneur

Q: Name a way that your family interacts in the marketsfor the factors of production and a way that…

A: The factor of production are bought and sold under the factor market, and the final goods or…

Q: Choose a simple economic term and explain it.

A: Opportunity cost It is the best alternative foregone.

Q: Explain one difference between planned economy and market economy?

A: Simply we can say that economy is considered as an resources and wealth of a division of a country…

Q: The study of economics is best defined as how

A: Human wants are unlimited and means to satisfy these wants are scarce and limited. People face trade…

Q: What are the costs of attending a particular college or university? What are the costs of taking a…

A: Opportunity cost is the benefit forgone by not choosing the next best alternative. Opportunity cost…

Q: Which of the following questions is not answered by the decisions that every society must make? a.…

A: Three questions to be answered What goods and services are to be produced? How should these be made…

Q: What are the wants and constraints of those involved?

A: Wants is something that is desired and it is unlimited.  Wants can be satisfied by consuming goods…

Q: why a person would rather live in a market economy or command economy.

A: When talking about economic system, market economy and command economy are two completely different…

Q: Draw by defining production possibilities. What happens when the economy is in full and…

A: The PPF  shows the combinations in the amounts which can be produced of two goods if the production…

Q: What are examples of individual economic agents?

A: Economic agent is a person or an organization who acts as a decision maker that can influence…

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: Does an increase in the opportunity cost mean that you have to give up more to obtain something…

A: The benefit which is forgone that would, in turn, had been derived through an option not being…