In a market economy, (b) firms decide whom to hire and what to make. (a) households decide which firms to work for and what to buy with their incomes. Both a and b are correct. (c) a central planner makes decisions about production and consumption.
Q: three types of business activities? Distinguish one from the other
A: Business activity can be considered as an economic activity and a profession at the same time.…
Q: positive or normative.
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: eed explanation with examples for each of Ten principle of Business economics?
A: The whole matter of business economics circulates in the efficient allocation of money supply in the…
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: Describe a way that your family interacts in the factor market and a way that it interacts in the…
A: Circular flow of an economy shows that how money and goods and services flow through markets among…
Q: Discuss how the concepts in microeconomics can be applied to real-world situations and increase your…
A: Microeconomics is the study of economics at a level where the individuals or the organizations make…
Q: make a template titled "socio-economic environment impact of a business"
A: Introduction Socioeconomic philosophy is the study of the relationship between economics and social…
Q: What are the key elements of the scientific method and how does this method relate to economic…
A: Scientific method is to observe whether the research which is going to be done how much it will…
Q: An efficient outcome in economics is one in which the economy is conserving the largest possible…
A: Economic efficiency means that the state of an economy is such that every resource is optimally…
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: Firms Households Markets for Factors of Production
A: Household is the supplier of factor of production, i.e., labor and capital Firm is the buyer of…
Q: Practice Directions: Read the following topic sentences taken from different paragraphs. From the…
A: The pattern of development used in given topic sentences needs to be chosen from the available…
Q: The most pertinent phase in the production process?
A: Economic production is categorized into three stages based on the product curves (TR, AR, and MR)…
Q: Economics as a course is referred to as "Social Science". Is the term used, Social Science, valid?
A: Economics is considered as science, arts as well as social science based on its characteristics and…
Q: A summary of The Four Factors of Production?
A: The four factors of production are land, labor, capital and entrepreneurship. These are the…
Q: Which economic activity is a praxis through which people transform nature to meet their needs in the…
A: In terms of economics, praxis is the process in which the transformation of subjectivity is done…
Q: Goods and services which help in the production process are called: (a) Raw materials (b) Factors of…
A: # We need resources and technology to produce goods and services in the economy and to satisfy our…
Q: In product development, give two factors in relation to economic considerations and explain its…
A: Economics is the branch of knowledge in which we study scarce resources and unlimited wants.…
Q: A manager asks an employee, "Should we distribute tickets to the concert on a…
A: The basic fundamental economic questions faced by every market system is What to produce, How to…
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: Question 4. What does the economic environment consist of as far as marketers are concerned, and why…
A: The markets are considered to be the place where the meeting of the buyers, and sellers takes place.…
Q: A _______ is defined as the economic entity which employs the factors of the production to produce…
A: Actually a FIRM is defined as the economic entity which basically employs the factor of the…
Q: Because the companies have a great deal of economic _______________ they can decide what products to…
A: Because the companies have a great deal of the ECONOMIC DEMAND they can usually decide what products…
Q: One of the business enterprise is manufacturing sanitary building materials, it could be the example…
A: Consumer Goods are those goods which are the basic necessity if consumers like food, clothing,…
Q: 1. As a business owner how would you satisfy the needs of your consumers based on the three…
A: A business modeli is a company's primary strategy for conducting profitable business.Models…
Q: Four factors of Production
A: Microeconomics studies the economic behavior of individual units such as a firm, a market, a…
Q: List 1-3 things that you learned about basic economic concepts.
A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…
Q: b. When producers plan to participate in the market for the foreseeable future they are more likely…
A: If firms in the market are expecting to operate in the market for a longer period of time, then…
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: Discuss the elements of business plan
A: A business plan is a document that outlines a company's objectives, operations, competitive…
Q: What is the importance of stages of production?
A: There are 3 stages to the production process which are as follows: 1. "Output increases at an…
Q: What is a Business? In your own words, explain what a business is?
A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…
Q: The term "society" can be described as: A: Organized human interactions B: Social structures or…
A: Society is the term that can be looked into as the collective sum of social interactions and…
Q: True or False. Give reasons also. 1) The meaning assigned to activities may be shared but may also…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
Q: Directions: INDIVIDUAL WORK. Answer each question intelligently and concisely. 1. Describe the…
A: The theoretical framework is the design that can hold or support a hypothesis of an examination…
Q: Economics is the study of a. The population of the country b. The environment of the country c. How…
A: In a country, differ social aspects are studied as economics, politics, sociology, and so on.
Q: part C and D
A: The exchange rate is the rate at which one country's currency is exchanged for an additional…
Q: an I see part A - D ?
A: he values provided in the question are; The year is 2018, Debt land’s GDP = $550 billion…
Q: Question 35 What have you learned about Microeconomics that you did not know before taking this…
A: Microeconomics is a branch of economics. It deals with the study of individual decisions and…
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: The President's wife should not run as a candidate to succeed her husband." This is an example of:…
A: There are two types of statements- positive and normative.Positive statement is based on facts and…
Q: Economic Systems and Decision Making Economic System Three economic questions are determined by:…
A: Economic System refers to which societies or government organize & distribute available…
Ñ5
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- What is economics? A social science that teaches one how to cope with scarcity. A discipline that quantifies the values of assets. A quantitative science to analyze business cycles. A science that teaches firms and individuals how to maximize profits.Direction: Read and analyze the situation. Write your answers in the box. 1. As a business owner how would you satisfy the needs of your consumers based on the three (3)business models? What to produce? How to we produce? How much to produce?Choose a simple economic term and explain it.
- Please select the economic term that is best described by each statement. People have limited resources. scarcity tradeoffs business cycle recession margins entrepreneurship Everything you do requires giving up something (time, money, etc.). tradeoffs financial capital scarcity budgeting recession marginsExplain what is in the given statement. Provide examples and alternative solutions.1. In a command system a) self-interest motivates and commands each business firm's decisions and actions. b) the head of each family decides and commands what to do with the family's resources. c) a government-appointed planning board makes production and allocation decisions. d) market traders command what outputs are produced and how they are allocated.
- The answer to, "What goods are to be produced?" deals with: who gets the goods. how tastes and preferences are determined. how resources are combined to produce goods and services. the kinds and quantities of goods and services produced.A traditional economic system which is simply explained as “producers consumers relationship” is said to be related to the environment. 1. Explained how the market works, market behavior, and interaction between the market system and the environment? Explain why the market fails. Provide an example.Classify the following as microeconomics or macroeconomics and provide a justification for your choice.(a) Research into why the growth rate of total production increased.(b) A theory of how consumers decide what to buy.(c) An analysis of IBM's share of the personal computer market.(d) Research on why interest rates in a country were unusually high.
- Raad wants to sell his workout DVDS in the Middle East, Asian, and Latin African countries. will help him reach vendors abroad, without the expense of traveling to meet them face-to-face. A website and other technological advances B. Partnering with a large U.S recording studio C. The SBA (Small Business Administration) D. An incubator facilityWhich statement best explains how human capital affects the manufacturing of a product? It affects the efficiency of the manufacturing process It promotes increased demand for manufactured goods. It provides a financial incentive for potential investors It allows households to use their savings to buy goods.Who are the forerunners and father of Economics. Explain and discuss their contribution in the field of economics.